创业板制造业企业财务绩效与高管团队离职的关系——基于治理机制调节作用的实证研究

《创业板制造业企业财务绩效与高管团队离职的关系——基于治理机制调节作用的实证研究》由会员上传分享，免费在线阅读，更多相关内容在工程资料-天天文库。

1、创业板制造业企业财务绩效与高管团队离职的关系一一基于治理机制调节作用的实证研究陈飞羽舒清王佳赵青云摘要：高管团队是组织制定战略方案、建立企业文化和实现企业经营目标的关键成员，有能力和责任改变企业的经营绩效。对2011年前完成上市的252家创业板制造业企业高管团队进行研究，结果表明：企业绩效与离职率显著负相关;高管团队持股比例、高管薪酬、CEO和董事长两职兼任与离职率不相关，董事会结构中外部董事比例与高管团队离职显著正相关;高管持股对企业绩效与高管团队离职关系的调节效应不显著，高管薪酬减弱了调节企业绩效与离

2、职关系，总经理和董事长两职兼任负向调节绩效与团队离职关系;董事会结构外部董事占比对绩效一离职关系调节效应显著。因此，企业绩效的好坏会显著影响高管团队离职行为，而在董事长和总经理两职兼任条件下，绩效与离职的敏感性会明显减弱;与此相反，当董事会结构中外部独立董事比例较高时，也即董事会执行力和独立性较高的情况下，绩效与高管团队离职关系更加显著。关键词：企业绩效;高管团队离职;调节效应;治理机制;作者简介：陈飞羽，硕士研究生，研究方向为社会创业。E-ma订：cccf@sin且.com收稿日期:2016-09-02

3、TheRelationshipbetweenFinancialPerformancesofGrowthEnterprisesofManufacturingandTopManagerTeamTurnoverAnEmpiricalStudybasedontheRolesofGovernanceMechanismCHENFei-yuSHUQingWANGJiaZHAOQing-yunSchoolofBusinessandAdministration,AnhuiUniversityofFinanceandEcon

4、omics;Abstract：Topmanagerteamsplayakeypartindeterminingstrategicplans,cultivatingcorporatecultureandreachingenterpriseobjectives,andare,therefore,capableofchangingenterprises，runningperformances.Thispaperstudiesthetopmanagerteamsof252growthenterprisesofma

5、nufacturingwhichwerelistedbefore2011.TheresuItsshowthatthereisasignificantnegativecorrelationbetweenenterpriseperformancesandtopmanagers^turnoverrate;executives'shareholdingrateandsalaries,anddualityofchairmanandCEOareunrelatedwithtopmanagersJturnoverrate

6、,whilethepercentageofindependentdirectorsinboarddirectorsisrelatedtotheturnoverrate;however,theexecutives'shareholdingdoesnotmoderatetheperformance-turnoversignificantly,andtopmanagers'salarieslessenthelinkbetweenenterpriseperformanceandtopmanagers，turnov

7、er,dualityofchairmanandCEOnegativelyregulatestherelationshipbetweenenterpriseperformaneeandtopmanagersJturnoverrate;thepercentageofindependentdirectorsinboarddirectorsconsiderablyaffectperformance-turnoverrelationship.Therefore,enterpriseperformancessigni

8、ficantlyinfluencetopmanagerteams'turnover;however,givendualityofchairmanandCEO,theperformance-turnoverwillbelesssensitive;incontrast,enterpriseperformancesarcsignificantlyrelatedtotopmanagertearnturnover,ifthepercen