总经理更替与企业绩效——基于PSM和DID方法的分析  

The Replacement of General Managers and Corporate Performance——An Analysis Based on PSM and DID Methods

作　　者：关健[1] 王洋 蔡佳慧 GUAN Jian;WANG Yang;CAI Jiahui(Business School,Central South University,Changsha,Hunan 410083,China)

机构地区：[1]中南大学商学院,湖南长沙410083

出　　处：《财经理论与实践》2018年第6期98-104,共7页The Theory and Practice of Finance and Economics

基　　金：国家自然科学基金面上项目(71872185)

摘　　要：基于公司治理相关理论,采用倾向性评分匹配法(PSM)和双重差分法(DID)控制其他混淆变量的影响,考量总经理更替与企业绩效关系。结果发现:总经理更替事件会导致短期内的业绩不佳,但随着继任时间的延长,其对绩效的提升作用不断显现。同时,外部继任相较于内部继任的业绩改善优势也具有一定的时间滞后性。Based on related theories of corporate governance,we use propensity score matching and difference-in-difference to control interference of confounding variables,in order to analyze the net effect of CEO turnover events on the improvement of firm performance.Furthermore,in order to discuss the moderating effect of origin of successor,we compare the effect of internal successor on performance with external successor.Research results show that,although CEO turnover events lead to the decline of firm performance in the short term,it shows positive long-term effect on performance promotion.Besides,the higher positive effect of external succession than internal succession will also gradually emerge after a relatively long time.

关 键 词：总经理更替 继任来源 绩效 倾向性得分匹配 双重差分 

分 类 号：F275[经济管理—企业管理]