并购后高管变更的绩效影响:基于中国上市公司的实证分析

基于前人关于高管变更和公司控制权市场的研究,本文分析了上市公司控制权变化后高管变更和绩效之间的关系。我们假设上市公司控制权变更后,高管的变更会促进这些公司财务绩效的提高。本文选用1996-2001年间深圳和上海证券交易所中76家高管随第一大股东变动而变更的上市公司作为样本,并设立了47家第一大股东变动而高管未变更的上市公司作为对比组,用经过行业调整的财务绩效来分析比较。结果发现,公司控制权变化后高管变更的公司的绩效显著提高,而且绩效表现好于公司控制权变化后高管未变动的上市公司的绩效表现。

Effect of Top Management Turnover on Target Firm's Performance after a Takeover: An Empirical Study on Chinese Listed Companies

In this paper, we analyzed the relationship between turn- over of top management and performance of listed companies after takeover, according to the previous researches on corporation gover- nance and corporate control market. We made a hypothesis that after equity change of listed corporations, the turnover of top manage- ment improved the performance of these corporations. We chose the sample of listed corporations in Shenzhen and Shanghai security ex- changes which had equity change, and we used the assessment of the Operating Performance Methodology to analyze the performance of these listed corporations empirically. We find that the company which had turnover of top management after the corporate control right changed, had significant performance improvement, and had better performance than the company which had not had turnover of top management after the corporate control right changed.