新任CEO合法性获取与资产剥离研究

当代财经 ›› 2023, Vol. 0 ›› Issue (12): 94-106.

新任CEO合法性获取与资产剥离研究

吴炯, 李晗

东华大学旭日工商管理学院,上海 200051

收稿日期:2023-05-09 修回日期:2023-08-12 出版日期:2023-12-15 发布日期:2023-12-14
通讯作者: 吴炯,东华大学教授,博士,主要从事公司治理与家族企业研究,联系方式whmang@dhu.edu.cn。
作者简介:李晗,东华大学博士研究生,主要从事公司治理与家族企业研究。
基金资助:
国家社会科学基金项目“社会嵌入理论视域下家族企业跨代创业团队的关系治理研究”（21BGL010）

Research on the Legitimacy Acquisition and Asset Divestment of Newly Appointed CEOs

WU Jiong, LI Han

Donghua University, Shanghai 200051, China

Received:2023-05-09 Revised:2023-08-12 Online:2023-12-15 Published:2023-12-14

摘要/Abstract

摘要： 近年来,新任CEO的资产剥离行为越来越普遍。基于2010—2021年沪深A股上市公司的数据,实证检验了CEO继任来源与资产剥离的关系。研究发现,外部继任的CEO会倾向于进行资产剥离。影响机制分析发现,由于面临着更严苛的内外部合法性压力,外部继任的CEO需要采取向外部传递信号的策略和对内部进行关系维护的策略来建立合法性,因此外部继任的CEO会进行资产剥离以满足其实施策略性行为的资金需要。异质性分析发现,CEO个人风险目标越高和企业经济效益越高,外部继任的CEO越会倾向于进行资产剥离;非家族成员新任CEO和家族成员外部继任CEO更倾向于进行资产剥离。经济后果分析发现,外部继任的CEO的资产剥离行为能提升企业的短期绩效。为此,新任CEO要积极建立合法性,在资产剥离时要对公司的资源配置合理取舍,企业要促进新任CEO与其他高管成员间的搭配和融合;外部利益相关者要加强对新任CEO与企业经营情况的了解和监督。

关键词: 资产剥离, CEO继任来源, 合法性地位

Abstract: In recent years, the asset divestment behavior of newly appointed CEOs has become increasingly common. Based on the data from A-share listed companies in Shanghai and Shenzhen Stock Exchanges from 2010 to 2021, this study empirically tests the relationship between CEO succession sources and asset divestitures. The findings show that the succeeded CEO from external tends to divest assets. The analysis of the impact mechanism reveals that due to being faced with the more stringent internal and external legitimacy pressures, the succeeded CEO from external needs to adopt the strategies of transmitting signals to the outside and maintaining the internal relationships to establish legitimacy. Therefore, the succeeded CEO from external will divest assets to meet the funding needs for implementing the strategic actions. The results of the heterogeneity analysis reveal that the higher the CEO’s personal risk goals and the higher the company’s economic benefits, the more likely the external successors of CEO is to engage in asset divestment. The new CEOs from non family members or from the external other than family members are more inclined to divest assets. The results of the economic consequence analysis reveal that the asset divestment behavior of the external successors of CEO can improve the short-term performance of the enterprises. To this end, the newly appointed CEO should actively establish legitimacy, make reasonable choices for the company’s resources allocation during asset divestment; the enterprises should promote the coordination and integration between the new CEOs and other executive members; and the external stakeholders need to strengthen their understanding and supervision of the new CEOs and the operation of the enterprises.

Key words: asset divestment, source of CEO succession, legitimacy status

中图分类号:

F275.1

吴炯, 李晗. 新任CEO合法性获取与资产剥离研究[J]. 当代财经, 2023, 0(12): 94-106.

WU Jiong, LI Han. Research on the Legitimacy Acquisition and Asset Divestment of Newly Appointed CEOs[J]. Contemporary Finance & Economics, 2023, 0(12): 94-106.

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