創(chuàng)業(yè)板上市公司成長性與高管離職的實證研究
發(fā)布時間:2018-02-28 11:27
本文關(guān)鍵詞: 創(chuàng)業(yè)板上市公司 高管離職 成長性 出處:《南京師范大學(xué)》2013年碩士論文 論文類型:學(xué)位論文
【摘要】:創(chuàng)業(yè)板是完善我國多層次資本市場體系的重要環(huán)節(jié),其發(fā)展備受眾人矚目。然而,這些具有高成長性、高科技含量等諸發(fā)展?jié)摿μ攸c的中小企業(yè)卻頻頻曝光高管離職的消息,使得人們對高管離職動機產(chǎn)生了質(zhì)疑。企業(yè)的高層管理人員是企業(yè)經(jīng)營管理的核心力量,明確創(chuàng)業(yè)板高管離職的主要原因以及保持高管團隊的穩(wěn)定性,對創(chuàng)業(yè)板市場乃至整個資本市場的發(fā)展至關(guān)重要。 本文從現(xiàn)實問題出發(fā),提出套現(xiàn)并不是創(chuàng)業(yè)板高管離職的主要原因。為深層次剖析高管離職的原因,選取創(chuàng)業(yè)板上市公司的離職高管為研究對象,通過收集深交所創(chuàng)業(yè)板高管離職公告以及年度報告,在對創(chuàng)業(yè)板上市公司成長性評價的基礎(chǔ)上,來研究我國創(chuàng)業(yè)板上市公司高管離職與成長性之間的關(guān)系,以解決創(chuàng)業(yè)板上市公司高管人員的穩(wěn)定和控制問題。 首先,在實證研究中,選取我國創(chuàng)業(yè)板市場的270家上市公司作為研究樣本,從盈利能力、擴張能力和創(chuàng)新能力3個維度8項指標出發(fā),運用因子分析對樣本公司的成長性進行綜合評價并計算成長性得分,作為后續(xù)研究的自變量。 其次,采用線性回歸的方法實證了創(chuàng)業(yè)板上市公司的成長性對高管離職的影響,證明創(chuàng)業(yè)板上市公司成長性與高管離職率負相關(guān)關(guān)系,創(chuàng)業(yè)板高管離職率隨著成長性得分的變大而降低,公司成長性越好,高管離職率越低?偠灾,創(chuàng)業(yè)板上市公司成長性對高管離職傾向有著顯著影響。隨后,通過Wilcoxon符號等級檢驗驗證了成長性得分較高的公司上市前后離職率的沒有顯著差異,而成長性得分較低的公司上市前后離職率有顯著性的差異,進一步證明了成長性是高管離職的主要原因之一。 最后,本文基于實證研究的結(jié)果,為創(chuàng)業(yè)板高管人員的保留提出了若干建議,并指出研究的局限性和未來研究的方向。
[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.
【學(xué)位授予單位】:南京師范大學(xué)
【學(xué)位級別】:碩士
【學(xué)位授予年份】:2013
【分類號】:F272.91;F832.51
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