分析金融海嘯後更換經理人對公司績效之影響

Analysis of the Impact of CEO Turnover During Financial Tsunami

張簡秀雯(Chang Jian,Shiou wen)

指導教授 ： 林岳喬

國立中正大學/管理學院/會計與資訊科技學系/碩士(2012年)

摘要

在台灣的上市公司中，經理人更換的訊息屢見不鮮，或因常態性的董監改選、或因家族輪替、或因績效不佳而被汰換等，其當公司更換經理人時難免使投資人對公司的績效產生疑慮，但對處在金融海嘯如此艱困的企業卻作出更換總經理之決策這是一個非常值得深思與討論的議題，故本研究是以2007年~2008年金融海嘯期間更換經理人為研究主題，探討當企業經營在遇到重大金融事件時，更換經理人是否可有效改善公司績效，同時探討經理人異動原因類型對公司績效影響，並分析繼任經理人之選任型態(內部拔擢或聘任外部專業經理人)之績效差異，也加入產業特性探討金融海嘯時期更換經理人對各產業別之績效差異，以期能適當的提供予企業做為往後處於重大金融事件環境中時，考量是否應做更換經理人之決策參考。實證結果發現金融海嘯時期更換經理人之結果支持惡性循環理論，對於經營績效不佳而異動經理人的公司，其經營績效會因為經理人更換帶來對組織的進一步傷害，使得經營績效更為衰退。

關鍵字

金融海嘯 ； 經理人離職 ； 公司績效

並列摘要

The purpose of this study is Analysis Financial Tsunami of CEO Turnover the Dimensions，Discussion on the CEO of listed companies in Taiwan to turnover the company's operating performance. In the listed company of Taiwan, CEO to change the message common occurrence. Or re-election because of the normality of the directors and supervisors、Or rotation due to the family、Or because of poor performance to turnover. Company to replace the manager inevitably doubts about the investment company's performance But the environment in such a difficult financial tsunami companies are made to replace general manager of the decision-making, this is a thought-provoking questions. Therefore, The study is analysis from 2007 to 2008 impact of CEO turnover during financial tsunami.Analysis of business an experience of grave financial events,Replace the CEO can effectively improve the Firm Performance ,Concurrent analysis of the impact of CEO transactions reasons for type on firm performance, And analysis of the elected successor of the impact of CEO type (internally promoted to appointment of outside professional of CEO) Performance, Has also joined the characteristics of the industry to analysis financial tsunami during the to replace the CEO of each industry, the performance difference, Look forward to the proper back to the enterprise as in the environment of significant financial events ,Considerations should be done to replace the of the impact of CEO decision making. The empirical results show that the financial tsunami during the to replace the of the impact of CEO of the results support the vicious cycle theory, Poor operating performance and transaction CEO of the company, Its operating performance because of the replacement of the impact of CEO further damage to the organization, Business performance is more downturn.

並列關鍵字

Financial Tsunami ； CEO Turnover ； Firm Performance

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