Research On The Relationship Of The Listed Company Top Management' Turnover Mode And Enterprise Performance

Executives, who bears the mission of formulate and implement enterprise strategic, are of vital importance to the enterprise performance and organizational development. In recent years, as the gradual improvement of China's capital market and corporate governance structure, there emerged large amounts of executives'replacement events in the Chinese economy transition. Frequent executives replacement event attracted extensive attention from all social sectors; the wide concern is especially focus on whether the executives'replacement really helps to improve the enterprise performance. While a mount of facts indicate that new top managers have not wholly led the enterprises to get out of tight spots, sometimes even adding insult to injury. Therefore, exploring the influence methods of top management turnover is of great theoretical and practical significance to guide the enterprises on how to improve the performances as well as promote the long-term development.This thesis firstly made a study of research bibliography about foreign and domestic top management turnover, which focuses on the three aspects of the reasons, choice of successor and the consequences of top management turnover. We have found that, due to the differences of sample data or calculation methods, many research has got a quite different conclusion. While the research only focuses on the influences of top management turnover on the corporate performances, lacking the analysis of various turnover methods on the corporate performances.Secondly, it constructed concept model of corporate performances and top management turnover of quoted company. Through analyzing two typical cases study of Kelong Group and Jianlibao Group, this paper has got a clear influence process of top management turnover, and got a conclusion of top management team reconstruction and strategy continuity. Furthermore, it has constructed various concept models of top management turnover of quoted company, and put forward 10 hypotheses on the basis of theory analysis and experience researches.Thirdly, it made a hypothesis on the basis of top management turnover data of quoted companies. With the help of data from 2005 to 2009, as well as the SPSS13.0 software, this paper has checked the related hypothesis using multiple regression analysis. The results indicate that compulsive top management is of positive influence of team reconstruction, while strategy continuity have negative influence; compulsive top management is of positive influence in strategy continuity, while corporate performances have negative influence; top management reconstruction exerts negative influence of corporate performances, with strategy continuity positive.Lastly, on the basis of research achievement, this paper put forward suggestions on how to ensure top management to go on wheels, and improve corporate performances, put forward establish top management turnover plans, assure stability of top management team, and perfect supervision of board of directors, ensure strategy continuity and further develop and perfect management market.