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An Empirical Research on Top Management Turnover in State-owned Listed Companies

Author: ZhanWanLing
Tutor: LuoChaoZuo
School: Southwestern University of Finance and Economics
Course: Financial Management
Keywords: State - owned listed companies Senior management change State-owned shares State - owned legal person shares
CLC: F272;F224
Type: Master's thesis
Year: 2010
Downloads: 87
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Abstract

Management capacity and entrepreneurial talent of senior management as the important strategic resources largely determine the growth and performance of an enterprise. View resources from the enterprise point of view, the management capability is the key factor constraining business growth. With the advent of the knowledge economy era, the senior management of human capital has a special value because its a significant impact on the enterprise, outstanding senior management can bring huge profits for the enterprise as well as a broad space for development. Importance of senior management for the enterprise is increasingly concerned about the well-known corporate senior management every move by the worldwide attention, the replacement of senior management may be caused to the company to substantial price fluctuations and personnel changes. Because of this, senior management replacement research already has aroused extensive attention of academia. Foreign scholars in the late 20th century, began a study of the problem, in the past few decades, the study abroad is increasingly widespread, in-depth research, the basic formation of a more mature theoretical framework. To sum up, foreign senior management replacement problem mainly two reasons for the replacement of senior management and replacement. Our business growth and reform process, senior management is also an important part of the enterprise development strategy. Of academia senior management replacement problem lags behind the West, began in the early 2000s, but in recent years developed very rapidly, expanding the scope of the study, research methods have been new, the formation of many research. These research results are mainly concentrated in the replacement of senior management, the the replacement performance impact and other aspects. Although the analysis of the reasons for the replacement of senior management, the introduction of the proportion of state-owned shares, the largest shareholder ownership structure variables, but no separate study to replace the senior management of the state-owned listed companies literature. The state-owned listed companies can be said that Chinese characteristics has its own peculiarities, its corporate governance structure as well as on the appointment and removal of senior management, plus due to the classification of the state-owned shares, the controlling shareholder of the different nature of the state-owned shares on the relationship between ownership and inconsistent. Whether these factors affect the senior management of state-owned listed companies to replace the senior management of the state-owned listed companies to replace what What are the characteristics and preferences, are worthy of further excavation and research. This article will focus on the state-owned listed companies, analyzing factors as well as the replacement of senior management of the state-owned listed companies to replace examine the role played by the different nature of the state-owned shares in the immediate holding state-owned listed companies in senior management in the replacement process. This study can be roughly divided into two parts. The first part includes Chapter 1 and Chapter 2. Chapter 1 introduces the research background and significance, Review of relevant literature, the main research approaches taken in this paper, and the paper is structured framework. In the literature review, this paper first reviews the research at home and abroad on the replacement of senior management, to tease out the relationship with senior management to replace general domestic and international corporate governance research ideas and framework. Scholars generally replaced senior management case studies from the following aspects of: corporate performance, the company's shareholding structure, board governance situation outside the enterprise governance mechanism, the senior management of their own personal factors (such as age, education level, tenure of their offices, etc.), and senior management personnel to replace the shareholder wealth effect caused. Chapter 2 Application of Management and Economics theory of the senior management of the replacement of the phenomenon is analyzed theoretically. These basic theory, including property rights theory, contract theory and agency theory, signaling theory, the theory of corporate governance structure. Chapter 2 of the relevant theory and these theories and research questions linked. Also elaborated the relevant laws and regulations on the senior management of China's state-owned listed companies management system, the possible impact of China's state-owned shares of classification and a different relationship between ownership level. The second part of Chapter 3 and Chapter 4. On the basis of relevant theory summarized refined digestion and absorption, the paper outlines the general idea and framework, the perspective of this study focus on the senior management of the state-owned listed companies replace. Chapter 3 the use of descriptive statistics, correlation test, logistic regression analysis are measured statistical methods for the senior management of China's state-owned listed companies replace empirical research. First, the replacement of the senior management of state-owned listed companies in China in recent years occurred events carried out a statistical analysis of the overall situation, including the number of replacement of the senior management of these listed companies, the replacement of the age of the senior management as well as the way to take the replacement and other related data. Through statistical analysis, summarized the basic situation of the senior management of China's state-owned listed company, to lay the basis of the research data for the empirical study. Second, two models to test the two models are the logistic model. The model used to analyze the reasons for the replacement of the senior management of the state-owned listed companies. Combined with previous research, the paper examines the direct nature of the shares of the controlling shareholder, the proportion of state-owned shares, the shareholding proportion of senior management, the number of board meetings, board size, the proportion of independent directors, two