高階經理人的遴選是影響組織績效很重要的因素之一。根據華爾街日報指出，2014年以來，全世界的大型企業都有接班問題，但亞洲科技業接班問題特別急迫，因為自1960、1970年代至今，許多企業目前仍由創始人或對公司崛起有重要影響人士在經營。本研究運用理論探討在各種可能的因素或條件下，企業會傾向選擇外部空降或內部升遷之主管，並進一步了解替換高階主管後對企業績效之影響，最後更進一步了解企業生命週期因子包括「銷貨成長率」與「公司成立年數」對公司未來績效是否有干擾情形。 本研究中首先透過羅吉斯迴歸，探討高階主管遴選來源與組織過去績效ROA、企業規模、企業授權支配力、舊任者離職去留、研發強度、董事席次控制等相關因素或條件之影響。再以階層迴歸分析高階經理遴選來源對公司次年績效之影響及企業生命週期主要因子「銷貨成長率」與「公司成立年數」的干擾程度之了解。研究樣本包括民國98至民國103年的台灣電子產業上市公司共137家企業，257起個觀測樣本。實證結果發現，公司前一年ROA與遴選外部空降主管間呈顯著負向關係，表示公司前一年績效越高，高階經理人異動選擇外部空降的機率越低，並與公司研發強度、董事席次控制、集團控制型態呈現顯著負相關。但相對的，選擇內部升遷的主管，對公司次年績效卻有較好的影響，顯示企業內部接班人規劃的重要性。此外，銷貨成長率將對高階主管遴選來源與公司次年績效之間產生干擾效果，但是公司成立年數並沒有顯著結果。 ;The purpose of this study investigated determinants of top management appointment and the impacts on firm performance. First, this research adopts logistic regression to analyze the relationships between top management succession source, the firm′s past performance(the ROA of previous year), firm size, delegated power, former manager’s disposition, R&D intensity, board of directors seats control rate and the ultimate controller’s shareholders. This is an examination of 257 top managements in Taiwan firms during 2009-2014 reveals that the top management succession source holds a negative correlation with the ROA of previous year, R&D intensity, board of directors seats control rate as well as the ultimate controller’s shareholders. Next, this research adopts hierarchical regression to analyze the relationships between top management succession and the firm′s performance (the ROA of next year). In addition, the firms’ life cycle factors like sales growth and firm age are expected to have moderating effects of top management succession and the firm′s performance. The results show that the postsuccession performance of internal successors is superior to that of external successors. This could indicate that the importance of succession plan in the future. Finally, the last finding illustrates that sales growth have moderating effects of top management succession and the firm′s performance, but the firm age doesn’t.
