论文部分内容阅读
上市公司首任高管以其特有才华和社会资本赋予了企业强大的缔约能力,对企业的运营和价值影响深远。首任高管的去职意味着企业缔约能力衰退,这对企业影响巨大。文章以1999-2011年中国A股上市公司高管离职事件为样本,探讨了首任高管去职对企业价值的影响,以及随后企业采取的应对措施。研究结果表明,首任高管去职导致企业价值下降;由于首任高管在企业内部关系型契约中的地位难以为外部人承接,继任者更可能来自企业内部;从长期看,首任高管去职使企业与外部利益相关者的缔约能力下降,企业不得不依赖正式的公开信息披露制度,提高会计信息质量。
The first executives of listed companies, with their unique talents and social capital, have given enterprises a powerful ability to make contracts and have a far-reaching impact on the operation and value of the enterprises. The inauguration of the first senior executive means that the ability of a contracting party to make a business decline will have a huge impact on the business. This article takes the 1999-2011 Chinese A-share listed company executives leaving the event as a sample to discuss the impact of the first executive going to work on the corporate value, and the subsequent business response. The results show that the first executives dismiss the enterprise value decline; the first senior executives in the internal relationship-type contract position difficult for outsiders to undertake, the successor is more likely to come from within the enterprise; in the long run, the first executives Dismissal to make enterprises and external stakeholders reduce the ability of contracting, companies have to rely on a formal public disclosure system to improve the quality of accounting information.