最高主管更替對公司價(jià)值與績效的影響附表

1、附表3:總經(jīng)理被更替者依繼任者關(guān)係之不同的在位期間分析在位期間（年）次數(shù)%<17319.31%124812.70%234912.96%34297.67%45225.82%56236.08%67236.08%78256.61%89112.91%91061.59%>106918.25%合計(jì)378100.00%A.全樣本數(shù)次8044220總經(jīng)理被更替者-全樣本一次數(shù)1<7 66 55 44 33 2在位期間78在位期間（年）次數(shù)%<12221.15%121716.35%231211.54%3443.85%4565.77%5643.85%>63937.50%合計(jì)10410

2、0.00%B.家族成員總經(jīng)理被更替者-家族成員在位期間（年）次數(shù)%<13115.58%122713.57%232613.07%34189.05%45147.04%56157.54%>66834.17%合計(jì)199100.00%C.內(nèi)部人員總經(jīng)理被更替者-內(nèi)部人次數(shù)在位期間（年）次數(shù)%<13721.14%122413.71%231910.86%34116.29%45126.86%56126.86%>66034.29%合計(jì)175100.00%D.外部人員總經(jīng)理被更替者-外部人在位期間附表4:董事長（包含現(xiàn)任）繼任關(guān)係之不同的在位期間分析在位期間（年）次數(shù)%<112532

3、.81%128221.52%237519.69%344511.81%45236.04%56153.94%67143.67%>720.52%合計(jì)381100.00%A.全樣本次數(shù)數(shù)總經(jīng)理繼任者-全樣本在位期間在位期間（年）次數(shù)%<13128.44%122522.94%231715.60%341311.93%4598.26%5676.42%>676.42%合計(jì)109100.00%<13128.44%B.家族成員總經(jīng)理繼任者-家族成員在位期間次數(shù)C.內(nèi)部人員在位期間（年）次數(shù)%<16934.50%123216.00%234723.50%342512.50%45126.0

4、0%5663.00%>694.50%合計(jì)200100.00%總經(jīng)理繼任者-內(nèi)部人在位期間（年）次數(shù)%<17447.44%123623.08%233321.15%3495.77%4521.28%5621.28%>600.00%合計(jì)156100.00%D.外部人員總經(jīng)理繼任者-外部人在位期間附表5:董事長（包含現(xiàn)任）繼任關(guān)係之不同的在位期間分析在位期間（年）次數(shù)%<112140.88%125217.57%235117.23%34258.45%45217.09%56155.07%>6113.72%合計(jì)296100.00%A.全樣本董事長（包含現(xiàn)任）-全樣本在位期間廠次數(shù)

5、n %在位期間（年）次數(shù)%<13028.57%121918.10%232019.05%341413.33%45109.52%5676.67%>654.76%合計(jì)105100.00%B.家族成員董事長（包含現(xiàn)任）-家族成員C.內(nèi)部人在位期間（年）次數(shù)%<17349.32%122013.51%232516.89%3485.41%4596.08%5674.73%>664.05%合計(jì)148100.00%董事長（包含現(xiàn)任）-內(nèi)部人在位期間在位期間（年）次數(shù)%<11841.86%121330.23%23613.95%3436.98%4524.65%5612.33%>60

6、0.00%合計(jì)43100.00%D.外部人董事長（包含現(xiàn)任）-外部人在位期間（年）次數(shù)%<16051.72%122017.24%231613.79%3497.76%4543.45%5665.17%>610.86%合計(jì)116100.00%A.全樣本董事長（不含現(xiàn)任）-全樣本706050數(shù) "次數(shù)人 30112010''一一|<11223344556>6在位期間在位期間（年）次數(shù)%<11041.67%12416.67%23520.83%34312.50%4500.00%5628.33%>600.00%合計(jì)24100.00%B.家族成員董

7、事長（不含現(xiàn)任）-家族成員在位期間廠次數(shù)在位期間（年）次數(shù)%<13952.70%121216.22%23912.16%3456.76%4556.76%5634.05%>611.35%合計(jì)74100.00%董事長（不含現(xiàn)任）-內(nèi)部人數(shù)在位期間（年）次數(shù)%<11161.11%12422.22%23211.11%3415.56%4500.00%5600.00%>600.00%合計(jì)18100.00%D.外部人董事長（不含現(xiàn)任）-外部人數(shù)在位期間:-次數(shù)附表7:總經(jīng)理繼任者與被更替者績效差異之比較繼任者與被更替者任期均大於一年以上被更替者繼任者平均數(shù)平均數(shù)成對母體平均數(shù)差異檢疋t

