Research On The Impact Of Executive Change On Corporate Performance Of Listed Companies

With the rapid development of economy and the intensification of market competition,senior managers as one of the core members of enterprises are of great importance.As the core and soul of an enterprise,executives determine the experience strategy and future development direction of the enterprise,and have an impact on the performance of the enterprise and assume responsibility for it.In modern enterprises,due to the separation of ownership and management rights,in order to protect the interests of shareholders and companies,enterprises will establish incentive and restraint mechanisms to supervise and restrain senior managers.Among them,the change of senior managers is also a part of corporate governance mechanism.In the process of continuous improvement of China's securities market,the phenomenon of executive turnover has gradually increased,and it has also been paid more and more attention.Executive turnover has a significant impact on the future experience decision-making of enterprises.In the existing domestic literature,scholars mainly focus on the impact of internal governance mechanism on executive change,ignoring the external governance environment and internal business environment of the company.Therefore,this paper introduces the degree of marketization and pre-change corporate performance as moderating variables,starting from the source of succession and the background characteristics of successors,to study the impact of executive change on corporate performance.Firstly,this study reviews the relevant literature and theories on executive turnover at home and abroad;secondly,it puts forward the research hypothesis based on principal-agent theory,higher-order theory,human capital management;thirdly,it chooses the data of A-share listed companies in Shanghai and Shenzhen as the research object,carries on descriptive statistics,correlation analysis and regression analysis to the data samples,and carries on the research.The hypothesis is tested empirically.Finally,after the analysis of the research data,the following conclusions are drawn:(1)there is a significant positive correlation between the change of external succession and corporate performance;(2)the government background of successor executives has a positive impact on corporate performance;(3)the overseas experience of successor executives has a significant positive impact on corporate performance;(4)the degree of marketization has a significant positive impact on the change of external succession of senior executives.The relationship between appointment and corporate performance has a positive moderating effect;(5)the higher the degree of marketization,the weaker the role of executive change successors with government background in promoting corporate performance;(6)the higher the degree of marketization,the stronger the positive correlation between executive change successors with overseas experience on corporate performance.(7)The performance of the company before the change has a negative moderating effect on the relationship between the external succession of senior managers and corporate performance;(8)the performance of the company before the change has a negative moderating effect on the relationship between the government background of the successor senior managers and corporate performance.Combining with the conclusion of this study,this paper puts forward some countermeasures and suggestions on the top management turnover of listed companies from three levels of individual,enterprise and government,and looks forward to the follow-up research on the top management turnover.The innovation of this study is that,on the one hand,from the perspective of successors of executive change,we study the source of succession of executive change and the impact of background characteristics of executive successors on corporate performance,introducing market-oriented degree and pre-change corporate performance as moderating variables,enriching the existing literature research;on the other hand,we select the first and third year corporate performance after executive change.Effectiveness,excluding the impact of the previous executive on corporate performance,makes the research results more accurate and scientific.