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上市公司高管辞职的动机和效果检验
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TitleStudy for Motivation and Effects of Executive Resignation in Listed Company  
作者曹廷求 张光利  
AuthorTingqiu Cao Guangli Zhang  
作者单位山东大学经济学院 
OrganizationSchool of Economics Shandong University ,250100 
作者Emailtqcao@126.com 
中文关键词高管辞职 创业板 公司治理 
Key WordsExecutive Resignation; Growth Enterprise Market; Corporate Governance 
内容提要高管作为公司组织结构的重要组成部分,其替换事件给公司带来了重要影响,因此我国创业板市场高管“扎堆”辞职的现象受到社会的广泛关注。本文以此为背景,分析了创业板市场辞职高管所在公司的特征、辞职事件的影响以及辞职的动机。我们发现在股价高估严重、绩效差的公司中,高管辞职概率大;在家族企业和“包装”费用高的企业中,容易出现高管“扎堆”辞职的现象;市场对创业板市场高管辞职的反应为负,在持股高管辞职事件中表现更加突出;通过对比中小板市场的高管辞职事件,市场对创业板市场高管辞职的套现动机预期强烈;而通过构建高管辞职套现动机指数,进一步印证了创业板市场中高管较强的辞职套现动机。我们的研究为进一步完善创业板市场提供了直接的经验证据。 
AbstractAs the executive is an important part of company structure, their resignations have huge impacts on company management. Therefore the collective resignations in the growth enterprise market attract much attention from the community. Under this background, this paper studies the characteristics of company which resigned executives worked at, the effects of executive resignation and the motivation of their resignations. By our empirical analysis, we find that the possibility of executive resignation is high in the company with overvalued stock and bad performance; There are more resigned executives in family firms and in the firms with high issue fee; The market negatively responses to the resignation events and this negative effects are more obvious for share-holding executive resignation. Compared with executive resignations in small and medium enterprise?market, we find that market expresses high expectation on arbitrage-oriented motivation for the executive resignation in the growth enterprise market and by constructing the arbitrage motivation index for executive resignations, we enhance the conclusion that resigned executives in the growth enterprise have strong motivation for arbitrage. Our study provides direct evidences to improve the growth enterprise market. 
文章编号WP115 
登载时间2011-09-08 
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