rank-one situation, the early results of changes in the value of the senior management staff age and other factors. Which affect the main factor is the replacement of senior management of the state-owned listed companies: (1) the direct nature of the shares of the controlling shareholder, the shares of the nature of the direct controlling shareholder is the state-owned legal person shares more likely to lead to the replacement of the senior management of the state-owned listed companies. That is, when the nature of directly controlling shareholder shares for the state-owned legal person shares, the controlling shareholder of the senior management oversight and constraints more effectively. The state-owned listed companies involved in the operations of the enterprise to exercise their rights as investors, actual corporate identity of its controlling shareholder of the state-owned legal person-specific agents as the state-owned assets, its holding senior management strict control and restraint such controlling shareholder than holding the controlling shareholder of the nature of the shares of the state-owned shares on the efficiency of the supervision of the senior management of listed companies. (2) results of operations, the ability to work and management level of the senior management is directly reflected in the results of operations of the enterprise. Therefore, the senior management of corporate performance is not good or the worse may be considered to be \The regression results also show that the poor performance of the company or the worse of the state-owned listed companies more inclined to senior management personnel to replace itself, the poor performance of the company or the worse, decided to carry out the replacement of senior management decision-making efficient. (3) The Board of Directors meeting times, the number of meetings of the Board is the the behavior characteristic variables of the Board, to some extent, measure the enthusiasm of the directors of a company involved in the company's decision-making, and quantify the company directors of company information mastery situation. The more the number of meetings of Board Meeting, the board members of the company information about the more, the stronger the intensity of supervision by the board of directors of the senior management, and easier to replace the lead to senior management. Other factors, such as the proportion of state-owned shares, the shareholding ratio of senior management, the proportion of independent directors, Chairman and Managing Director-one situation, etc., replacement of the senior management of the state-owned listed companies had no significant effects. It is worth noting that the negative correlation between the age of the senior management of the state-owned listed companies with the replacement of senior management, this is contrary to previous research, but also can explain the senior management of the state-owned listed companies to replace its particularity. The model used to discuss senior management personnel to replace the way of choice. This paper examines the direct controlling shareholder of the shares in the nature, scale enterprises, the early results of changes in the value of other factors. Which, affect the senior management of state-owned listed companies replace the way selection of the main factors is that: (1) direct controlling shareholder of the shares in the nature of the controlling shareholder of state-owned legal person shares the nature of the shares of more actively involved in by holding the unit's operating management, to exercise his control. As a listed company controlled by the controlling shareholder, has a significant impact on many of these decisions on the enterprise, including the replacement of senior management. Controlling shareholder holding shares in state-owned legal person shares the nature of the specific agent as a state-owned assets, with clear property rights identity to perform on behalf of the national government operating, assets under management functions, the primary objective of increasing the value of state-owned assets. Companies may be the replacement of senior management, shareholders of state-owned legal person shares the entire state-owned listed companies as a starting point, consider the cost of replacement, consider the various interests of the internal checks and balances and the balance of power. (2) the size of the business, in large companies, employees have more opportunity to accept a system of training and personal development, large companies can train a large number of experienced candidates for the successor, and even attract other companies talents. So, generally large companies are described as \In addition, prior period results change and the proportion of independent directors on the selection of replacement is not significant. Chapter 4 summarizes this article's main research conclusions: the state-owned shares in the state-owned legal person shares the nature of the senior management of the replacement, and in what way the replacement has a significant forward the impact; Unlike previous studies, the state-owned listed company senior management personnel of the age Rather than replace a significant negative correlation; whether that inspection, the independent directors are not actively play its due supervisory role. And pointed out the direction of the limitations of this study and the follow-up study. The main contribution of this paper is that the replacement for the senior management of China's state-owned listed companies specialized research and analysis to replace the status quo of China's state-owned listed companies senior management, replacement influencing factors, and senior management personnel to replace the different type summarize, analyze the preferences of the senior management of the state-owned listed companies to replace its influencing factors. In the course of the study, the use of the measurement statistical methods of descriptive statistics, correlation analysis and logistic regression analysis of the replacement of the senior management of the impact of state-owned listed companies factors and factors that affect the way senior management of state-owned listed companies to replace the empirical analysis of examined the role played by the different types of state-owned shares in the study of this problem, and discuss the characteristics of the replacement of senior management of the state-owned listed companies.

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CLC: > Economic > Economic planning and management > Economic calculation, economic and mathematical methods > Economic and mathematical methods
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