How do the attributes and changes of senior management affect the company’s abnormal rate of return? Evidence from China

高階經理人的屬性和變動如何影響公司的股價異常報酬率？來自中國的實證證據

本研究採用事件研究法對2015 年至2017 年中國A 股上市公司的進行調查，並分析高階經理人的變動因素如何影響股價。根據分析結果，我們發現高階經理人變動被視為不利消息，因此股市對上述變動有顯著負面反應，但本研究並未發現上市公司董事長變動對市場反應產生重大影響的因素。相反的，總經理的公司屬性（私人資本或國有資本）、政治背景、變動方式和聘用方式都會引起市場的反應。此結果可作為公司宣布高階經理人變動消息時對於投資者的投資組合決策依據，並為中國證監會的股票市場監管提供參考。

This research employs the event study method to investigate China Ashare listed companies from 2015 to 2017 and analyze the influence factors of stock prices triggered by changes in senior management. Based on the analysis results, we find that changes in senior management are taken as unfavorable news, and so the stock market has significantly negative reactions to said changes. However, this research does not see any significant influence factors of the market reaction caused by a change in the chairman of the listed company. Instead, the general manager’s company attributes (private capital or state-owned capital), political background, method of change, and hiring method all significantly incur market reactions. The results herein can serve as a basis for investors’ portfolio decisions when a company announces an executive change and offer the China Securities Regulatory Commission (CSRC) a reference for its stock market supervision.