本文主要以中國大陸不動產業上市公司為研究對象，探討CEO雙元性之財務決策與公司營運績效的影響，提高公司營運績效。實證分析上，以2003-2019年，計74家上市公司樣本，7,104個觀測值。研究結果建議經理人，公司財務危機前之財務策略：1.前三年，CEO雙元性與財務危機呈顯著負向影響，宜降低利息保障倍數、增加長期資金適足率及固定資產週轉率，改善公司財務結構、增強償債及經營能力；2.前二年，應增加每股現金流量，以增強公司現金流量能力；3.前一年，CEO雙元性與財務危機呈顯著正向影響，宜聘請專業經理人，降低總資產報酬率，增加長期資金適足率，則利息保障倍數增加，買回庫藏股，降低普通股流通在外股數，則EPS增加，以增強公司獲利與償債能力。本文貢獻，係首次嘗試利用Logistic迴歸分析，通過研究中國不動產業之特定行業，找出CEO雙元性之財務決策與公司營運績效的關鍵因素，提供經營者、投資人之財務決策與選股策略之參考，增補既有文獻之不足。
This article focuses on the real estate listed companies in mainland China as the research object, discussing the impact of CEO duality in financial deci-sion-making and company operating performance, and improving company operating performance. In terms of analysis, from 2003 to 2019, a sample of 74 listed companies has 7,104 land values. The results suggest that manag-ers should study the company’s financial strategy before the crisis: 1. In the first three years, CEO duality and financial crisis showed a significant neg-ative impact. It is advisable to reduce the equity protection multiple, in-crease the long-term fund adequacy rate and the fixed asset turnover rate. , To improve the company’s financial structure, value-added debt and oper-ating capabilities; 2. In the first two years, revenue should be increased to increase the company’s cash flow capabilities; 3. In the previous year, CEO duality and financial capabilities showed a significant improvement effect. It is advisable to hire managers to reduce the rate of return on total assets and increase the rate of long-term capital. User equity will increase, treasury stocks are bought back, and the number of common stocks outstanding, the EPS will increase to increase the company's profitability and debt capabili-ties. This article is published. It is the first attempt to use logistics regres-sion analysis to find out the key factors of CEO duality in financial deci-sion-making and company operational performance by studying specific industries in China’s real estate industry, and to provide financial decision-making and stock se-lection strategies for operators and investors For reference, supplement the deficiencies of the article.