8、 (p-value)ROA5.6342.728-2.084(0.038)*ROEE7.9900.651-2.434(0.016)EPS；1.3410.5504.584(7.730E-06)*考慮產(chǎn)業(yè)因素之總經(jīng)理繼任者與被更替者差異檢定被更替者繼任者扣除產(chǎn)業(yè)平均數(shù)扣除產(chǎn)業(yè)平均數(shù)成對母體平均數(shù)差異檢疋t (p-value)ROA-0.918-2.6-2.084(0.038)*ROEE -2.491-7.109-2.434(0.016)*EPS:-0.351-0.682-1.940(0.054)*總經(jīng)理繼任者與被更替者績效差異之比較繼任者與被更替者任期均大於二年以上被更替者繼任者平均數(shù)平均數(shù)成對母體

9、平均數(shù)差異檢疋t (p-value)ROA6.3213.801-1.881 (4.693E-05)*ROEE9.5613.285-1.738(1.072E-07)*EPS；1.4430.793-1.741(0.005)*考慮產(chǎn)業(yè)之總經(jīng)理繼任者與被更替者之差異檢定三24 . 三24被更替者繼任者扣除產(chǎn)業(yè)平均數(shù)扣除產(chǎn)業(yè)平均數(shù)成對母體平均數(shù)差異檢疋t (p-value)ROA-0.845-1.7071.204(0.230)ROEE -1.875-4.8961.786(0.075)*EPS；-0.423-0.5040.283(0.777)*顯著水準(zhǔn)為0.1 *顯著水準(zhǔn)為0.05 *顯著水準(zhǔn)為0.01附

10、表&事件期間之繼任關(guān)係對異常報(bào)酬的影響一董事長更替，所有樣本 事件|所有樣本|繼任關(guān)係期間家族成員內(nèi)部人員外部人員ARt 值(AR)ARt 值(AR)ARt 值(AR)ARt 值(AR)-20-0.334 -2.040* -0.598-2.368*-0.198-0.867-0.232-0.460-190.0550.2980.3671.320-0.084-0.316-0.229-0.438-18-0.178-1.047-0.3361.203-0.091-0.391-0.046-0.092-170.0360.200-0.3511.230-0.078-0.3791.1811.709*-16-

11、0.057-0.322-0.2460.780-0.003-0.0130.1670.299-150.0120.065-0.1600.5680.1950.823-0.123-0.218-14-0.170-0.984-0.0250.086-0.292-1.2930.0300.054-13-0.327-1.905*-0.3301.102-0.365-1.612-0.316-0.618-12-0.102-0.596-0.2861.015-0.046-0.1950.1380.276-11-0.409 -2.300* -0.369 -1.2!08-0.609-2.669* (1.1980.362-10-0.

12、153-0.914-0.1920.613-0.105-0.519-0.269-0.534-9-0.231-1.386-0.482-1.673* -).272-1.2400.3110.626-8-0.198-1.152-0.3331.304-0.475-2.069*0.8761.537-7-0.049-0.276-0.0390.130-0.122-0.5040.2330.447-6-0.210-1.104-0.4141.327-0.235-0.9320.2730.465-5-0.373 -2.008* -0.181 -0.5)46-0.475-1.922*-0.438-0.867-4-0.207

13、-1.115-0.4141.473-0.078-0.284-0.127-0.250-3-0.182-0.908-0.3381.011-0.237-0.8840.3240.547-2-0.266-1.403-0.4781.595-0.524-1.993*1.0311.942*-1-0.040-0.201-0.3951.2690.1360.4660.3100.5650-0.069-0.342-0.0190.058-0.109-0.3860.0900.1561-0.003-0.0120.3330.895-0.040-0.132-0.599-0.9702-0.895-4.418*-0.551-1.58

14、4-0.985-3.369*-1.369-3.020*3-0.440 -2.183* -0.005 -0.()18-0.467-1.541-1.289-2.322*4-0.482 -2.528* -0.144 -0.4£5-0.810-2.968*-0.226-0.4525-0.431 -2.165* -0.233 -0.6>77-0.594-2.117* -().339-0.6896-0.511-2.636*-0.339-1.047-0.437-1.535-1.105-2.515*7-0.352-1.843*-0.3861.250-0.246-0.852-0.580-1.34

