我国上市公司CEO更换影响因素分析
摘要
关于我国上市公司高管更换的相关研究显示,更换决定是对公司会计业绩所作出的反应。但是令人困惑的一个问题是,更换之后公司的会计业绩并没有表现出显著的提高。本文以委托代理理论和公司治理理论为基础,采用Kato(2006)确定CEO的方法,以2004至2007年间的CEO更换为研究对象,从经营业绩、公司规模、风险、销售增长、经营管理的复杂度和股权结构这些CEO更换的影响因素出发,将税前利润分解为三个部分:核心盈利、非核心可重复性盈利和其他非可重复性盈利,进而对我国上市公司CEO更换的影响因素进行实证分析。走出了总盈利这个指标,本文发现,非核心可重复性盈利与CEO更换显著负相关,这一点在国有企业中尤其突出。而非核心可重复性盈利主要是由销售费用、管理费用和财务费用组成。这在一定程度上可以说,国有企业在更换CEO的决定中更重视成本控制。而这个对成本控制的重视可能可以用来解释更换后公司会计业绩缺乏相对提高这一我国所特有的问题。另外,本文发现资产负债率以及股权集中度与CEO更换显著正相关。
Studies on management turnovers of Chinese listed companies typically find that turnover decisions are responsive to companies' accounting performance.What is puzzling is that the performance subsequent to turnovers does not improve much. Base on the Agency Theory and Corporate Governance,this study adopt the CEO definition proposed by Kato(2006),using Chinese CEO turnover cases during 2004-2007,empirically analyze the influencing factor of the CEO turnover from many aspect,such as performance,size,risk,sales growth,the complexity of operation and ownership structure.This study disaggregates the profit before tax into three part:core earning,recurring non-core earning and other non-recurring earning.Upon going beyond the overall earning figure,this study show that CEO turnover decision is related negatively to recurring non-core earning significantly,especially in the government firms.This earning consists mainly of operating,administrative and financial expenses.Then,we can say that,to some extent,government firms are more concerned on cost control during making the CEO turnover decisions.And this finding may be used to explain the lack of significant performance improvements after management turnovers,which is unique in China. Moreover,this study find that CEO turnover decision is related positively to the asset-liability ratio significantly,the same as to the ownership concentration.
Studies on management turnovers of Chinese listed companies typically find that turnover decisions are responsive to companies' accounting performance.What is puzzling is that the performance subsequent to turnovers does not improve much. Base on the Agency Theory and Corporate Governance,this study adopt the CEO definition proposed by Kato(2006),using Chinese CEO turnover cases during 2004-2007,empirically analyze the influencing factor of the CEO turnover from many aspect,such as performance,size,risk,sales growth,the complexity of operation and ownership structure.This study disaggregates the profit before tax into three part:core earning,recurring non-core earning and other non-recurring earning.Upon going beyond the overall earning figure,this study show that CEO turnover decision is related negatively to recurring non-core earning significantly,especially in the government firms.This earning consists mainly of operating,administrative and financial expenses.Then,we can say that,to some extent,government firms are more concerned on cost control during making the CEO turnover decisions.And this finding may be used to explain the lack of significant performance improvements after management turnovers,which is unique in China. Moreover,this study find that CEO turnover decision is related positively to the asset-liability ratio significantly,the same as to the ownership concentration.
