代理CEO继任与媒体报道倾向——基于中国上市公司的经验分析  

Interim CEO Successions and Media Coverage——An Evidence from Chinese Listed Companies

作　　者：连燕玲 刘依琳 高皓 LIAN Yan-ling;LIU Yi-lin;GAO Hao(Faculty of Economic and Management,East China Normal University,Shanghai200241,China;Naveen Jindal School of Management,University of Texas at Dallas,Richardson 75080,U.S.;PBC School of Finance,Tsinghua University,Beijing100083,China)

机构地区：[1]华东师范大学经济与管理学部 [2]美国德克萨斯大学达拉斯分校纳文金达尔管理学院 [3]清华大学五道口金融学院全球家族企业研究中心

出　　处：《中国工业经济》2020年第8期175-192,共18页China Industrial Economics

基　　金：国家自然科学基金面上项目“制度期望、投资决策与私营企业成长机制研究”(批准号71972073);国家自然科学基金重点国际(地区)合作研究项目“家族企业国际化与创新:基于制度—文化的比较研究”(批准号71810107002)。

摘　　要：代理CEO继任成为组织应对突发性领导权变更的重要策略,但同时也给组织内部带来了诸多继任成本,而如何影响组织外部利益相关者评价也是值得研究的重要问题。本文探讨了代理CEO继任与外部媒体报道倾向之间的关系,并检验了代理CEO个体特征和组织环境等因素对两者关系的调节效应。基于2012—2019年中国制造业上市公司的数据,得到以下研究结论:①代理CEO因其合法性欠缺、领导真空以及短视主义等问题,容易引发组织战略停滞、团队政治分裂和业绩下滑,从而导致继任后外部媒体对企业的负面报道倾向更强;②代理CEO的政治背景能够为其合法性背书,并提供组织发展所需的稀缺资源,提升外部媒体对企业未来发展的信心,一定程度上缓解媒体报道负面倾向;③代理CEO兼任党委书记能规避权力真空问题,削弱媒体对组织的负面报道;④民营企业中代理CEO继任所表征的企业战略与家族传承双断层问题,加剧了媒体对组织的负面报道倾向;⑤完善的治理机制成为代理继任流程合法性的象征,提升了媒体对代理继任的认可度和信心,削弱了其进行负面报道的程度。本文为代理CEO继任提供了新的评价视角,更为如何有效应对日益动荡的商业环境下的继任危机提供了重要借鉴。The succession of interim CEO has become an important strategy for organizations to respond to sudden leadership changes. In the meantime, it also represents a heavy succession costs for the organizations. So how will the succession of interim CEO influence the evaluation of external stakeholders is a essential topic to be discussed. This study examines the relationship between the succession of interim CEO and negative media coverage and the moderate effect of interim CEO characteristics and organizational context. Based on the data of listed manufacturing companies in China from 2012 to 2019, the following conclusions are drawn: ①Because the interim CEOs are lack of legitimacy, authority and ability, have power vacuum and short sighted, their successions easily lead to strategic stagnation, the political division of the executive team and poor performance. The negative tendency of media coverage is stronger after interim CEO succession. ②The interim CEO’s political tie can endorse one’s legitimacy, provide the scarce and vital resource and enhance the external stakeholders’ expectation for the firm’s future development. So it can weaken the negative media coverage after interim CEO succession. ③ If the interim CEO severs as a party secretary, the negative media coverage would be weaken because he/she can circumvent the power vacuum problem caused by the succession event. ④ the interim CEO succession in private enterprises representatives both the corporate strategy and family inheritance lapse and will further aggravate the negative tendency of the media. ⑤ Better corporate governance mechanism is a symbol of a legitimate succession process and can weaken the relationship between the succession of interim CEO and negative media coverage. This study provides a new evaluation perspective for the succession of interim CEOs and provides an important reference for how to effectively respond to the succession crisis in an increasingly turbulent business environment.

关 键 词：代理CEO 媒体报道 党委书记 企业身份 治理机制 

分 类 号：F272[经济管理—企业管理]