高管变更

制度环境、股权性质与高管变更研究

Study on the Institutional Environment , Nature of Equity and Top Management Turnover

股权结构、代理权竞争和上市公司高管变更

Ownership Structure , Proxy Contest and Top Management Turnover in Listed Company ; change of title

本文结合高管变更的研究特征，运用logit回归方法，对制度环境因素变量和高管变更的关系进行了实证检验。

This paper studies characteristics of executive changes , using logit regression method , the system environmental variables and the relationship between the executive change an empirical test .

正如Jensen和Warner（1988）所说，公司的高管变更既是理解约束经理人力量的关键变量，也是衡量公司治理机制效率的重要指标。

Just as Jensen & Warner ( 1988 ) said : " turnover of firm top managers is a key index understanding the variable restraining manager and judging the efficiency of corporate governance mechanism " .

当公司发生财务重述时，高管变更的敏感性会降低。

In this situation , executives change sensitivity decreases after financial restatements .

从终极控制人角度出发，分析其对高管变更的影响作用。

Second , analyze the influence of ultimate shareholder on top management turnover .

基于高管变更视角的盈余管理研究综述

Review on the Research of Earnings Management Based on Top Managers ' Turnover

说明财务重述后的高管变更措施对投资者的信心起到了正面的影响。

Executives change measures play a positive impact on investor confidence after the financial restatement .

公司治理、高管变更与盈余管理的关系研究

A Study on the Relationship among Corporate Governance , Top Management Turnover and Earning Management

控制权转移、控股股东与大股东利益侵占&来自上市公司高管变更的经验证据

Control Transfer , Controlling Shareholder and Benefits Expropriation by Large-shareholder Evidence from Takeover of Top Management

高管变更是完善公司治理结构的重要力量源泉之一。

Executive change which is to improve the corporate governance structure is one important source of strength .

在论文最后提出有效控制高管变更期间盈余管理行为的建议。

In the paper concludes with the effective control of executives during the earnings management behavior change recommendations .

本文认为，高管变更是公司治理两大主体间互相博弈的最终结果。

The paper argues that the turnover is the final outcome of the game between the two main bodies .

研究结果表明：1、财务重述后公司更容易发生高管变更。

The results are as follows : 1 . Companies are more likely to change executives after financial restatements .

随着我国经济的持续增长，大量的上市公司频频爆发高管变更的事件。

Along with our country economy growing continuously , a lot of listed company erupted executives change events repeatedly .

在发生财务重述的公司中，国有控股公司中高管变更的概率低于非国有控股公司。

Among the financial restatement companies , the state-owned holding companies have low possibilities of changing executives than non-state-owned holding companies .

高管变更是约束管理者行为、解决委托代理冲突、降低代理成本的最直接的方式。

Executives change is a direct way for managers ' behavior restraint and solving the principal-agent conflict to reduce agency cost .

高管变更不仅是委托人约束代理人的重要监督机制，也是衡量公司治理效率的重要指标。

Company executive change is not only the important supervision mechanism , but also it is the important index of management efficiency .

这一现象尤其是高管变更的原因以及对上市公司的影响引起了社会各界的关注。

This phenomenon has caused the focus of the society , especially the reason of change and the influence to the listed company .

最近这次（领导层的）更迭预示着外交政策有实质性的改变。制度环境、股权性质与高管变更研究

This latest shift signifies a real change in foreign policy . Study on the Institutional Environment , Nature of Equity and Top Management Turnover

频繁发生的高管变更事件引起了社会各界的广泛关注，尤其是关注高管变更的原因及其带给上市公司的影响。

The frequently happening of top manager turnover has aroused the general public attention , especially the cause and effects of turnovers brought to firms .

正是基于以上分析，论文研究高管变更与投资效率的相关性分析具有重要的意义。

It is based on the above analysis that the paper studies on the relationship between management turnover and investment efficiency is of great significance .

该研究将填补高管变更前因后果以及投资领域的空白，有利于不断提高公司的治理水平，对提高我国上市公司高级管理人员的经营管理能力和促进我国经理人市场的尽快形成具有重要的现实意义。

The study fills empty space of the investment area , and helps to improve the management capacity of senior managers in listed companies in China .

所以高管变更从本质上讲是通过实现管理控制权的转移而对高管实施激励约束的方法。

Therefore turnover of mangers is a method to stimulate and constrain mangers by realizing the transfer of the administration controlling power between managers . 4 .

而高管变更这种行为正是将有损组织合法性的事件从公司中分离出来，表示公司在处理财务重述中遗留下的问题。

Executive changes can separate the companies from the matters damaging their legitimacy , showing that companies are dealing the problems left behind the financial restatements .

股权分置改革之前，在一股独大的国有企业中，高管变更概率与公司绩效显著负相关；

Previous to the sub-owned shares reform , in the control-shareholder state-run entrepreneurs , the change possibility of senior executives is correlated negatively to corporate performance ;

中国上市公司高管变更期间业绩预告披露行为研究在去年12月的季报中，联想的业绩报告未能达到预期水平。

Research on Chinese Listed Companies ' Behavior in Earnings Forecasts Disclosure Around Top Management Turnover The computer maker reported weaker than expected results for the December quarter .

目前我国资本市场存在公司高管变更的比例较高、经理人市场尚不完善、公司治理不完善等现状，针对这种现状，如何克服解决这些问题并完善我国的资本市场迫在眉睫。

At present , in the capital market of our country , the proportion of executives ' changing is high , managers market is not perfect , corporate governance is imperfect .

第五，当地政府对于商品市场的保护力度越大，高管变更的可能性就越大，高管变更与公司绩效之间的关系是负相关。

Fifth , the local government for greater efforts to protect the commodity market , the greater the likelihood of executive changes , executive changes and the relationship between corporate performance is negative .

本文首先对组织合法性理论进行概述，分析了财务重述与组织合法性的关系，以及财务重述后高管变更对组织合法性起到的作用。

This paper outlines the theory of organizational legitimacy firstly , and then analyzes the relationship between financial restatements and organizational legitimacy and the executives ' turnovers influence on organizational legitimacy after their financial restatements .