创业板上市公司成长性与高管离职的实证研究

发布时间：2018-02-28 11:27

本文关键词： 创业板上市公司高管离职成长性　出处：《南京师范大学》2013年硕士论文　论文类型：学位论文

【摘要】：创业板是完善我国多层次资本市场体系的重要环节,其发展备受众人瞩目。然而,这些具有高成长性、高科技含量等诸发展潜力特点的中小企业却频频曝光高管离职的消息,使得人们对高管离职动机产生了质疑。企业的高层管理人员是企业经营管理的核心力量,明确创业板高管离职的主要原因以及保持高管团队的稳定性,对创业板市场乃至整个资本市场的发展至关重要。本文从现实问题出发,提出套现并不是创业板高管离职的主要原因。为深层次剖析高管离职的原因,选取创业板上市公司的离职高管为研究对象,通过收集深交所创业板高管离职公告以及年度报告,在对创业板上市公司成长性评价的基础上,来研究我国创业板上市公司高管离职与成长性之间的关系,以解决创业板上市公司高管人员的稳定和控制问题。首先,在实证研究中,选取我国创业板市场的270家上市公司作为研究样本,从盈利能力、扩张能力和创新能力3个维度8项指标出发,运用因子分析对样本公司的成长性进行综合评价并计算成长性得分,作为后续研究的自变量。其次,采用线性回归的方法实证了创业板上市公司的成长性对高管离职的影响,证明创业板上市公司成长性与高管离职率负相关关系,创业板高管离职率随着成长性得分的变大而降低,公司成长性越好,高管离职率越低。总而言之,创业板上市公司成长性对高管离职倾向有着显著影响。随后,通过Wilcoxon符号等级检验验证了成长性得分较高的公司上市前后离职率的没有显著差异,而成长性得分较低的公司上市前后离职率有显著性的差异,进一步证明了成长性是高管离职的主要原因之一。最后,本文基于实证研究的结果,为创业板高管人员的保留提出了若干建议,并指出研究的局限性和未来研究的方向。
[Abstract]:The gem is an important link in perfecting our country's multi-level capital market system, and its development has attracted much attention. However, these small and medium-sized enterprises with the characteristics of high growth, high-tech content and other development potential frequently expose the news of senior executives leaving their jobs. It makes people question the motivation of executive turnover. The senior management of enterprises is the core force of business management, clear the main reasons for the turnover of gem executives and maintain the stability of the executive team. For the gem market and even the development of the entire capital market is crucial. This paper points out that cash is not the main reason for the turnover of gem executives. In order to deeply analyze the reasons for the turnover of senior executives, the paper selects the former executives of listed companies on the gem as the research object. Through collecting the gem executive turnover announcement and annual report, on the basis of the growth evaluation of gem listed companies, to study the relationship between the turnover and growth of gem listed companies. In order to solve the gem listed company executives stability and control. First of all, in the empirical study, 270 listed companies in China's gem market are selected as the research samples, starting from three dimensions of profitability, expansion ability and innovation ability. Factor analysis is used to evaluate the growth of the sample company and calculate the growth score as the independent variable of the follow-up study. Secondly, we use the linear regression method to demonstrate the effect of growth on executive turnover, which proves that the growth of gem listed companies is negatively related to the turnover rate of senior executives. The higher the growth rate, the lower the turnover rate. In a word, the growth rate of the gem listed companies has a significant effect on the turnover intention of the executives. Through the Wilcoxon symbol grade test, it was verified that there was no significant difference in the turnover rate of the companies with high growth score before and after the listing, but there was significant difference between the companies with low growth score before and after the listing. Further proved that growth is one of the main reasons for executive turnover. Finally, based on the results of empirical research, this paper puts forward some suggestions for the retention of gem executives, and points out the limitations of the research and the direction of future research.
【学位授予单位】：南京师范大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F272.91;F832.51

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