【摘要】：近年來隨著社會(huì)和經(jīng)濟(jì)的發(fā)展,企業(yè)家聲譽(yù)受到越來越多的關(guān)注,本文選擇主流媒體排行榜作為聲譽(yù)的代理變量,以2004-2015年《企業(yè)家》雜志評(píng)選的“年度最具影響力的25位企業(yè)領(lǐng)袖”為樣本,采用事件研究的方法,通過對(duì)“事件中”窗口平均超額收益率的統(tǒng)計(jì)檢驗(yàn),結(jié)果表明平均超額收益率顯著為負(fù),說明明星企業(yè)家聲譽(yù)對(duì)公司股票價(jià)格具有負(fù)效應(yīng)。出于對(duì)自身未來發(fā)展的考慮,企業(yè)家為了提高自己的聲譽(yù),可能會(huì)把精力都花費(fèi)在和公司無關(guān)的事情上,專心經(jīng)營(yíng)企業(yè)時(shí)間減少,從而在公司的管理上有所懈怠。進(jìn)一步檢驗(yàn)了不同交易所、不同企業(yè)性質(zhì)和是否獲得終生成就獎(jiǎng),發(fā)現(xiàn)交易所和企業(yè)的性質(zhì)對(duì)平均超額收益率沒有顯著影響,但是對(duì)是否獲得終生成就獎(jiǎng)顯著影響,沒有獲得終生成就獎(jiǎng)的企業(yè)家顯著為負(fù),說明獲得終生成就獎(jiǎng)對(duì)股價(jià)具有積極作用。終生成就獎(jiǎng)是對(duì)某行業(yè)做出突出貢獻(xiàn)并得到廣泛認(rèn)同的肯定,是對(duì)企業(yè)家連續(xù)多年的考察,因此上榜者無疑擁有超強(qiáng)的能力,名至實(shí)歸。采用分位數(shù)回歸檢驗(yàn)?zāi)Ｐ头�(wěn)健。最后根據(jù)本文的研究,提出以下建議:第一,加強(qiáng)對(duì)企業(yè)家聲譽(yù)測(cè)量體系的理論研究。第二,建立完善的企業(yè)家聲譽(yù)激勵(lì)機(jī)制。第三,建立健全更加完備的政府監(jiān)管機(jī)制,為聲譽(yù)機(jī)制的發(fā)揮提供優(yōu)良的環(huán)境。
[Abstract]:In recent years, with the development of society and economy, more and more attention has been paid to the reputation of entrepreneurs. Taking the "25 most influential business leaders of the year" selected by Entrepreneur magazine from 2004 to 2015 as a sample, an event study method was used to test the average excess return rate in the "event" window. The results show that the average excess return is significantly negative, which indicates that the reputation of star entrepreneur has a negative effect on the stock price. For the sake of their own future development, entrepreneurs may spend their energy on things not related to the company in order to improve their reputation, concentrate on running the enterprise less time, thereby slacking off on the management of the company. We further examine the nature of different exchanges, different enterprises and whether they receive lifetime achievement awards. We find that the nature of exchanges and firms has no significant effect on the average excess return rate, but it has a significant impact on whether or not to obtain lifetime achievement awards. Entrepreneurs who did not win the lifetime achievement award were significantly negative, indicating that the lifetime achievement award had a positive effect on the stock price. Lifetime Achievement Award is a recognition of outstanding contribution to an industry and has been widely recognized. It is an investigation of entrepreneurs for many years, so there is no doubt that those on the list have super ability and a real name. The model was robust by quantile regression test. Finally, according to the research of this paper, the following suggestions are put forward: first, strengthen the theoretical research on the measurement system of entrepreneur reputation. Second, to establish a sound incentive mechanism for the reputation of entrepreneurs. Third, establish a more complete government supervision mechanism, and provide a good environment for reputation mechanism.
【學(xué)位授予單位】：上海師范大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F832.51;F272.91

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本文編號(hào)：2137182