引文
1朱红军,《高级管理人员更换的原因与经济后果--一项基于企业绩效的实证研究》,2002年上海财经大学博士论文;
2吴敬琏著:《现代公司与企业改革》,1994年版;
3朱红军,《高级管理人员更换的原因与经济后果--一项基于企业绩效的实证研究》,2002年上海财经大学博士论文;
4龚玉池,《企业绩效和高层更换》,2001年《经济研究》第10期;
5参见中国企业家调查系统《1993-2003中国企业家队伍成长与发展10年调查总报告》;
6参见中国企业家调查系统《1993-2003中国企业家队伍成长与发展10年调查总报告》;
7参见《中华人民共和国公司法》第二章第四节;
8参见中国企业家调查系统《2008中国企业家队伍成长与发展十五年调查综合报告(下)》
9参见中国企业家调查系统《2000中国企业经营者成长与发展专题调查报告》;
10参见《中华人民共和国公司法》第四章第三节;
11参见中国企业家调查系统《2008中国企业家队伍成长与发展十五年调查综合报告(下)》;
12朱红军,《高级管理人员更换的原因与经济后果--一项基于企业绩效的实证研究》,2002年上海财经大学博士论文。
[1] Abe.Y、Chief Executive and Firm Performance in Japan、Journal of the Japanese and International Economics、1997、11、2—26;
[2]Chakravarty.B,Zajac.E.J、Tailoring incentive systems to a strategic context、Planning Review、1984、12、30-35;
[3]Charles.J.P.C,Zengquan.L,Xijia.S,Judy.T、Top Executive Replacement Decisions and Financial Accounting Information:Effect of Organizational Structure、Working Paper、Hong Kong Polytechnic University、2004;
[4]Claessens.S,Djankov.S,Enterprise Performance and Management Turnover in the Czech Republic.European Review、1999、43、1115—1124;
[5]Dahya.J,Lonie.A,Power.D.M、Ownership Structure,Firm Performance and Top Executive Change:an Analysis of UK Firms、Journal of Business,Finance and Accounting、1998、25、1089—1118;
[6]Denis.D,Denis.D、Performance Changes Following Top Management Dismissals、Journal of Finance、1995、51、1029—1058;
[7]Denis.D,Denis.D,Sarin.A、Ownership Structure and Top Executive Turnover、Journal of Financial Economics、1997、45、193—221;
[8]Ellen.E,Rachel.M.H,Xue.W、CEO Turnover and Properties of Accounting Information、Journal of Accounting and Economics、2003、36、197—226;
[9]Eric.C.C,Sonia.M.L.W、Chief Executive Officer Turnovers and the Performance of China's Listed Enterprises、Working Paper、University of Hong Kong、2004;
[10]Franklin.A,Jun.Q,Meijun.Q、Law,finance,and economic growth in China、Journal of Financial Economics、2005、77、57-116;
[11]Franks.J,Mayer.C,Renneboog.L、Who Disciplines Management Poorly Performing Companies?、Journal of Financial Intermediation、2001、10、209-248;
[12]Furtado.E.P,Rozeff.M.S、The wealth effects of Company initiated management changes,Journal of Financial Economics,1987,18,147—160;
[13]Gilson.S.C、Management turnover and financial distress、Journal of Financial Economics、1989、25、241—262;
[14]Groves.T,Hong.Y,McMillan.J,Naughton.B、China's Evolving Managerial Labor Market、Journal of Political Economy、1995、103,873—892;
[15]Jensen.M.C,Meckling.W.H、Theory of the firm:Managerial behavior,Agencycosts and Ownership structure、Journal of Financial Economics,1976、3、4-20;
[16]Kang.J,Shivdasani.A、Firm Performance,Corporate Governance and Top Executive Turnover in Japan,Journal of Financial Economics、1995、38、29—58;
[17]Kaplan.S、Top Executives,Turnover,and Firm Performance in Germany,Journal of Law,Economics and Organization、1994、10、142—159;
