上市公司高管离职动因及影响的分析——以创业板为例

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1、AbstraetTherehavebeen355companieslistedonthegemuntilDecember31．2012．Int11ethreeyears，manyexecutivesinthecompanieslistedonthegemresigned，withtoomuchsuperraisefunds，Thesky—highAverageprice-to．earningsratiosandthepoorcorporateperformancewhenthecompanieslistedonthegem．Thispaperstudytherel

2、ationshipbetweentheturnoverofchairmanandgeneralmanagerandcorporateperformanceandstockyieldusingtheinformationoncompaniesl砖tedonthegemassample．Throughtheempiricalanalysis，wefound：(1)Thereisnegativecorrelationbetweencorporateperformanceandthetumoverpossibilityofchairmanandgeneralmanager

3、．Thereisnegativecorrelationbetweenstockyieldandtheturnoverpossibilityofchairmanandgeneralmanager．Theoldertheexecutivesare，thehighertheturnoverpossibilityofchairmanandgeneralmanageris．Themorethesuperraisefundsis，thehighertheturnoverpossibilityofchairmanandgeneralmanageris．Thehigherthea

4、verageprice—to-earningsratiosis，thehighertheturnoverpossibilityofchairmanandgeneralmanageris．Thehigherthedebt．to．assetsratiois，thehighertheturnoverpossibilityofchairmanandgeneralmanageris．(2)Theturnoverofchairmanandgeneralmanagerleadtotheworsecorporateperformanceandlowerstockyieldnext

5、year．SoweconcludethatthereasonoftheturnoverofchairmanandgeneralmanageristoCashetheirsharesbyresignationKeywords：Executivesresigned；Corporateperformance；stockyield；CashetheirsharesbyresignationIUllIIIIUIlUlIIIIY2338435目录第一章引言⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯．11．1研究背景与意义⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯

6、⋯⋯⋯⋯⋯⋯⋯11．2文献综述⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯一21．2．1国外研究动态⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯21．2．2国内研究动态⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯41．2．3对文献的回顾及展望⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯71．3研究目的和研究内容⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯71．4研究方法和论文框架⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯8第二章创业板上市公司高管离职现状及分析⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯102．1样本选择和数据

7、来源⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯．102．2高管离职基本情况⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯．102．3高管离职与高管年龄⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯．122．4高管离职与任职期限⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯．132．5高管离职与公司业绩⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯．142．6高管离职与股票收益率⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯．17第三章变量设计和相关性检验⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯203．1样本选择和数据来源⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯

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