企業為取得市場主導地位及面對競爭對手的崛起，往往經由高階主管回任來回應市場挑戰。本研究將高階主管回任事件區分為「全體樣本」、「前董事長回任董事長」、「前董事長回任總經理同時兼任董事長」、「前總經理同時兼任董事長回任總經理同時兼任董事長」、「前總經理回任總經理同時兼任董事長」及「前總經理回任總經理」高階主管回任對公司有利與否，端賴市場對其經營成果反應與接受度而定，不同階層的高階主管回任對股價的反應也不盡相同。
本研究的樣本期間為以2002年1月1日到2012年12月31日，研究對象採用台灣證券交易所分類之所有上市公司，研究樣本為所有上市公司之高階主管回任事件。
實證結果顯示高階主管回任，對於股價的影響有劇烈變動，無疑是在經濟不景氣的情形下更換高階主管，或者是經營理念不符合大環境所導致。此外，高階主管回任的事件與股價影響為負相關，所以並不是選任高階主管回任就會為公司股價帶來正面的影響。
Enterprises generally often change their top members of executive board in response to the emergence of competitors and constantly changing market challenges so as to achieve or maintain their market dominance. In this study, top executives who come back their original positions (hereafter so called “return”) was divided into the Chairman return and the General Manager return. Among of them the General Manager return is further categorized into two types which are Chairman who held a concurrent position of General Manager (Chairman/ GM) and who specifically was appointed as General Manager (GM Only). The effectiveness of reinstatement of top executives to the enterprises depends on operating results, market reaction and acceptance. In the fact that the change of top executives among different levels leads to different outcomes.
The study period is from January 1, 2002 to December 31, 2012. The research ob-jects of this study are all industries in Taiwan which are classified by Taiwan Stock Ex-change. The samples are the events which means the reinstatement of top executives.
The result shows that the return of top executives creates negative impacts on cor-porate values. The change of different levels of senior managers in fact reports different results. Therefore, the decision to bring back top executives does not necessarily result in good performances. Companies are hence advised to cautiously evaluate whether they should change top executives in order to avoid negative reaction of share prices and damages to investors’ interests.
