论文部分内容阅读
本文通过收集有关上市公司高层更换的数据资料,对比分析了我国高新技术企业与传统企业高层更换公司绩效的异同。通过分析发现企业高层更换的可能性与股权更换显著正相关,与会计业绩显著负相关,与股价相关性不显著,并且高新技术企业高层更换对股权更换和公司会计业绩的敏感性更强。此外,研究结果还表明,虽然更换后企业整体盈利能力变化各异,但无论是高新技术企业还是传统企业,更换后的持续性盈利能力都有显著下降。由于控股股东在继任者的选择和任命上具有重大的控制权,因此容易造成大股东对中小股东利益的侵害。
This article collects the data about the top-level replacement of listed companies, and compares and analyzes the similarities and differences between top-level and top-level performance changes of high-tech and traditional enterprises in our country. The analysis shows that there is a significant positive correlation between the turnover of top management and equity replacement, negative correlation with accounting performance and no significant correlation with the stock price. And the high-tech enterprises are more sensitive to equity replacement and corporate accounting performance. In addition, the results also show that although the overall profitability of enterprises changed after the change, both the high-tech enterprises and the traditional ones changed the sustained profitability after the replacement significantly. As the controlling shareholder has significant control over the successor’s choice and appointment, it will easily lead to major shareholders’ interests against the minority shareholders.