财经研究
財經研究
재경연구
The Study of Finance and Economics
2006年
1期
121~132
,共null页
总经理更换 高管离职 企业绩效 晋升锦标赛 专用化人力资本
總經理更換 高管離職 企業績效 晉升錦標賽 專用化人力資本
총경리경환 고관리직 기업적효 진승금표새 전용화인력자본
CEO turnover; senior executive departing; firm performance; promotion tournaments; specific human capital
文章从业绩相关理论、锦标赛理论和专用化人力资本理论出发，对总经理更换后的高管团队稳定性进行了理论分析和实证检验。经验证据表明，总经理更换提高了高管离职的概率，但降低了企业绩效对高管离职的影响；总经理被迫离职后的年轻高管有较高的离职概率；高管与离任总经理的专用化人力资本越高，总经理更换后高管离职概率越高，而与继任总经理的专用化人力资本则可使高管离职概率有一定程度的降低。实证结果支持锦标赛理论和专用化人力资本理论，但业绩相关理论没有得到支持。
文章從業績相關理論、錦標賽理論和專用化人力資本理論齣髮，對總經理更換後的高管糰隊穩定性進行瞭理論分析和實證檢驗。經驗證據錶明，總經理更換提高瞭高管離職的概率，但降低瞭企業績效對高管離職的影響；總經理被迫離職後的年輕高管有較高的離職概率；高管與離任總經理的專用化人力資本越高，總經理更換後高管離職概率越高，而與繼任總經理的專用化人力資本則可使高管離職概率有一定程度的降低。實證結果支持錦標賽理論和專用化人力資本理論，但業績相關理論沒有得到支持。
문장종업적상관이론、금표새이론화전용화인력자본이론출발，대총경리경환후적고관단대은정성진행료이론분석화실증검험。경험증거표명，총경리경환제고료고관리직적개솔，단강저료기업적효대고관리직적영향；총경리피박리직후적년경고관유교고적리직개솔；고관여리임총경리적전용화인력자본월고，총경리경환후고관리직개솔월고，이여계임총경리적전용화인력자본칙가사고관리직개솔유일정정도적강저。실증결과지지금표새이론화전용화인력자본이론，단업적상관이론몰유득도지지。
With the help of literature review, we confirm that there is a link between CEO turnover and top management team stability. We then assess these links empirically using data from Chinese listed companies. We present some main findings. First, we find that CEO and manager turnover are positively related. Second, we do not find that this relationship is stronger when firm performance is poor. Third, this association is driven largely by manager age and incoming CEO age, which is consistent with promotion tournaments theory. Importantly, the hypothesis that specific human capital between manager and CEO affects the value of manager retaining is supported.
