CAJ | 학술논문

以我国2010~2012年上市公司为研究对象,分析了外部监督对高管变更的影响。结果发现,媒体负面报道作为一种外部监督机制显著促进了高管变更,媒体负面报道次数越多,高管越容易发生变更;不论是在国有上市公司还是非国有上市公司,媒体负面报道均可以显著影响高管变更,但对非国有上市公司高管变更的影响较大。媒体已经成为了公司外部治理的一个重要组成部分。
이아국2010~2012년상시공사위연구대상,분석료외부감독대고관변경적영향。결과발현,매체부면보도작위일충외부감독궤제현저촉진료고관변경,매체부면보도차수월다,고관월용역발생변경;불론시재국유상시공사환시비국유상시공사,매체부면보도균가이현저영향고관변경,단대비국유상시공사고관변경적영향교대。매체이경성위료공사외부치리적일개중요조성부분。
Based on the data of Chinese listed companies from 2010 to 2012, this paper analyzes the influence of the external supervision on top management turnover, and the findings indicate that as a kind of external supervision mechanism, nega- tive media coverage has significantly promoted top management turnover, and the more negative media coverage about a company, the more top management turnover of a company. Study shows that to both state-owned listed companies and non- state-owned listed companies, negative media coverage can have a striking effect on top management turnover, and this effect is more significant in non-state-owned listed companies. The results show that media coverage has become an impor- tant part of the outside corporate governance.