作　　者： ; ;

机构地区： 上海财经大学国际工商管理学院

出　　处： 《经济管理》 2012年第5期46-55,共10页

摘　　要： 本文探讨了在创始人涉入企业经营管理决策情景下,市场效率导向的业绩考核机制与公司治理机制对高管离任行为的影响。本文认为,由于创始人有别于其他受聘管理者的特殊身份,这在一定程度上"扭曲"了业绩考核机制与公司治理机制的作用方向。基于1999～2007年期间创始人所负责经营的上市公司的数据,本文的经验研究得到了以下结论:第一,在创始人涉入企业经营管理决策情景下,以市场效率为导向的业绩考核机制仍旧在起作用,持续的业绩降低将导致高管离任;第二,在企业经营业绩出现持续下降的情况下,受聘高管人员相对于创始人要承担更多责任,他们更有可能被更换;第三,在创始人涉入情景下,大股东与独立董事的监督作用主要体现在约束受聘管理者而不是创始人。 Top managers do not always keep their job positions in new ventures. Many literatures focus on the top managers＇ turnover, especially CEOs＇ turnover, and study them empirically. However, most of them assume that the top managers are economic participants and have no fundamental difference. Actually, founder status is totally different from the hired managers. For example, the founders regard the firm as part of their life, their motivation and the pursuit for a long-term growth enable them to maximize the firm value; compared to the hired manag- ers, founders are not likely to make decision only based on the short-term interests; founder also work harder than hired managers to build a large valuable company while less sensitive to the monetary incentives; founders are more concerned about the corporation reputation and devote more effort to ensure the success of the company than the hired managers. Moreover, founders are different from the hired managers in the attitude about taking risks and motivation for success. Therefore the destiny of the founders and hired managers are quite different when they facing the declined performance. Based on the 844 observations in Chinese listed companies during 1997 -2007, we found that there are 450 cases of top manager turnover （53.32%） , which shows that the efficiency-oriented replacement system for top ex- ecutives is applied obviously in China. After subdividing the top managers＇ turnover into founder turnover and hired manager turnover, we find that there are 426 cases of hired manager turnover, while only 112 cases of founder turnover. A further result is found after we subdivide the turnover into more types. ＂The hired manager turnover while founder retain＂ occurs 338 times （40. 05% ） , which is much higher than ＂the founder turnover while hired manager retain＂ （ accounted for the percentage of 2.84% ） and ＂both founder and hired manager turnover＂ （ accounted for the percentage of 10. 43% ）. So, the scapegoating likes to happen in th

关 键 词： 高管离任 创始人身份 业绩考核 公司治理

领　　域： [经济管理] [经济管理]