CAJ | 학술논문

CEO解职是公司重要的战略选择之一,多种因素影响着这一过程。为了对中国情境下的CEO解职有更深入的了解,选择国泰安信息技术公司的中国上市公司治理（CSMAR）数据库作为主要信息来源,从色诺芬数据库补充其他相关数据,从1997年~2008年中国上市公司的全部CEO离职事件名录中剔除不完整信息和正常退休原因等造成的变动,在2 455件CEO离职中共鉴别出89件解职事件,通过logistic、Cox半参数模型生存等技术对主要假设进行统计检验,采用多种分析手段得到更为稳健的分析结果。实证结果表明,商业风险、CEO与董事长兼任、所有权集中度都与CEO解职率正相关,所有权集中度负向调节商业风险对CEO解职率的作用,所有权集中度作为所有者社会情感财富的体现,通过调节作用降低了现任CEO被解职的风险。
CEO해직시공사중요적전략선택지일,다충인소영향착저일과정。위료대중국정경하적CEO해직유경심입적료해,선택국태안신식기술공사적중국상시공사치리（CSMAR）수거고작위주요신식래원,종색낙분수거고보충기타상관수거,종1997년~2008년중국상시공사적전부CEO리직사건명록중척제불완정신식화정상퇴휴원인등조성적변동,재2 455건CEO리직중공감별출89건해직사건,통과logistic、Cox반삼수모형생존등기술대주요가설진행통계검험,채용다충분석수단득도경위은건적분석결과。실증결과표명,상업풍험、CEO여동사장겸임、소유권집중도도여CEO해직솔정상관,소유권집중도부향조절상업풍험대CEO해직솔적작용,소유권집중도작위소유자사회정감재부적체현,통과조절작용강저료현임CEO피해직적풍험。
CEO dismissal is one of the most important strategic choices of a company,and many factors influence this decision process.To further examine CEO dismissal in the Chinese context,this study selects CEO turnover lists from China Listed Firm′s Corporate Governance Research Database of GTA Information Technology Company,and supplements data from Sinofin Financial Information Service of the China Center for Economic Research（CCER）.After deletes CEOs with incomplete information and normal retirement,2455 CEOs are selected from 1997 to 2008,in which there are 89 events of CEO dismissal.More robust results are proved based on logistic regression and survival analysis of Cox model.Emperical results reveal that business risk,CEO-chairman duality,ownership concentration are positively related to CEO dismissal,and ownership concentration negatively moderates the relationship between business risk and CEO dismissal.As an embodiment of socioemotional wealth,ownership concentration lowers the dismissal probability of the incumbent CEOs by its moderate effects.