| According to the characters of China's listed enterprises, the paper classified the CEO change as two types: the forced change and the unforced one. After getting rid of those listed enterprises whose major shareholders were changed at the year when their CEOs were changed, the paper analyzes the relation between the likelihood of forced change and the enterprises performance. Also, the paper tests the change of the enterprises performance surrounding CEO change. In this course, the factor of deficit and the character of major shareholder are used as logit regression variables. After that, the paper use similar method to analyze listed enterprises with different types of major shareholders. Besides, the paper use wilcoxon test to compare adjusted ROA surrounding CEO change, and use McNemar test to compare the percentage of enterprises suffering deficit. |
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