GEM Listing Corporation executives in China to resign now study
|School||Yunnan University of Finance|
|Keywords||the GEM executives’s resignation and cash the affecting factors|
The gem was established to help the potential small and medium-sizedenterprises to obtain more financing and development opportunities. But after morethan four years of development, the gem has not became the China "NASDAQ" ofthe investor’s minds, not created a number of world-class enterprises. In recent years,the news media frequently disclose the executives of the GEM Companies to resign,is hard to imagine the number and the money of the resignation. This phenomenonlets the majority of investors have to suspect the behavior of executives.This paper makes the executives and their companies of the GEM as the researchobject, which have the behavior of resignation and cash from2010to2013. Basingon the institutional background and three basic theory, this paper takes the theoreticalanalysis and empirical research method to study the affecting factors of executivesresigned cash. From the perspective of company, it analyzes the accountinginformation quality、earnings per share and internal governance structure how toaffect the behavior of executives ’s resignation and cash. From the perspective ofexecutives, it analyzes executive level, cash amount and ownership how to affect thedifferent way of executives’s resignation and cash.Through the research, this paper founds that: when the quality of the company ’saccounting information is worse, earnings per share is higher, the scale of the boardand supervisor is the bigger, the phenomenon of executives ’s resignation and cash ismore serious; When the executive level is higher, the amount of cash and ownershipis greater, executives tend to choose more cash out after resignation; however, thehigher the executive position, the captive factor is more, the ability and willingness ofresignation and cash will be relatively less. The conclusion of this study has certainsignificance for enriching the existing literature of resignation and cash and forperfecting the system of GEM Listing Corporation.