摘要
本文分析了经营业绩在控股股东变更与高级管理人员更换之间关系中的作用。通过统计检验发现 ,高管人员的更换与控股股东的更换密切相关 ,但是不同经营业绩水平的公司在更换高管人员上有很大的差异 ,具体表现为经营业绩低劣的公司更容易更换高管人员。然而大股东的更换以及高管人员的更换并没有根本上改变公司的经营业绩 ,仅给企业带来了较为严重的盈余管理。
This paper examined the role of operating income on the relation between large shareholder changes and top management turnovers. Statistical tests show that the change of large shareholder is highly positively related to the turnover of top management. A further analysis shows that along with the change of large shareholders, a very severe accounting earnings management happened. We also found that for all the companies whose controlling owner changed, the relatively worse performed companies are more probably to change their top management. Such findings refused the long held common sense in China's capital market that management change is independent of the companies'performance.
出处
《会计研究》
CSSCI
北大核心
2002年第9期31-40,共10页
Accounting Research
