【摘要】：截止2012年12月31日，已經(jīng)有356家公司在我國(guó)深圳創(chuàng)業(yè)板上市，在這356家上市公司當(dāng)中，有219家公司在2012年12月31日前存在高管離職現(xiàn)象，創(chuàng)業(yè)板高管離職之多引發(fā)了社會(huì)的廣泛關(guān)注。人們?cè)陉P(guān)注高管離職原因的同時(shí)，更加關(guān)注高管離職給創(chuàng)業(yè)板公司造成的影響。本文基于此，從實(shí)證的角度探究創(chuàng)業(yè)板高管離職對(duì)公司業(yè)績(jī)的影響。 本文首先梳理和綜述了相關(guān)理論和文獻(xiàn)。研究發(fā)現(xiàn)，關(guān)于高管離職的研究成果已經(jīng)很多，但學(xué)者們沒(méi)有得到統(tǒng)一的結(jié)論。國(guó)外早期研究認(rèn)為，高管離職會(huì)對(duì)企業(yè)業(yè)績(jī)?cè)斐韶?fù)向的影響，，但近期的研究認(rèn)為高管的變更會(huì)促進(jìn)企業(yè)業(yè)績(jī)的增長(zhǎng)。國(guó)內(nèi)的研究也經(jīng)過(guò)了類(lèi)似的變化。學(xué)者們還從不同角度進(jìn)行研究，包括公司性質(zhì)、高管離職原因、高管的權(quán)力分類(lèi)和公司治理角度。由于學(xué)者們選取的研究對(duì)象、研究區(qū)間以及選擇評(píng)價(jià)績(jī)效的指標(biāo)不同，自然難有統(tǒng)一的結(jié)論。本文在前人研究的基礎(chǔ)上，提出關(guān)于創(chuàng)業(yè)板高管離職對(duì)離職當(dāng)年以及離職次年公司業(yè)績(jī)影響的相關(guān)假設(shè)。 由于本文研究涉及離職當(dāng)年和離職次年的公司業(yè)績(jī)，因此需要獲得公司連續(xù)三年的財(cái)務(wù)數(shù)據(jù)�；趧�(chuàng)業(yè)板的發(fā)展現(xiàn)狀，本文選擇首批上市的28家公司為研究樣本。關(guān)于業(yè)績(jī)?cè)u(píng)價(jià)方面，單一的財(cái)務(wù)指標(biāo)無(wú)法完全反映一個(gè)公司的經(jīng)營(yíng)業(yè)績(jī)，因此本文從盈利能力、經(jīng)營(yíng)能力和抗風(fēng)險(xiǎn)能力三個(gè)方面選取11個(gè)財(cái)務(wù)指標(biāo)，并采用因子分析法將獲得的綜合得分作為經(jīng)營(yíng)業(yè)績(jī)?cè)u(píng)價(jià)的標(biāo)準(zhǔn)。基于獲得的綜合得分，運(yùn)用配對(duì)樣本T檢驗(yàn)和獨(dú)立樣本T檢驗(yàn)來(lái)對(duì)相關(guān)假設(shè)進(jìn)行檢驗(yàn)。通過(guò)實(shí)證研究發(fā)現(xiàn)：高管離職對(duì)離職當(dāng)年的業(yè)績(jī)有負(fù)向的影響，對(duì)離職次年的業(yè)績(jī)有顯著正向影響；不同離職類(lèi)型對(duì)企業(yè)業(yè)績(jī)的影響不同，非正常離職較正常離職對(duì)企業(yè)的影響大，對(duì)于離職當(dāng)年來(lái)說(shuō)，非正常離職的企業(yè)業(yè)績(jī)降低的多，但在離職次年，非正常離職沒(méi)有顯著的影響。基于實(shí)證研究的結(jié)論，本文針對(duì)創(chuàng)業(yè)板提出了以下政策建議：建立嚴(yán)格的市場(chǎng)準(zhǔn)入制度、加強(qiáng)企業(yè)文化激勵(lì)和完善合理的退市制度。
[Abstract]:As of December 31, 2012, 356 companies have been listed on the Shenzhen gem. Among the 356 listed companies, 219 companies have the phenomenon of executive turnover before December 31, 2012. The growth enterprise board executive leaves the many has caused the social widespread concern. At the same time, people pay more attention to the impact of executive turnover on gem companies. Based on this, this paper explores the impact of gem executive turnover on corporate performance from an empirical point of view. This paper first reviews the relevant theories and literature. The study found that there have been a lot of research on executive turnover, but scholars have not reached a unified conclusion. Early studies abroad suggest that executive turnover can have a negative impact on corporate performance, but recent research suggests that executive turnover promotes growth in corporate performance. Domestic research has undergone similar changes. Scholars also study from different angles, including the nature of the company, the reasons for executive turnover, the classification of executive power and corporate governance. It is difficult to reach a uniform conclusion because of the different research object, research interval and the index of performance evaluation. On the basis of previous studies, this paper puts forward some hypotheses about the influence of the turnover of gem executives on the performance of the company in the year of separation and the year after departure. Because this paper studies the performance of the company in the year of separation and the year after separation, we need to obtain the financial data of the company for three consecutive years. Based on the development of gem, 28 listed companies are selected as research samples. On the aspect of performance evaluation, a single financial index can not completely reflect the operating performance of a company, so this paper selects 11 financial indicators from three aspects of profitability, management ability and risk tolerance. The comprehensive score obtained by factor analysis is regarded as the standard of business performance evaluation. Based on the obtained comprehensive scores, paired sample T test and independent sample T test are used to test the relevant assumptions. Through the empirical study, it is found that executive turnover has a negative impact on the performance of the current year of separation, and a significant positive impact on the performance of the following year; different types of turnover have different effects on the performance of the enterprise. Abnormal turnover has a greater impact on the enterprise than the normal exit. For the year of separation, the performance of the abnormal turnover is much lower, but in the following year, the abnormal turnover has no significant impact. Based on the conclusion of empirical research, this paper puts forward the following policy suggestions for gem: establishing strict market access system, strengthening corporate culture incentive and perfecting reasonable delisting system.
【學(xué)位授予單位】：合肥工業(yè)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類(lèi)號(hào)】：F275;F272.91;F832.51

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