股权分置改革背景下上市公司高管变更与公司业绩相关性研究

股权分置改革改变了国有股和法人股不能流通的局面，使不同的股东都将增加资本价值的途径集中在公司业绩上，而高管变更与公司业绩有一定的关联。本文试图通过分析2007年完成股权分置改革的上市公司2005年～2009年的数据，比较股改前后高管变更与公司业绩相关度的变化，检验股权分置改革对公司治理的影响和作用。发现高管变更与公司业绩成负相关关系。但股改前后相比，股改后高管变更与公司业绩负相关关系比股改前更加显蓍。

关键字：股权分置改革；高管变更；公司业绩； Logistic回归
The context of reform of non-tradable shares, the CEO change and performance relativity study

Abstract
The reform of non-tradable shares changes the situation that state-owned shares and legal person shares cannot circulate, leads to many shareholders pay attention that the way of increasing capital value to corporate performance. And it is indicated that there is an certain association existed between change in top management and corporate performance. This paper deals with analyzing the data from 2005 to 2009 of listed company, which has completed reform of non-tradable shares in 2007;comparing the change of degree of association between change in top management and corporate performance, before and after the reform of joint-stock ;checking how reform of non-tradable shares influence corporate governance . A negative correlation was found between change in top management and corporate performance. However, compare with before the reform of joint-stock, after the reform of joint-stock, the negative correlation is more marked.

Key Words: listed company; reform of non-tradable shares; change in top management; corporate performance

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