[18]Kaplan.S、Top Executive Rewards and Firm Performance:a Comparison of Japan and the United States、Journal of Political Economy、1994、102、510-546;
[19]Kato.T,Cheryl.L、Executive turnover and firm performance in China、Entreprenerurs and enterprises in China's transition to market、2006、VOL 96 NO.2、363—367;
[20]LaPorta.R,LopezdeSilanes.F,Shleifer.A,Vishny,R.、Investor Protection and Corporate Governance,Journal of Financial Economics、2000、58.3-28;
[21]Lezear.E.P,Rosen.S、Rank order tournaments as optimum labor contractd、Journal of Political Eoconomy、1981、89、841—864;
[22 Martin.K.J,McConell.J.J、Corporate performance,corporate takeovers,and management turnover、Journal of Finance、1991、46、671—687;
[23]Martin.C,Lerong.H、CEO Turnover,Firm Performance and Corporate Governance Reforms in China、Workingpaper、University of Pennsylvania,2008;
[24]Mengxin.Z、Acquisition decisions and CEO turnover:Do bad bidders get fired?、Workingpaper、University of Pittsburgh、2002;
[25]Michael.F,Peter.M.Y.F,Oliver.M.R、Firm Performance,Governance Structure,and Top Management Turnover in a Transitional Economy、Working paper、 Hong Kong Polytechnic University,2005;
[26]Mikkelson.W,Partch.M.M、The decline of takeovers and disciplinary managerial turnover,Journal ofFinancialEconomics,1997、44,205-228;
[27]Mirrless.J.A、The optimal structure of incentives and authority within an organization、 Bell Journal of Economics、 1976、 7、 105-131;
[28]Morck.R.A,Shleifer,Vishny.R、 Management ownership and market valuation:an empirical analysis、 Journal of Financial Economics、 1988、 20、 293-315;
[29]Murphy.K.J,Zimmerman.J、 Financial Performance Surrounding CEO Turnover、Journal of Accounting and Economics、 1993、 16、 273-315;
[30]Peter.C,Jack.L.L,Wilson.H.S.T、 What Triggers Top Management Turnovers in China?、 Working Paper、 Hong Kong Polytechnic University、 2007;
[31]Robert.B,Zhonglan.D,Xue.W、 Risk and CEO turnover、 Working paper、University of North Carolina、 2007;
[32]Warner.J,Watts.R,Wrunk.K、 Stock Prices and Top Executive Management Changes、 Journal ofFinancialEconomics、 1988,20、 461-492;
[33]Weisbach.M、 Outside directors and CEO Turnover、 Journal of Financial Economics、 1988、 20、 431-460;
[34]龚玉池、企业绩效和高层更换、经济研究、2001、10、75-82;
[35]金成晓,刘世峰、独立董事制度与企业高管的更迭、长白学刊、2003、5、29-34;
[36]李东平、大股东控制,盈余管理和上市公司业绩滑坡、博士、上海财经大学,2001;
[37]林毅夫,李志赟、政策性负担、道德风险与预算软约束、经济研究、2004、2、17-27:
[38]刘旻,芮萌,尹立东、转轨背景下中国上市公司高级管理者变更的影响因素研究、中国软科学、2005、2、86-90;
[39]马秀鑫、我国上市公司高级管理人员更换与企业业绩之间的关系研究、硕士、中国人民大学、2008;
[40]孙永祥、所有权、融资结构与公司治理机制、经济研究、2001、1、45—53;
[41]吴敬琏、现代公司与企业改革、天津:天津人民出版社、1994;
[42]魏明海、管理激励和业绩评价的会计研究、北京:中国财政经济出版社,2006;
[43]张丹,阚海星、中国上市公司高管人员更换与经营业绩关系的实证研究、东华大学学报、2005、第5卷第2期、24-29;
[44]张涛、ST公司高管人员更换之相关因素实证研究[J]、会计之友、2005、5、60-61;
[45]朱红军、高级管理人员更换的原因与经济后果--一项基于企业绩效的实证研究、博士、上海财经大学、2002;
[46]朱红军、我国上市公司高管人员更换的现状分析、管理世界、2002、5、126-141:
[47]朱红军、大股东变更与高级管理人员更换:经营业绩的作用、会计研究、2002、9、31-40;
[48]中国企业家调查系统、2000中国企业经营者成长与发展专题调查报告、2000;
[49]中国企业家调查系统、1993-2003中国企业家队伍成长与发展10年调查总报告、2003;
