公司高管变更的市场反应——来自中国A股市场的经验证据

Market Response to Corporate Top Management Change Based on Empirical Evidence from Chinas A-share Market

中文关键词:  高管变更  信息含量  事件研究

英文关键词:top management change  information content  event study

中文摘要:

      选取2001—2010年中国沪深A股上市公司的数据为样本，以61天为窗口期，运用事件研究法，对上市公司高管变更事件的市场反应进行了实证检验。结果表明，高管变更事件具有信息含量；高管变更事件既可能被市场解读为好消息，也可能被市场理解为坏消息，具体取决于市场对高管聘任的态度；变更公告发布前累积超常收益率呈上升态势，随着变更公告的发布，累积超常收益率表现为明显的下降态势；国有企业高管变更累积超常收益率为正，非国有企业高管变更累积超常收益率为负；自愿高管变更累积超常收益率为正，强制高管变更累积超常收益率为负；非常规高管变更累积超常收益率高于常规高管变更累积超常收益率。上述发现对完善企业高管聘任机制、推进现代企业制度建设具有重要意义。

英文摘要:

      This paper selects the data of Chinas A-share listed companies in Shanghai Stock Exchange and Shenzhen Stock Exchange during the period from 2001 to 2010 as a sample. With 61 days as a period, it adopts the event study method to test empirically the market response to top management change in listed companies. The result shows that: the announcement of top management change has information content; the event of top management change can be deemed as good news and may be also interpreted as bad news by the market, depending on the attitude of market to the employment of top management; the cumulative abnormal return rate shows an ascendant trend before change announcement, but it shows a descendant trend along with the announcement of top management change; the cumulative abnormal return rate is positive in case of top management change in the state-owned enterprises and negative in the non-state-owned enterprises; the cumulative abnormal return rate is positive in case of voluntary change in top management and is negative when the change is passively forced; the cumulative abnormal return rate in unconventional top management change is higher than that in conventional top management change. The above findings are of great significance to improve the appointment mechanism of top management in enterprises and advance the construction of modern corporate system.