Based On The Impact Of Senior Management Changes Of Chinese Listed Companies On Company Performance Under The Team Fracture Zone

The most prominent feature of contemporary corporate governance is the separation of ownership and management.The diversity of the owner and manager of the company brings the benefit to the enterprise,while it also brings about the corresponding governance problems.Executive turnover is an important content of the management of the company,on the one hand through a variety of methods for the final selection of corporate management executives,so that it can play a role,on the other hand is for how inco mpetent executives dismissed,then choose competent executives.As the replacement of senior executives,western scholars have conducted in-depth research,research mainly concentrates in two aspects,one is the reason of change,which factors will affect t he executive personnel changes;two senior managers after the change is brought about improve corporate performance,performance problems,the expert conclusion they did not reach a consensus,some scholars think that the change of executives do lead to the improvement of company performance,but also some scholars hold executive changes bring decline in corporate performance point of view,some scholars through the study concluded that executives replacement only bring earnings management increase.Based in CSMAR,CNINF database and other authoritative information disclosure data statistics,analyzes the current situation of Chinese listed company executives change,mainly expounds the trend,causes and types of changes,and statistics during 2012 to 2016 turnover of the impact on corporate performance,in order to further analyzing.This paper uses the method of case analysis to explore the impact on corporate performance change of executives,with Mengniu Group as a case,the exclusion of other factors,at the same time during 2012 to 2016 Mengniu Group executives change behavior,introduced the concept of TMT fault zone,helping the analysis of Mengniu Group executives to change the influence on the strategic level then,have a negative effect on corporate performance.Introducing the team fault-lines and drawing on the conclusions of domestic and foreign scholars,this paper analyzes the contradictions between the new CEO of Mengniu Group and the former executive team from the angle of the social classified fault zone,the information fracture zone and the cognitive fracture zone respectively.The team fracture zone belongs to the new research field..The team fracture zone is incorporated into the executive turnover behavior of listed companies,and the specific analysis of how it affects the company's performance is of significance for other listed companies in China.Finally,Mengniu Group executives to change after the performance of the company greatly reduced,based on the analysis of cases,can be found in domestic companies,there are still many inadequacies in the governance mechanism,put forward effective suggestions related to this paper from the company's internal and external point of view,including perfecting executive succession and dismissal system,enhance the internal board of directors independence,strengthen the internal management of market construction etc.