更換經理人對公司經營績效之影響

The Impact of Management Turnover On Corporate Performance

在經營權與所有權分離的狀況下，真正對公司經營績效負責的是高階經理人。從公司治理的角度來看，更換經營績效不佳之經理人，是公司治理的重要一環，故經理人更換的議題，確實值得加以探討。本研究透過多元迴歸模式，探討經理人更換對公司經營績效之影響，研究樣本包括2000年至2004年的台灣上市公司2,573筆資料。實證結果發現，經理人更換對經營績效之影響具遞延效果，在更換當年度，經理人更換與會計績效和市場績效間的關係均呈現顯著負相關。而經理人更換次年度，經理人更換與會計績效仍呈現顯著負相關但與市場績效間的關係並不顯著。若更進一步將經理人的更換原因區分為自願性更換和強迫性更換時，發現自願更換與當年度會計績效和市場績效及次年度的會計績效呈現顯著負相關，而與次年度的市場績效間並不顯著；而強迫更換雖與當年度的會計績效和市場績效間均不顯著，但與次年度的會計績效和市場績效呈現顯著正相關。 Given that management separates from ownership, managers take the responsibilitiesof the operating performance of a company. From the perspective of corporate governance,getting rid of poorly performed managers is an important function of corporate governance.So, it is worthwhile to discuss the issue of management turnover.This paper examines the relationship between firm performance and the turnover ofgeneral manager. The empirical tests are conducted using a sample of 2,573 firm-year forfirms listed on the Taiwan Stock Exchange with fiscal year ends between 2000 and 2004.Empirical results indicate that there is deferral effect of management turnover on operatingperformance. Accounting performance tends to deteriorate both in the year and in the nextyear of general manager turnover. Firm performance, measured by market performance,tends to deteriorate in the year of general manager turnover and shows no significantassociation with the turnover in the next year. Considering the reason of managementturnover, empirical results indicate that, accounting performance shows negativelysignificant association with voluntary turnover both in the current year and the next year,and shows no significant association with the forced turnover in the current year butpositive significance in the next year. Firm market performance shows negativelysignificant association with voluntary turnover in the current year but no significance in thenext year, and shows no significant association with the forced turnover in the current yearbut positive significance in the next year.