行业景气度对高管辞职决策的影响  

The Impact of Industry Prosperity on the Decision-making of Executives' Resignation

作　　者：邓金龙[1] 曾建光[2] Deng Jinlong;Zeng Jianguang

机构地区：[1]西南财经大学会计学院 [2]重庆大学经济与工商管理学院

出　　处：《财经科学》2019年第5期104-119,共16页Finance & Economics

基　　金：国家自然科学基金面上项目"Internet治理与企业信息披露策略研究:理论;实证检验与应用"(71572152);中央高校基本科研业务费项目(科研平台与成果培育专项)"利率政策影响居民杠杆率决策的神经经济学机理研究"(2019CDJSK02PT18);四川省2015年社科规划项目(一般项目)"基于XBRL的企业价值信息链及其经济后果研究"(SC15B087)

摘　　要：行业环境尤其是行业景气程度会影响企业的经营决策和高管的自主行为。研究表明,行业景气度的高低是影响高管辞职的重要因素,并且在不同的产权性质和制度背景下其影响程度不同。本文以2006—2016年中国上市公司为样本,研究了行业景气度对高管辞职决策的影响。研究发现,当行业低迷时,高管会采取风险规避策略从而增加辞职的概率;同时,相比于非国有企业,行业景气度对高管辞职的影响在国有企业中比较有限。进一步研究发现,较好的制度环境能降低高管面临的风险,从而会削弱行业景气度对高管辞职的影响。本文从不同性质企业、不同制度背景下的行业景气度对高管辞职影响机理等研究,对进一步认识和解决相关理论和现实问题有借鉴价值。The industry environment, especially the prosperity of the industry, will affect the business decision-making and the independent behavior of executives.Research shows that the level of industry prosperity is an important factor affecting the resignation of senior executives, and its impact varies according to different nature of property rights and institutional backgrounds. Based on the sample of Chinese listed companies from 2006 to 2016, this paper studies the impact of industry prosperity on decision-making of senior executives’ resignation. It is found that when the industry is in a downturn, executives will adopt risk mitigation strategies, thus increasing the probability of resignation. At the same time, compared with non-state-owned enterprises, the impact of industry prosperity on the resignation of executives is relatively limited in state-owned enterprises. Further research finds that a better institutional environment can reduce the risk faced by executives, thereby weakening the impact of industry prosperity on executives’ resignation.This paper studies the influence mechanism of industry prosperity on senior executives’ resignation from different nature of enterprises and under different institutional backgrounds, which has reference value for further understanding and solving related theoretical and practical problems.

关 键 词：行业景气度 高管 辞职 制度环境 产权性质 

分 类 号：F271[经济管理—企业管理]