更換高階經理人後之績效變化與重整行為 ─以併購績效不佳者為研究樣本─

Abstract

本篇論文研究併購績效不佳者，在更換其高階經理人後之營運與股價績效變化。實證結果顯示有進行更換之樣本，其績效表現較未進行更換者優異許多。若將有進行高階經理人更換之樣本依接班人加以分類，則外部接班人之表現會比內部接班人好。關於重整行為方面，有高階經理人更換之樣本，其進行重整的頻率亦會較高。同樣地；指定外部接班人的樣本，其進行資產出售之頻率亦高於內部接班人。而同時進行高階經理人更換與資產出售之樣本表現則為最佳。

We document improvement in operating performance and stock return following the management turnover of firms with declining post-acquisition performance. Performance changes in firms with turnover events are compared to those without them, showing results of betterment in the former group. Outside successors outperform inside successors in the research period following the change. With regard to restructuring activities, firms with management turnover have higher frequencies of these events than those without it. Similarly, the asset sales activities taken up by firms with outside successors also surpass those of inside successors. Finally, the performance of firms with the contingency of both top executive turnover and asset sales improves the most.