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经营者的继任及其继任形式对公司的市场绩效具有影响,体现在股价即时变动的信号效应和公司系统风险水平发生变更的管理效应上。本文对沪深300指数成份股公司2001-2003年的301例董事长和总经理继任事件,用事件研究方法分析了经营者继任的信号效应,用邹检验识别了经营者继任的管理效应。研究表明,经营者继任形式是影响信号效应的重要因素,而经营者继任事件导致的管理效应是普遍存在的。另外,与国外同类研究的比较表明,中外上市公司经营者继任的绩效意义既有相似之处,也有不同之处。
Successor succession and successor form of the operator have an impact on the company’s market performance, reflected in the signal effect of the real-time changes in stock prices and the management effect of the change of the system risk level of the company. This paper analyzes the signal effect of succession of 301 managers and 301 CEOs from 2001 to 2003 in Shanghai and Shenzhen Stock Exchange, and identifies the managerial effect of successor management by Zou test. The research shows that the succession form of the manager is an important factor that affects the signal effect, and the management effect caused by the successor of the operator is ubiquitous. In addition, the comparison with similar studies abroad shows that there are similarities and differences in the performance significance of successors of Chinese and foreign listed companies.