经理任期风险和公司治理的实证分析

对公司经理任期的约束应该是公司治理的一个重要方面.本文通过多元线性回归和生存分析的方法检验了内外部治理因素对经理职位变动的影响.这两种方法得出的结果大同小异,相互补充.从结果可以看出,董事长和总经理因为同样处于代理人的位置,所以他们的任期风险影响因素中有几个是共同的:市场业绩、年龄、学历、股权变更.市场业绩的影响作用和理论相反.由于董事长和总经理存在权力的分别,所以领导独立性、内部监事比例和企业规模三个变量对两个职位任期风险的影响作用不同.另外,在检验的变量中,企业的利润率和国有股权比例都没有对经理任期风险产生显著影响,说明经理任期风险并不受企业会计业绩和企业股权性质的影响.

Empirical Analysis on Manager's Tenure Risk and Corporate Governance

Managers tenure restriction should be one important aspect of corporate governance.This paper demonstrated the effect of internal and outernal governance elemants to managers' turnover by methods of multifactor regression and survival analysis.The results of these two methods are similar and complement each other,from which we can find that four factors,such as tobin's Q,age,degree and stock turnover,are affecting board chairman and CEO's tenure risk similarly because that both board chairman and CEO are sh...