高管变故与企业价值研究——基于闰土股份的案例分析
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摘要
高管是企业重要的人力资本,对公司价值的作用无可替代,人力资本不仅仅对宏观的经济增长具有显著作用,而且对企业绩效和公司价值也起到了不可替代的作用,是公司至关重要的资源。公司高管辞世会对企业价值产生重要影响,一旦高管发生意外而辞世,不仅使整个公司因为失去重心而面临严峻考验,而且会给公司的价值增值带来一定的阻碍。以浙江省闰土股份有限公司(以下简称闰土股份)原董事长阮加根的意外离世案例为分析对象,深入考察关键人力资本丧失对公司经营、绩效、投资者信心等方面的影响,进而帮助我们更好地理解和认识高管人力资本价值,为高管选聘、薪酬合约设计等提供更好的参考依据。
Executive's depart has an important impact on the enterprise because executives are important human capital with an irreplaceable value.Human capital has significant effect on macro economic growth not only,but also to enterprise performance and the value of the company plays an irreplaceable role,is a vital resource. Executives who died will have important effect to the enterprise value,once the executive accident and died,because not only makes the whole company lost focus and face the severe test,and will bring to the company's value-added certain obstacles. We take zhejiang Run Tu co.,LTD.( hereinafter referred to as Run Tu) former chairman Ruan Jia Gen accidental death case as the analysis object,to study the key human capital loss to the company's operations,performance,the influence of investor confidence,etc,which help us better understand and meet executives' human capital value and provide better reference for compensation contract design.
Executive's depart has an important impact on the enterprise because executives are important human capital with an irreplaceable value.Human capital has significant effect on macro economic growth not only,but also to enterprise performance and the value of the company plays an irreplaceable role,is a vital resource. Executives who died will have important effect to the enterprise value,once the executive accident and died,because not only makes the whole company lost focus and face the severe test,and will bring to the company's value-added certain obstacles. We take zhejiang Run Tu co.,LTD.( hereinafter referred to as Run Tu) former chairman Ruan Jia Gen accidental death case as the analysis object,to study the key human capital loss to the company's operations,performance,the influence of investor confidence,etc,which help us better understand and meet executives' human capital value and provide better reference for compensation contract design.
引文
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[3]F-Jardon C.M.,and M.Gonzalez-Loureiro.Human Capital as Source for Sustained Competitive Advantages in SEMs:A Core Competencies Approach[J].Economia Seria Management,2013,16(2):254-276.
[4]卢馨,黄顺.智力资本驱动企业绩效的有效性研究——基于制造业、信息技术和房地产业的实证分析[J].会计研究,2009,(2):68-74.
[5]潘前进,王君彩.管理层能力与资本投资效率研究——基于投资现金敏感性的视角[J].中央财经大学学报,2015,(2):90-97.
[6]罗进辉,李雪,黄泽悦.关键高管的人力资本价值评估——基于关键高管突然去世事件的经验研究[J].中国工业经济,2016,(5):127-143.
[7]田青青.上市公司高管人力资本与企业绩效的实证研究——以医药行业为例[J].四川理工学院学报,2012,(2):46-50.
[8]胡浩志.企业专用性人力资本与企业绩效——基于我国上市公司的实证研究[J].商业经济与管理,2010,(11):38-46.
[9]吴爱华,苏敬勤.人力资本专用性,创新能力与新产品开发绩效——基于技术创新类型的实证分析[J].科学学研究,2012,(6):950-960.
[10]李海舰,聂远华.企业的竞争优势来源及其战略选择[J].中国工业经济,2002,(9):5-13.
[11]李小军.高管变更的市场反应及其影响因素研究——中国经验[J].商业研究,2014,(9):98-103.
[12]吴良海,谢志华,周可跃.公司高管变更的市场反应——来自中国A股市场的经验证据[J].北京工商大学学报:社会科学版,2013,28(5):62-69.
[13]黄丽艳,江少波.上市公司高管死亡事件对资本市场的效应研究——基于苹果公司前CEO死亡事件的思考[J].中国证券期货,2013,(1):26-27.
[14]李小荣,董红晔.高管权力与商业信用[J].当代经济科学,2015,37(4):110-117.
[15]王立新,沈金洲.高管变更与现金持有价值[J].南方经济,2011,(7):70-80.
[16]Bamford C.E.,G.D.Bruton,and Y.L.Hinson Founder Chief Executive Officer Exit:A Social Capital Perspective of New Ventures[J].Journal of Small Business Management,2006,44(2):207-220.