CEO的汰換和公司政策

CEO Turnover and Corporate Policy

李凱婷(Kai-Ting Li)

指導教授 ： 夏侯欣榮

元智大學/管理學院/商學碩士班(財務金融學程)/碩士(2011年)

摘要

關於CEO汰換的過去文獻大多研究CEO汰換和公司表現的關係，然而很少文獻是直接研究CEO汰換和公司政策之間的關係，此外我們著重於CEO汰換對公司融資政策改變的影響。我們使用兩個變數來衡量公司的融資政策，亦即是權益的淨發行量和槓桿比率。實證結果顯示權益淨發行量會受到CEO汰換的影響，但用槓桿比率衡量的結果是不顯著的。除此之外，假如舊CEO是被強迫離開的，則新的CEO會傾向改變公司的政策，然而，對於新的CEO是從其他公司來的公司是不會改變融資政策。

關鍵字

CEO汰換 ； 融資決策

並列摘要

Previous papers about the CEO replacement most research the relation on CEO turnover and firm performance. However there are less papers research on the relation between CEO turnover and corporate policy. Thus, we focus on the effect of CEO turnover on the change in firm’s financing policy. We use two variables, equity issues and financial leverage, to define the firm’s financing policy. The empirical results show that equity issues are affected by CEO turnover. But the results from financial leverage are insignificant. In addition, if the old CEO was forced to leave, the new CEO has more intention to change the firm’s policy. However, there is no change in financing policy for firms that its new CEO comes from other company.

並列關鍵字

CEO Turnover ； Financial Decisions

參考文獻

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Chang X. and S. Dasgupta, 2010. Financing the deficit: Debt capacity, information asymmetry, and the debt-equity choice. Journal of Financial Economics 95, 332–355.