| 大股东对公司高层更换影响的实证分析 |
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| 引用本文： | 陈璇,淳伟德.大股东对公司高层更换影响的实证分析[J].软科学,2006,20(2):134-139. |
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| 作者姓名： | 陈璇 淳伟德 |
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| 作者单位： | 1. 电子科技大学,管理学院,成都,610054
2. 成都理工大学,信息管理学院,成都,610059 |
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| 摘 要： | 以我国上市公司为研究对象,分析了政府控制型公司、投资管理公司控制型公司、国有法人控制型公司和一般法人控制型公司在高级管理人员更换(简称高层更换)对业绩敏感性上的差异。所选样本和样本区间的实证结果表明,政府控制型企业高层更换对绩效的敏感性显著低于其他类型的公司,其余几类公司之间不存在显著差异,因而提高企业效率应着眼于引入有“市场导向”的直接监控主体。
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| 关 键 词： | 大股东 公司绩效 高层更换 |
| 文章编号： | 1001-8409（2006）02-0134-06 |
| 收稿时间： | 2005-10-13 |
| 修稿时间： | 2005-10-13 |
The Influence of Large Shareholder on CEO Executive: Evidence from China's Listed Companies |
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| CHEN Xuan,CHUN Wei-de.The Influence of Large Shareholder on CEO Executive: Evidence from China''''s Listed Companies[J].Soft Science,2006,20(2):134-139. |
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| Authors: | CHEN Xuan CHUN Wei-de |
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| Institution: | 1. School of Management, University of Electronic Science and Technology of China, Chengdu 610054; 2. Chengdu Polytechnic University, Chengdu 610059 |
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| Abstract: | This study examines the impact of the largest shareholder on the sensitivity of CEO executive to firm performance in China's listed companies,classified as the government holding companies,the state-owned asset management company holding companies,the state-owned enterprise holding companies and general legal person holding companies.The results indicate that the sensitivity in government holding companies is lower than that in other firms,in which there is no difference.Thus it can be seen,the effectiveness of monitoring mechanism depends on market-oriented shareholder.Our findings suggest that the introduction of market-oriented stated-share holders is a desirable process during the transition economy. |
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| Keywords: | large shareholder corporate performance CEO turnover |
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