[50]中国企业家调查系统、2008中国企业家队伍成长与发展十五年调查综合报告(下)、2008。
2吴敬琏著:《现代公司与企业改革》,1994年版;
3朱红军,《高级管理人员更换的原因与经济后果--一项基于企业绩效的实证研究》,2002年上海财经大学博士论文;
4龚玉池,《企业绩效和高层更换》,2001年《经济研究》第10期;
5参见中国企业家调查系统《1993-2003中国企业家队伍成长与发展10年调查总报告》;
6参见中国企业家调查系统《1993-2003中国企业家队伍成长与发展10年调查总报告》;
7参见《中华人民共和国公司法》第二章第四节;
8参见中国企业家调查系统《2008中国企业家队伍成长与发展十五年调查综合报告(下)》
9参见中国企业家调查系统《2000中国企业经营者成长与发展专题调查报告》;
10参见《中华人民共和国公司法》第四章第三节;
11参见中国企业家调查系统《2008中国企业家队伍成长与发展十五年调查综合报告(下)》;
12朱红军,《高级管理人员更换的原因与经济后果--一项基于企业绩效的实证研究》,2002年上海财经大学博士论文。
[1] Abe.Y、Chief Executive and Firm Performance in Japan、Journal of the Japanese and International Economics、1997、11、2—26;
[2]Chakravarty.B,Zajac.E.J、Tailoring incentive systems to a strategic context、Planning Review、1984、12、30-35;
[3]Charles.J.P.C,Zengquan.L,Xijia.S,Judy.T、Top Executive Replacement Decisions and Financial Accounting Information:Effect of Organizational Structure、Working Paper、Hong Kong Polytechnic University、2004;
[4]Claessens.S,Djankov.S,Enterprise Performance and Management Turnover in the Czech Republic.European Review、1999、43、1115—1124;
[5]Dahya.J,Lonie.A,Power.D.M、Ownership Structure,Firm Performance and Top Executive Change:an Analysis of UK Firms、Journal of Business,Finance and Accounting、1998、25、1089—1118;
[6]Denis.D,Denis.D、Performance Changes Following Top Management Dismissals、Journal of Finance、1995、51、1029—1058;
[7]Denis.D,Denis.D,Sarin.A、Ownership Structure and Top Executive Turnover、Journal of Financial Economics、1997、45、193—221;
[8]Ellen.E,Rachel.M.H,Xue.W、CEO Turnover and Properties of Accounting Information、Journal of Accounting and Economics、2003、36、197—226;
[9]Eric.C.C,Sonia.M.L.W、Chief Executive Officer Turnovers and the Performance of China's Listed Enterprises、Working Paper、University of Hong Kong、2004;
[10]Franklin.A,Jun.Q,Meijun.Q、Law,finance,and economic growth in China、Journal of Financial Economics、2005、77、57-116;
[11]Franks.J,Mayer.C,Renneboog.L、Who Disciplines Management Poorly Performing Companies?、Journal of Financial Intermediation、2001、10、209-248;
[12]Furtado.E.P,Rozeff.M.S、The wealth effects of Company initiated management changes,Journal of Financial Economics,1987,18,147—160;
[13]Gilson.S.C、Management turnover and financial distress、Journal of Financial Economics、1989、25、241—262;
[14]Groves.T,Hong.Y,McMillan.J,Naughton.B、China's Evolving Managerial Labor Market、Journal of Political Economy、1995、103,873—892;
[15]Jensen.M.C,Meckling.W.H、Theory of the firm:Managerial behavior,Agencycosts and Ownership structure、Journal of Financial Economics,1976、3、4-20;
[16]Kang.J,Shivdasani.A、Firm Performance,Corporate Governance and Top Executive Turnover in Japan,Journal of Financial Economics、1995、38、29—58;
[17]Kaplan.S、Top Executives,Turnover,and Firm Performance in Germany,Journal of Law,Economics and Organization、1994、10、142—159;
[18]Kaplan.S、Top Executive Rewards and Firm Performance:a Comparison of Japan and the United States、Journal of Political Economy、1994、102、510-546;
