【作者】 许晗瑜；

【导师】 丁友刚；

【作者基本信息】 暨南大学 ， 会计学， 2009， 硕士

【摘要】 关于我国上市公司高管更换的相关研究显示,更换决定是对公司会计业绩所作出的反应。但是令人困惑的一个问题是,更换之后公司的会计业绩并没有表现出显著的提高。本文以委托代理理论和公司治理理论为基础,采用Kato(2006)确定CEO的方法,以2004至2007年间的CEO更换为研究对象,从经营业绩、公司规模、风险、销售增长、经营管理的复杂度和股权结构这些CEO更换的影响因素出发,将税前利润分解为三个部分:核心盈利、非核心可重复性盈利和其他非可重复性盈利,进而对我国上市公司CEO更换的影响因素进行实证分析。走出了总盈利这个指标,本文发现,非核心可重复性盈利与CEO更换显著负相关,这一点在国有企业中尤其突出。而非核心可重复性盈利主要是由销售费用、管理费用和财务费用组成。这在一定程度上可以说,国有企业在更换CEO的决定中更重视成本控制。而这个对成本控制的重视可能可以用来解释更换后公司会计业绩缺乏相对提高这一我国所特有的问题。另外,本文发现资产负债率以及股权集中度与CEO更换显著正相关。更多还原

【Abstract】 Studies on management turnovers of Chinese listed companies typically find that turnover decisions are responsive to companies’ accounting performance.What is puzzling is that the performance subsequent to turnovers does not improve much. Base on the Agency Theory and Corporate Governance,this study adopt the CEO definition proposed by Kato(2006),using Chinese CEO turnover cases during 2004-2007,empirically analyze the influencing factor of the CEO turnover from many aspect,such as performance,size,risk,sales growth,the complexity of operation and ownership structure.This study disaggregates the profit before tax into three part:core earning,recurring non-core earning and other non-recurring earning.Upon going beyond the overall earning figure,this study show that CEO turnover decision is related negatively to recurring non-core earning significantly,especially in the government firms.This earning consists mainly of operating,administrative and financial expenses.Then,we can say that,to some extent,government firms are more concerned on cost control during making the CEO turnover decisions.And this finding may be used to explain the lack of significant performance improvements after management turnovers,which is unique in China. Moreover,this study find that CEO turnover decision is related positively to the asset-liability ratio significantly,the same as to the ownership concentration.更多还原