外資機構投資人之監督是否影響公司經營績效、公司風險與更換高階經理人之關係-以中國上市公司為例

Supervision of Foreign Institutional Investors Impacts on The Relationship among Corporate Performance, Risk, and Top Management Turnover: In Case of China

蔡文琳(Wen-Lin Tsai)

指導教授 ： 林維珩

中原大學/商學院/會計研究所/碩士(2011年)

https://doi.org/10.6840/cycu201100417

摘要

中文摘要
在所有權與經營權分離的狀況下，高階經理人為了自身利益考量而犧牲股東的利益，從公司治理的角度來看，經營績效不佳或公司風險過高之公司，可能較會更換高階經理人，這是公司治理機制重要一環，的確值得加以探討。
本文以2003年至2009年中國上市公司為樣本，採用資產報酬率與股票報酬率作為經營績效衡量指標，探討經營績效與高階經理人更換之間關係，採用Z-score模型作為公司風險衡量指標，探討公司風險與高階經理人之間關係，再檢視外資機構投資人之監督影響經營績效、公司風險與高階經理人之關聯，本文的高階經理人包括董事長與總經理。
基於本文之目的，實證結果彙總如下：(1)前期會計績效、前期市場績效與更換高階經理的關係呈顯著負相關。(2)前期風險愈高之公司，更會在本期更換總經理；前期風險與董事長更換關係未達顯著水準。(3)外資機構投資人之監督影響會計績效與總經理更換之間關聯。 (4)外資機構投資人之監督影響公司風險與高階經理人更換之間關聯。

關鍵字

經營績效 ； 外資機構投資人 ； 更換高階經理人 ； 公司風險

並列摘要

Abstract
Given that management separates from ownership, managers could pursue their private interest at the expense of stockholders. From the perspective of corporate governance, companies with poor performance or high risk would be more possible to replace their top management, this is an important function of corporate governance. So it is worthwhile to discuss the issue of management turnover.
In this study, from 2003 to 2009 listed companies as the sample, ROA as accounting performance measure and stock return as market performance measure, the relationship between corporate performance and top management turnover, Z-Score model as risk measure, the relationship between corporate risk and top management turnover, this paper tests the impact of the foreign institutional investors supervise on the relationship among corporate performance, corporate risk, and top management turnover. In our paper, the top management include the president and the CEO.
The purpose of this study was based on empirical results are summarized as follows: (1) the top management turnover change is inversely related to prior accounting performance and prior market performance. (2) companies with prior high risk would be more possible to replace their CEO; the president turnover and the corporate risk is not significant level. (3) supervision of the foreign institutional investors impact on the relationship between accounting performance and the CEO turnover. (4) supervision of the foreign institutional investors impact on the relationship between corporate risk and the top management turnover.

並列關鍵字

foreign institutional investors ； corporate risk ； performance ； top management turnover

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