华东经济管理
華東經濟管理
화동경제관리
East China Economic Management
2011年
6期
67~70
,共null页
高管成群离职 一股独大 业绩
高管成群離職 一股獨大 業績
고관성군리직 일고독대 업적
senior managers; clustering demission; one shareholder monopolizes; performance
近年来，上市公司高管成群离职现象频现。以2008-2009年中国制造业新增ST公司为样本，按同行业原则选取19家健康公司为对照样本，揭示公司业绩变动的过程特征。研究发现：公司业绩下滑过程特征明显，路径清晰；高管成群离职现象对公司业绩具有显著预警作用；激励不足影响高管内驱力释放是业绩下滑的潜在因素，“一股独大”是业绩下滑的机制因素。
近年來，上市公司高管成群離職現象頻現。以2008-2009年中國製造業新增ST公司為樣本，按同行業原則選取19傢健康公司為對照樣本，揭示公司業績變動的過程特徵。研究髮現：公司業績下滑過程特徵明顯，路徑清晰；高管成群離職現象對公司業績具有顯著預警作用；激勵不足影響高管內驅力釋放是業績下滑的潛在因素，“一股獨大”是業績下滑的機製因素。
근년래，상시공사고관성군리직현상빈현。이2008-2009년중국제조업신증ST공사위양본，안동행업원칙선취19가건강공사위대조양본，게시공사업적변동적과정특정。연구발현：공사업적하활과정특정명현，로경청석；고관성군리직현상대공사업적구유현저예경작용；격려불족영향고관내구력석방시업적하활적잠재인소，“일고독대”시업적하활적궤제인소。
In recent years, phenomenon of senior managers＇clustering demission often occurs. Based on 19 financially distressed samples and 19 healthy samples during 2008 -2009, this study explores company performance characteristics in different period of falling into financially distress. The results of this study include four aspects. Firstly, the route to financial distress is distinct. Secondly, there is a striking prediction effect of senior managers＇clustering demission when a company falls into financial distress. Thirdly, the potential danger is poor motivation system which would not arouse senior managers＇ driving force. Finally, one shareholder monopolizes is the mechanism reason of financial distress.
