發(fā)布時間：2018-08-24 13:20

【摘要】：隨著改革開放的深入，中國經(jīng)濟高速發(fā)展，作為國民經(jīng)濟的晴雨表的股票市場也蓬勃發(fā)展，特別是2009年創(chuàng)業(yè)板市場的成立，生逢世界金融危機和我國宏觀市場調(diào)整的大背景，又伴隨市場初期投資者的熱情追捧，兩年來創(chuàng)業(yè)板市場發(fā)行上市的公司源源不斷，，形成可持續(xù)發(fā)展的市場生態(tài)大觀。創(chuàng)業(yè)板市場給那些無法在主板市場上市的高成長的新興公司特別是高科技公司籌資的新機會。但是在創(chuàng)業(yè)板市場成立兩周年以來，也存在著新股暴跌、高管辭職潮、只發(fā)行不上市等現(xiàn)象。就高管頻繁辭職現(xiàn)象，高管是出于經(jīng)濟利益而選擇辭職，還是因為公司業(yè)績低下而出逃，以及高管辭職比例受到哪些因素影響，這些問題逐漸成為大家的焦點。 本文以國內(nèi)外對高管變更和高管辭職的研究為基礎(chǔ)，結(jié)合創(chuàng)業(yè)板上市公司的制度背景和理論分析，著重從管理層特征和企業(yè)業(yè)績兩方面研究創(chuàng)業(yè)板上市公司高管辭職影響因素。本文以2010年創(chuàng)業(yè)板上市公司為研究樣本，選取高管年齡、薪酬、持股比例衡量管理者特征，凈利潤增長率與每股現(xiàn)金凈流量衡量公司業(yè)績，經(jīng)過建立回歸模型最終證明：高管平均薪酬、代表公司業(yè)績的凈利潤增長率和每股現(xiàn)金凈流量顯著影響著創(chuàng)業(yè)板上市公司高管是否辭職；高管平均薪酬、每股現(xiàn)金凈流量與資產(chǎn)負債率顯著影響著創(chuàng)業(yè)板上市公司高管的辭職比例。
[Abstract]:With the deepening of reform and opening up and the rapid development of China's economy, the stock market, as a barometer of the national economy, is booming, especially the establishment of the gem market in 2009, which is born against the background of the world financial crisis and the adjustment of China's macro market. With the enthusiasm of investors in the early stage of the market, there has been a steady stream of companies issuing and listing in the gem market in the past two years, forming a market ecological view of sustainable development. The growth Enterprise Market (gem) is a new opportunity to raise money for high-growth start-ups, especially high-tech companies, that cannot be listed on the main market. However, since the second anniversary of the gem, there has also been a sharp fall in new shares, a wave of resignation of executives, and only issuance and non-listing. Whether executives choose to resign for financial reasons or run away because of poor corporate performance, and what factors affect the proportion of senior executives' resignations, are becoming the focus of attention in the case of frequent resignations. Based on the domestic and foreign research on executive turnover and executive resignation, combined with the system background and theoretical analysis of gem listed companies, this paper focuses on the factors that affect the resignation of gem listed companies from two aspects: management characteristics and corporate performance. In this paper, the gem listed companies in 2010 as a study sample, select the executive age, compensation, shareholding ratio to measure the characteristics of managers, net profit growth rate and net cash flow per share to measure the performance of the company. Through the establishment of regression model, it is proved that the average executive compensation, the net profit growth rate representing the performance of the company and the net cash flow per share significantly affect the resignation of the executives in the gem listed companies, and the average executive compensation. Net cash flow per share and asset-liability ratio significantly affect the proportion of the resignation of executives in gem listed companies.
【學(xué)位授予單位】：安徽工業(yè)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F272.92;F832.51

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