外部CEO如何影响企业业绩?  

How External CEO Successor Affects Firm Performance?

作　　者：刘鑫 任晗 吕荣杰[1] LIU Xin;REN Han;L Rongjie(Hebei University of Technology,Tianjin 300401;University of International Business and Economics,Beijing 100079)

机构地区：[1]河北工业大学经济管理学院,天津300401 [2]对外经济贸易大学信息学院,北京100079

出　　处：《首都经济贸易大学学报》2019年第4期93-102,共10页Journal of Capital University of Economics and Business

基　　金：国家社会科学基金一般项目“中国现代企业CEO遴选机制研究”(17BGL112)

摘　　要：在外部空降CEO越来越普遍的背景下,以2007—2016年中国沪深A股上市公司为研究对象,运用普通OLS回归和Heckman二阶段回归实证研究CEO外部继任者与高管团队互动关系对企业业绩的影响。研究发现,高管团队的异质性显著正向调节CEO外部继任者对企业业绩的影响关系;高管团队的稳定性显著负向调节CEO外部继任者对企业业绩的影响关系。以上研究结论表明,高管团队作为情境要素对CEO外部继任者与企业业绩的关系具有重要影响,这要求企业在进行CEO继任者的选择时应考虑自身的高管团队情境,从而强化外部继任者给公司带来的“适应性”效应,避免其“破坏性”效应。Under the context that external CEO successor becomes increasingly common,based on the sample of publicly traded companies listed from 2007 to 2016 on Shanghai and Shenzhen Stock markets,this paper uses the OLS regression and Heckman two-stage model to study the impact of the interaction between external CEO successors and top management teams on firm performance.The study shows that when the heterogeneity level of TMT (top management team) is high,the positive relationship between external CEO successor and firm performance would be promoted.When the turnover rate of TMT is high,the negative relationship between external CEO successor and firm performance would be strengthened.The results indicate that TMT serves as an important context affecting the relationship between external CEO successor and firm performance,which,thus,requires firms to take TMT into account when selecting CEO of different origins in order to strengthen outsiders’ adaptive effect and avoid destructive effect.

关 键 词：CEO外部继任者 高管团队 企业业绩 适应性效应 破坏性效应 

分 类 号：F270[经济管理—企业管理]