經理人異動與公司價值：來自台灣的證據

CEO Turnover and Firm Value：Evidence from Taiwan

劉佳欣(Jia-Xin Liu)

指導教授 ： 劉晉吉

嶺東科技大學/商管學院/財務金融系碩士班/碩士(2022年)

摘要

本研究旨在探討公司經理人異動是否會對公司價值造成影響，及是否會產生異常報酬，本研究將其經理人異動分為自願性與非自願性，其樣本選取台灣上市公司，期間選自2016年至2021年（共6年）為主。
實證結果發現，公司經理人異動在短期平均異常報酬率（AAR）及累積異常報酬率（CAR）為正向市場異常報酬率，代表公司更換經理人對公司具有正向的影響，會增加之公司價值。在自願性異動，本研究將其分類為退休、死亡以及任期屆滿，消息揭露事件期間，公司是有異常報酬，而自願性更換經理人帶給公司之影響為負向影響，顯示自願性更換經理人會降低公司價值。在非自願性異動，本研究將其退休、死亡及任期屆滿以外之更換原因歸類於非自願性異動當中，實證結果顯示，在非自願性異動消息揭露事件期間，公司是有異常報酬，而非自願性更換經理人帶給公司為正向反應，顯示非自願性更換經理人會提高公司價值。綜此實證結果顯示，不管是自願性異動與非自願性異動均帶給公司之異常報酬，對其公司價值是有顯著之影響。

關鍵字

經理人更換、經理人績效、平均異常報酬率、累積異常報酬率

並列摘要

The purpose of this study is to explore whether the change of managers of a company will affect the company's value and whether it will produce abnormal returns. This study divides the changes of managers into voluntary and involuntary. The sample is selected from Taiwan listed companies, and the period is mainly selected from 2016 to 2021.
The empirical results show that the short-term average abnormal return rate （AAR） and average cumulative abnormal return rate （CAR） of the company's managers are positive market abnormal returns, which means that the company's replacement of managers has a positive impact on the company, and it will increase the firm value. In terms of voluntary changes, this study classifies them as retirement, death, and term expiration. During the period of news exposure, the company has abnormal remuneration, and the voluntary change of managers has a negative impact on the company, indicating that voluntary changes have a negative impact on the company. In the case of involuntary transactions, this study classifies the reasons for their retirement, death, and replacement other than the expiration of their terms as involuntary transactions. The empirical results show that during the period of involuntary transaction news exposure events, the company has abnormal remuneration. Involuntary manager replacement brings a positive reaction to the company, indicating that involuntary manager replacement increases company value. The empirical results show that the abnormal returns brought to the company by both voluntary and involuntary transactions have a significant impact on the company's value.

並列關鍵字

CEO turnover ； manager perfromance ； average abnormal returns ； cumulative abnormal returns

參考文獻

一、中文文獻　

1. 王宣惠（2013）。高階經理人更換與企業價值：經理人績效之影響。中國文化大學商學院會計研究所碩士論文。

2. 王曉雯、吳明政（2011）。替換類型與市場競爭對總經理異動宣告股東財富之影響。人文及社會科學集刊，23（2），24-53

3. 朱彥霖（2013）。經理人異動、公司治理與公司投資決策 。國立東華大學會計與財務碩士學位學程碩士論文。

4. 吳佳穎 （2014）。高階經理人異動因素。大葉大學管理學院碩士班碩士論文。