[19]Kato.T,Cheryl.L、Executive turnover and firm performance in China、Entreprenerurs and enterprises in China's transition to market、2006、VOL 96 NO.2、363—367;
[20]LaPorta.R,LopezdeSilanes.F,Shleifer.A,Vishny,R.、Investor Protection and Corporate Governance,Journal of Financial Economics、2000、58.3-28;
[21]Lezear.E.P,Rosen.S、Rank order tournaments as optimum labor contractd、Journal of Political Eoconomy、1981、89、841—864;
[22 Martin.K.J,McConell.J.J、Corporate performance,corporate takeovers,and management turnover、Journal of Finance、1991、46、671—687;
[23]Martin.C,Lerong.H、CEO Turnover,Firm Performance and Corporate Governance Reforms in China、Workingpaper、University of Pennsylvania,2008;
[24]Mengxin.Z、Acquisition decisions and CEO turnover:Do bad bidders get fired?、Workingpaper、University of Pittsburgh、2002;
[25]Michael.F,Peter.M.Y.F,Oliver.M.R、Firm Performance,Governance Structure,and Top Management Turnover in a Transitional Economy、Working paper、 Hong Kong Polytechnic University,2005;
[26]Mikkelson.W,Partch.M.M、The decline of takeovers and disciplinary managerial turnover,Journal ofFinancialEconomics,1997、44,205-228;
[27]Mirrless.J.A、The optimal structure of incentives and authority within an organization、 Bell Journal of Economics、 1976、 7、 105-131;
[28]Morck.R.A,Shleifer,Vishny.R、 Management ownership and market valuation:an empirical analysis、 Journal of Financial Economics、 1988、 20、 293-315;
[29]Murphy.K.J,Zimmerman.J、 Financial Performance Surrounding CEO Turnover、Journal of Accounting and Economics、 1993、 16、 273-315;
[30]Peter.C,Jack.L.L,Wilson.H.S.T、 What Triggers Top Management Turnovers in China?、 Working Paper、 Hong Kong Polytechnic University、 2007;
[31]Robert.B,Zhonglan.D,Xue.W、 Risk and CEO turnover、 Working paper、University of North Carolina、 2007;
[32]Warner.J,Watts.R,Wrunk.K、 Stock Prices and Top Executive Management Changes、 Journal ofFinancialEconomics、 1988,20、 461-492;
[33]Weisbach.M、 Outside directors and CEO Turnover、 Journal of Financial Economics、 1988、 20、 431-460;
[34]龚玉池、企业绩效和高层更换、经济研究、2001、10、75-82;
[35]金成晓,刘世峰、独立董事制度与企业高管的更迭、长白学刊、2003、5、29-34;
[36]李东平、大股东控制,盈余管理和上市公司业绩滑坡、博士、上海财经大学,2001;
[37]林毅夫,李志赟、政策性负担、道德风险与预算软约束、经济研究、2004、2、17-27:
[38]刘旻,芮萌,尹立东、转轨背景下中国上市公司高级管理者变更的影响因素研究、中国软科学、2005、2、86-90;
[39]马秀鑫、我国上市公司高级管理人员更换与企业业绩之间的关系研究、硕士、中国人民大学、2008;
[40]孙永祥、所有权、融资结构与公司治理机制、经济研究、2001、1、45—53;
[41]吴敬琏、现代公司与企业改革、天津:天津人民出版社、1994;
[42]魏明海、管理激励和业绩评价的会计研究、北京:中国财政经济出版社,2006;
[43]张丹,阚海星、中国上市公司高管人员更换与经营业绩关系的实证研究、东华大学学报、2005、第5卷第2期、24-29;
[44]张涛、ST公司高管人员更换之相关因素实证研究[J]、会计之友、2005、5、60-61;
[45]朱红军、高级管理人员更换的原因与经济后果--一项基于企业绩效的实证研究、博士、上海财经大学、2002;
[46]朱红军、我国上市公司高管人员更换的现状分析、管理世界、2002、5、126-141:
[47]朱红军、大股东变更与高级管理人员更换:经营业绩的作用、会计研究、2002、9、31-40;
[48]中国企业家调查系统、2000中国企业经营者成长与发展专题调查报告、2000;
[49]中国企业家调查系统、1993-2003中国企业家队伍成长与发展10年调查总报告、2003;
[50]中国企业家调查系统、2008中国企业家队伍成长与发展十五年调查综合报告(下)、2008。