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基于2006-2015年A股上市公司的高管违规公告,检验高管权利结构对公司价值的影响。研究表明:在[-2,2]窗口内,公司股价平均降低-1.8%,市值平均缩水28.08万元,最高缩水4.60亿元;高管的政府背景越深厚、公司一把手违规及高管接受过股权激励,均造成股价显著下跌;兼任董事长和总经理的高管,是公司治理缺乏独立性的表现,与股价显著正相关。建议根据高管的权利结构,制定匹配的绩效评估、薪酬契约、股权激励和外部监督机制,促进高管发挥积极价值。
Based on the 2006-2015 A-share listed company executives irregularities announcement, examines the impact of executive rights structure on the company’s value. Research shows that in the window of [-2,2], the average share price of the company decreased by -1.8%, the average market value shrank by 280,800 yuan, and the highest decrease by 460 million yuan. The deeper the government background of the senior management, the first-class company and the executives accepted it Equity incentives all contributed to a significant drop in share prices. Being part-time chairman and general manager was a manifestation of the lack of independence of corporate governance and was significantly and positively correlated with share price. It is suggested that a matching performance evaluation, compensation contract, equity incentive and external supervision mechanism should be formulated according to the senior executives’ rights structure to promote the positive value of senior management.