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创业板企业高管离任与市场价值关系研究

发表时间:2017-04-27  浏览量:1091  下载量:132
全部作者: 刘新民,杜素珍,王垒
作者单位: 山东科技大学经济管理学院
摘 要: 以2009年至2012年创业板上市公司为样本,通过Stata 14.0实证分析高管离任对企业市场价值的影响,发现在市场模型与市场调整模型下整体高管离任对市场价值的影响存在差异。并从创始高管与非创始高管角度分别进行检验,结果显示创始高管离任对市场价值有显著负效应,而非创始高管离任在市场模型下则产生了显著的正效应。研究结论对当前创业板市场频繁的高管套现行为提供一种合理解释,同时也为创业板市场的稳定发展提供借鉴。
关 键 词: 企业管理;创业板企业;高管离任;市场价值
Title: Research on the relationship between executives leaving and market value of GEM companies
Author: LIU Xinmin, DU Suzhen, WANG Lei
Organization: College of Economics and Management, Shandong University of Science and Technology
Abstract: This research regards the GEM listed companies in 2009 to 2012 as samples, through an empirical analysis by Stata 14.0 of influence of executives leaving on the market value of firms, we find that the impacts of executives leaving on the market value are different in the overall market model and market adjustment model. And then we test the founding executives and non founding executives respectively. The result shows that the founding executives leaving has a significantly negative effect on the market value, while the non founding executives leaving has a significantly positive effect under the market model. Research conclusion provides a reasonable explanation on the current GEM executives’ frequent behavior of resign in order to cash their equity, meanwhile serves as a reference for the stable development of the growth enterprise market.
Key words: business management; GEM companies; executives leaving; market value
发表期数: 2017年4月第8期
引用格式: 刘新民,杜素珍,王垒. 创业板企业高管离任与市场价值关系研究[J]. 中国科技论文在线精品论文,2017,10(8):912-924.
 
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