15、98-0.386 -2.094* -0.511-1.960*-0.243-0.862-0.623-1.2499-0.111-0.631-0.3271.2550.0320.123-0.110-0.230100.0260.150-0.2070.6950.0670.2610.3980.98611-0.028-0.1580.1180.381-0.216-0.8730.1790.38812-0.201-1.1900.0230.083-0.498-2.095*0.2400.523130.1420.8570.5151.896*-0.196-0.9140.4100.78114-0.265-1.4110.334

16、1.078-0.606-2.357* -().496-0.95215-0.249-1.402-0.1080.383-0.407-1.604-0.081-0.162160.0130.0700.1030.3200.0330.133-0.168-0.313170.0890.4860.1410.429-0.085-0.3560.6711.26918-0.303-1.531-0.3390.993-0.266-1.095-0.348-0.53619-0.336-1.919*-0.4031.381-0.077-0.294-0.896-2.436*20-0.275-1.641-0.1480.536-0.320

17、-1.333-0.449-1.028*顯著水準(zhǔn)為0.1 *顯著水準(zhǔn)為0.05 *顯著水準(zhǔn)為0.01附表9:事件期間之繼任關(guān)係對異常報(bào)酬的影響一董事長更替，任期大於一年事件期間所有樣本繼任關(guān)係家族成員內(nèi)部人員外部人員ARt 值(AR)ARt 值(AR)ARt 值(AR)ARt 值(AR)-20-0.401-1.950*-0.414-1.546 -).475 -1.729*-0.160-0.193-190.0730.3420.4211.3800.0420.151-0.753-0.952-18-0.347-1.650*-0.357-1.230 -0.277-0.924-0.513-0.682-17-

18、0.023-0.099-0.317-0.957 -0.061-0.2340.8660.890-16-0.290-1.260-0.465-1.282 -0.225-0.855-0.003-0.004-150.0140.060-0.076-0.2240.2260.753-0.330-0.387-14-0.158-0.776-0.241-0.832 -0.015-0.052-0.331-0.465-13-0.249-1.290-0.381-1.290 -0.157-0.685-0.150-0.204-120.0410.202-0.241-0.8540.0180.0640.8401.241-11-0.

19、061-0.285-0.322-1.015 -0.367-1.2461.4682.333*-10-0.049-0.244-0.416-1.182 -0.050-0.2130.9281.519-9-0.060-0.280-0.466-1.489 -0.135-0.4521.2271.765*-8-0.057-0.257-0.229-0.715 -0.366-1.4091.2541.488-70.0630.296-0.233-0.6840.2050.7370.4610.683-6-0.145-0.629-0.558 -1.682*-0.027-0.0790.6250.881-5-0.394-1.7

20、81*-0.246-0.702 -0.577-2.015* -01.277 -0.372-4-0.247-1.079-0.363-1.104 -0.320-0.9500.2710.365-3-0.049-0.224-0.067-0.221 -0.178-0.5610.3650.485-2-0.160-0.680-0.450-1.333 -0.400-1.2031.2941.721*-10.1150.487-0.400-1.1400.2890.7830.9981.6400-0.031-0.1310.1880.546-0.390-1.2010.4140.4781-0.270-1.065-0.081

21、-0.216 -0.268-0.723-0.780-0.9722-0.881 -：3.848* -0.745 -1.850*-0.919-2.889*-1.133-2.163*3-0.180-0.7210.1570.462-0.359-0.947-0.563-0.6844-0.294-1.176-0.123-0.347 -0.775-2.020*0.6290.8495-0.332-1.333-0.304-0.728 -0.358-0.990-0.334-0.5526-0.593 -：2.577* -0.619 -1.777*-0.477-1.326-0.859-1.4227-0.541-2.302*-0.301-0.803 -0.669 -1.898*-0.814-1.3608-0.360-1.640-0.381-1.238 -0.335-0.952-0.373-0.5999-0.025-0.117-0.034-0.1120.0590.171-0.246-0.382100.2811.333-0.006-0.0190.2440.7581.1672.562*110.0360.1730.0340.100-0.146-0.5020.