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以2006～2010年沪深两市A股房地产上市公司的年度数据和公司治理数据为样本,采用KMV模型,运用多元随机平衡面板回归分析方法对中国上市公司高管变更与公司违约风险的关系进行实证研究。实证研究结果表明,高管变更与公司违约风险显著正相关,公司高管变更后能够显著降低公司的违约风险。这为高管变更与公司违约风险、高管变更与经营业绩之间的关系提供了新的证据,丰富了高管变更研究的新领域,即高管变更与公司违约风险之间的关系研究。
Using the annual data and corporate governance data of listed A-share real estate companies in Shanghai and Shenzhen from 2006 to 2010 as a sample, this paper uses KMV model and Multivariate Random Balance Panel Regression Analysis to analyze the relationship between the change of executives and the default risk of listed companies in China Empirical Research. The empirical results show that there is a significant positive correlation between the change of senior executives and the default risk of the company, and the change of the senior executives of the company can significantly reduce the default risk of the company. This provides new evidence for the relationship between executive change and corporate default risk, executive change and business performance, and enriches the new field of executive change research, that is, the relationship between executive change and corporate default risk.