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實證替換高階經理人之績效 = Testing the Performan...

國立高雄大學金融管理學系碩士班

實證替換高階經理人之績效 = Testing the Performance of Replacing CEOs

Record Type:	Language materials, printed : monographic
Paralel Title:	Testing the Performance of Replacing CEOs
Author:	李欣柔,
Secondary Intellectual Responsibility:	國立高雄大學
Place of Publication:	[高雄市]
Published:	撰者;
Year of Publication:	民99[2010]
Description:	69面圖，表 : 30公分;
Subject:	經結人異動
Subject:	Management turnover
Online resource:	http://handle.ncl.edu.tw/11296/ndltd/31009700814227426659
Summary:	本論文旨在檢視高階經理人的更換宣告對公司績效之影響，分別由股價績效與會計績效兩方面進行深入研究，並加入經理人異動原因分類、規模與BM比等因子檢視在不同情況下，高階經理人的更換宣告對於公司績效之影響是否會有所改變。有別於過去有關經理人異動宣告之研究，本研究將研究期間拉長，探討從民國86年到民國95年之間，高階經理人的異動宣告與公司績效之間的關係。在股價績效方面，本研究採用了買進且持有至到期日之報酬率(BHAR)以及Carhart四因子模型中的超額報酬(α值)兩種方法做為衡量股價績效之變數；在會計績效方面，本篇研究採用的稅前息前折舊前之資產報酬率(ROA)以及每股盈餘(EPS)做為衡量公司會計績效之指標。實證結果發現公司董事會傾向在會計績效顯著變差時，宣告更換高階經理人。另外，在經理人異動宣告前後公司的績效表現方面，結果顯示經理人的異動宣告對公司的股價績效以及獲利能力都有顯著正面影響，符合常識理論；但對公司的股東財富卻有顯著負面影響，與惡性循環理論一致。 The main purpose of this study examines the relationship between the announcement of management turnover and performance from stock performance and account performance. We also want to know whether the relationship between the announcement of management turnover and performance will change when adding the reasons of turnover, size and BM ratio. Different with the past research about management turnover, in this study, we increase the study period during 1997-2006. For stock performance, we use BHAR and abnormal return of Carhart four factors model to measure the stock performance. For account performance, we use ROA and EPS to proxy the account performance after announcement. Our empirical results indicate that the boards of company incline to replace top managers when the account performance becomes worse. Furthermore, the results also indicate that the announcement of replacing CEOs would enhance the stock performance and profitability, and this conforms to the common sense theory. In another way, the announcement of replacing CEOs would have negative effect on stockholders’ wealth, and this conforms to the vicious circle theory.

實證替換高階經理人之績效 = Testing the Performance of Replacing CEOs
李, 欣柔

實證替換高階經理人之績效 = Testing the Performance of Replacing CEOs / 李欣柔撰 - [高雄市] : 撰者, 民99[2010]. - 69面 ; 圖，表 ; 30公分.
參考書目：面.
經結人異動Management turnover

實證替換高階經理人之績效 = Testing the Performance of Replacing CEOs
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