CAJ | 학술논문

上市公司控制权转移后的高管变更是我国的一种独特现象,对此进行研究后发现：控制权转移后总体上并没有提高公司业绩。尽管控制权转移后第一年内提高了公司业绩,但实际上是高管变更对上市公司控制权转移后的绩效产生了显著影响。另外,第一大股东持股比例与企业绩效在控制权转移后第一年呈倒U型关系,但不显著;第二年呈U型关系,而高管变更与企业绩效呈负相关关系。
상시공사공제권전이후적고관변경시아국적일충독특현상,대차진행연구후발현：공제권전이후총체상병몰유제고공사업적。진관공제권전이후제일년내제고료공사업적,단실제상시고관변경대상시공사공제권전이후적적효산생료현저영향。령외,제일대고동지고비례여기업적효재공제권전이후제일년정도U형관계,단불현저;제이년정U형관계,이고관변경여기업적효정부상관관계。
According to the especial phenomenon of top management turnover after control transferred in the listed-companies,this thesis adopting single-change describe statistics and difference comparison analyses of the performance change.Further more,we emphasize to make research of the influence of top management turnover to control transfer.Our research discovers that control transfers has no improvement to firm performance totally,though increased performance in the first year after control transfer,but in fact,it is the influence of top management turnover that firm performance after control transfer.Moreover,the first-large shareholder has a type of pour U relationship to firm performance in the first year of control transfer,and the type of U relationship at the second year,but the top management turnover has a negative relationship with firm performance.