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高管继任是企业成长发展中的最重要的战略决策之一。高管人员的管理能力和企业家才能作为企业重要的战略资源在很大程度上决定着一个企业的成长和绩效。同时,聘任机制的有效性也是公司治理机制完善程度的重要反映。基于这样一种思想,本文利用1998～2006年上市公司相关数据,对影响我国上市公司高管继任模式选择的因素进行了Probit分析。分析结果表明,公司经营业绩只在1998～2002年期间对总经理的继任选择产生显著影响,在2003～2006年期间并不显著,同时对董事长的继任选择也不具有显著影响,这一方面可能与方程中的遗漏变量——继任者的企业家素质、企业特征、行业特征有关,另一方面与继任的行政任命方式有关。在董事会的特征因素中,独立董事的比例基本不对继任模式产生影响,说明独立董事并未在公司治理中发挥其应有的作用,董事会有效性有待进一步提高。同时,公司规模对董事长继任模式的选择具有显著影响,但是,这一指标并不对总经理的选聘产生显著影响。
Executive succession is one of the most important strategic decisions in the growth and development of an enterprise. Executive management capabilities and entrepreneurial talent as an important strategic resource for enterprises to a large extent determines the growth and performance of an enterprise. At the same time, the effectiveness of appointment mechanism is also an important reflection of the perfection of corporate governance mechanism. Based on such an idea, this article uses the data of listed companies from 1998 to 2006 to make a Probit analysis of the factors affecting the succession mode selection of senior executives in our country. The results show that the operating performance of the company only had a significant influence on the succession choice of the general manager during the period from 1998 to 2002, which was not significant during the period from 2003 to 2006 and also had no significant influence on the succession choice of the chairman. May be related to the omission variables in the equation - successor’s entrepreneurial qualities, corporate characteristics and industry characteristics, and on the other hand, succession of administrative appointment methods. Among the characteristic factors of the board of directors, the proportion of independent directors basically does not affect the succession model, indicating that independent directors have not played their due role in corporate governance and the effectiveness of the board of directors needs to be further improved. At the same time, the size of the company has a significant impact on the succession of the chairman of the board, but this indicator does not have a significant impact on the selection of the general manager.