制度环境与高管变更的实证研究

本文从新制度经济学理论和公司治理理论的角度出发，借鉴国际制度比较研究模式，以我国经济转轨、制度变迁时期各地区制度建设的不平衡为基础，分析了外部制度对公司治理，即业绩与高管变更关系的影响。通过统计检验发现，公司业绩与高管变更之间的关系是负相关；制度环境好，高管变更与公司业绩之间的负相关关系更强。

THE EMPIRICAL RESEARCH ON THE INSTITUTIONAL ENVIRONMENT AND TOP MANAGEMENT TURNOVER LIU RONGYING

By using the mode of comparative study on the international system, the external system＇ s effect on the corporate governance based on the New Institutional Economics Theory and the Corporate Governance Theory are analyzed in this paper. The effects on the relationship between the performance and the executive change on the basis of the regional imbalance in the system construction during the period of the economic transformation and the institutional change in China are analyzed. Through statistical tests, we can find that the relationship between the performance and the executive change is negatively correlated; and that there is a strong negative relationship between the performance and the executive change if the institutional environment is better.