高管背景特征具有信息含量吗？——基于高管变更的事件研究
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| Title | Does Top executive background have information content?An event study based on top executive turnover
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| 作者 | 姜付秀 黄继承 |
| Author | Jiang Fuxiu Huang Jicheng |
| 作者单位 | 中国人民大学商学院 |
| Organization | School of Business, Renmin University of China |
| 作者Email | jfx@ruc.edu.cn |
| 中文关键词 | 高管背景特征 信息含量 高管变更 股价反应 |
| Key Words | Top Executive Background; Information Content; Top Executive Turnover; Stock Price Reaction |
| 内容提要 | 本文以2002-2009年间的中国上市公司高管变更事件为研究样本，通过检验高管背景特征对股价反应的影响以及这种影响在资本市场不同发展阶段的差异性，研究了高管背景特征是否具有信息含量，以检验高管背景特征的价值相关性。研究结果表明，高管背景特征显著影响了高管变更事件的宣告效应，具有明显的信息含量：高管的年龄与股价反应负相关、学历与股价反应呈倒U形关系，继任高管为外部选聘时的股价反应显著好于内部提拔；在控制了离任高管背景特征的影响以及对继任与离任高管背景特征的差异进行的检验中，上述关系仍然稳健地成立。同时，我们还发现，高管背景特征对股价反应的影响依赖于资本市场的发展阶段：只有在资本市场发展较为成熟的股权分置改革后这一阶段，高管的背景特征才具有明显的信息含量。 |
| Abstract | Using a sample of top executive appointments of China’s listed firms for the period from 2002 to 2009, this paper examines the information content of top executive background by testing the impact of background on turnover announcement effect and the difference of this impact in different development stage of capital market. We find that top executive background affects stock price reaction to turnover announcement. Specifically, we find evidence of a bell-shaped relationship between education degree and stock price reaction, and stock price reaction is better when the top executive is younger or from outside. Our results are robust to controlling the background of former executive. Further, we find this relationship depends on development stage of capital market, only in more mature stage after the split share structure reform. |
| 文章编号 | WP321 |
| 登载时间 | 2012-08-06 |
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