Resignation Of Chairman,Firm Performance And Top Management Team Heterogeneity

National Equities Exchange and Quotations(NEEQ)is a public platform targeting non-listed companies transferring publicly,to provide companies with stock trading,directional services such as financing,mergering,acquisition and reorganization.Companies on NEEQ represent the direction of China's economic transformation.However,as the expansion of NEEQ,the corporate governance of companies listed on NEEQ has attracted the attention of stakeholders.The phenomenon of chairman leaving the company is becoming more common,but the study of this phenomenon seems to be behind this.Our text had a basic logical clue,that is resignation of chairman-firms performance-human capital structure heterogeneity of top management team,based on the theory of agency theory,Upper echelon theory,social classification theory and information decision-making theory.This paper analysed the relationship between the departure of chairman and firms performance,extending logical chain to find out why chairman leaving the company so frequently.This article chose companies listed on NEEQ whose chairman leaving the company from 2009 to 2016 as study sample,searching matching sample in two ways,analyzing the hypothesis theoretically,summarizing the researching conclusions.At the same time,this essay proposed relative suggestions and prospects of future research based on the empirical study results..The result showed that:the relationship between the Probability of resignation of chairman and firm performance is negatively correlated,that is the worse firm performance firms get,the greater Probability of resignation of chairman will be;(2)the relationship between age heterogeneity and firm performance is negatively correlated,that is the bigger age heterogeneity firms have,the worse firm performance firms get;the relationship between gender heterogeneity and firm performance is positively correlated,that is the smaller gender heterogeneity firms have,the worse firm performance firms get;(3)In the company where the chairman resigned,the relationship between functional heterogeneity and firms performance improvement is positively correlated.Finally,based on results of empirical analysis,the paper proposed some practical implications for managers as follows:one of the main reasons for chair leaving the company listed on the National Equities Exchange and Quotations(NEEQ)is poor firm performance,meanwhile,one of the main reasons for poor firm performance is unreasonable human capital structure of the top management team;Manager should attach great importance to the enterprise TMT construction,strength the advantages of heterogeneity as much as possible.