CAJ | 학술논문

文章着眼于我国证券市场中发生的上市公司信息披露违规行为，从组织合法性视角，根据信号甄别理论和有效市场理论，实证分析信息披露违规与高管变更及其市场反应之间的关系。研究结果表明：信息披露违规的公司更可能发生高管变更；进一步地，在发生信息披露违规的情况下，变更高管的公司比未变更高管的公司有更好的市场反应，且主动变更高管的公司，其利好反应更加明显。
문장착안우아국증권시장중발생적상시공사신식피로위규행위，종조직합법성시각，근거신호견별이론화유효시장이론，실증분석신식피로위규여고관변경급기시장반응지간적관계。연구결과표명：신식피로위규적공사경가능발생고관변경；진일보지，재발생신식피로위규적정황하，변경고관적공사비미변경고관적공사유경호적시장반응，차주동변경고관적공사，기리호반응경가명현。
Using the samples of China’s listed companies with illegal information disclosure,from the perspective of organiza-tional legitimacy and based on the theory of signal screening and efficient market,this paper examines the relationship between illegal information disclosure,top management turnover and market reactions. The results suggest that companies,which vio-late information disclosure regulations,have a higher top management turnover. In addition,top management turnover can re-sult in better market reactions for companies with illegal information disclosure,compared with those without top management turnover. Furthermore,the positive top management turnover brings even much better market reactions.