高管变更对上市公司股价变动的实证研究

刘美芬1.2; 谢永珍1

高管变更对上市公司股价变动的实证研究

引用本文：刘美芬1.2，谢永珍1.高管变更对上市公司股价变动的实证研究[J].财经理论与实践,2017,(4):45-50

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作者	单位
刘美芬1.2，谢永珍1	（1.山东大学管理学院，山东济南 250100； 2.齐鲁工业大学金融学院，山东济南 250100）

中文摘要:基于效率资本市场假设，利用事件研究法，以2011—2015年我国深市主板上市公司的611个高管变更事件为样本进行系统观察，研究高管变更公告后继任高管的政治背景与市场反应之间的关系。研究发现，继任高管的政治背景会产生积极的市场反应。进一步研究发现，源于外部的高管继任者其政治背景会比内部提拔起来的高管引起更积极的市场反应；相同条件下，在高新技术企业内继任高管政治背景产生的市场反应比传统产业要弱一些。

中文关键词:高管更替政治背景市场反应

Research on Market Reactions to the Political Connections of Executives’ Successors: Evidence from Chinese Security Market

Abstract:Based on the assumption of the efficiency of capital market，using a sample of 611 CEO turnover events in the listed Chinese firms between 2011and 2015，the paper analyzes the stock market reaction to the political connections of executives’ successors. We document significantly positive cumulative abnormal returns when CEO succession is accompanied with increased political connections. The study has found that political background of executives’ successors will produce a positive market reaction. We also show that the market reaction to political connections is significantly stronger for external successors，while it is significantly weaker for firms in high tech industries. Our findings suggest that Chinese investors do value political connections and investors’ valuation of political connections is conditioned on successor origin，industry，and other factors.

keywords:CEO succession political connection market reaction

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