A Study on the Market Reaction of Top Management Turnover

作为公司治理的一个重要组成部分，高管变更研究很长一段时间以来就是国外财务学界比较活跃的研究领域之一，而在国内，这方面的研究还相对比较匮乏。本文立足于加深对高管变更，特别是高管变更市场反应的了解。本文首先对国内外财务界在该领域的研究进行较为全面的介绍和评价，概括了高管变更研究的难点和进一步研究的方向。然后，本文主要对高管变更的市场反应进行研究分析。研究发现，总体上，市场对高管变更的反应不显著为负；具体来说，市场对小公司高管变更和正常情况下发生的高管变更的反应显著为负，对强制高管变更反应显著为正，其它因素以及交互作用对高管变更的市场反应影响不显著。对财务总监变更来说，我国财务总监变更之前公司业绩并...As one of the key parts of corporate governance, top management turnover has been one of the hottest subjects in the international financial studies for a long time. However, such kind of research in mainland China is still few. This paper aims to make a deeper understanding to top management turnovers, especially the market reaction of top management turnover. At first, the paper makes a ...学位：管理学硕士院系专业：管理学院工商管理教育中心_企业管理(含财务管理、市场营销、人力资源管理)学号：20021500

An analysis of the Chief Financial Officer Turnover

在国外财务总监变更原因及变更后对公司产生的影响的相关理论基础上,对中国财务总监变更的缘由和市场反应进行了初探性研究。研究发现:中国财务总监变更之前公司业绩并没有显著下滑,在变更之后有实质性改善;股票市场总体上对财务总监变更的反应不显著为负;股票市场对财务总监的强制变更反应显著为正,而对不同业绩、不同来源和不同公司规模的财务总监变更反应均不显著。Presently, there are some academic papers about top management turnover in China. However, the research of the Chief Financial Officer turnover is still a blank. Based on the review of foreign literature, this paper aims to explore "the chief financial officer turnover in China from two aspects, i. e. , the factors influencing the chief financial officer turnover and the stock market reaction to that. Key findings reported in the paper are:(a)CFO turnover is preceded by an insignificant increase in the operating return in the pre-period, while followed a significant improvement in the operating return after the turnover; (b)announcements of CFO turnover are associated with an insignificant negative stock price reaction generally; (c) Particularly,announcements of CFO forced-turnover are associated with a significant positive stock price reaction, and other factors, such as firm performance, source of new CFO and firm size have no significant influence to the market reaction of CFO turnovers