Will The Departure Of The Chairman Influence The Stock Price?

In recent years,with the development of China's economy,domestic enterprises have been growing,among which the most dynamic private enterprises have the important support of "56789" for the development of national economy,and their influence on the world is increasing day by day.At present,the global economic growth is slowing down.Both traditional industries which are impacted by emerging industries and the Internet industry which has developed rapidly in the past 20 years are facing more and more fierce competition environment.If private enterprises want to gain advantages in the fierce competitive environment,the strategic layout of enterprises and their own management are particularly important,so the most important non-enterprise chairman for the strategic layout and management of enterprises is none other than the chairman of the board of directors.The characteristics,background and behavior of the chairman of a private enterprise have a greater impact on the enterprise,and if the chairman is the founder,the impact on the enterprise is more obvious.This paper focuses on whether the chairman's resignation has an impact on the company's stock price and how the founder's resignation has an impact on the company's stock price.In this paper,1067 private enterprises listed from 2014 to 2018 are taken as the research objects.The market reaction of 10 trading days before and after chairman's resignation is investigated by event study method,and the influence of corporate governance structure on chairman's resignation probability is examined by Logit model.On the basis of previous studies,the chairmen of sample companies are divided into founders and non-founders,and the differences between founders and non-founders' return are compared.The differences of return are examined according to the personal characteristics(age),occupational characteristics(shareholding ratio,concurrent CEO)of founders or non-founders and the reasons for leaving the company.Then,by regression analysis,the author identifies the founder when the chairman resigns and the influence of different characteristics and reasons on the market reaction during the chairman's resignation.Logit model is used to analyze the impact of corporate profits,the proportion of controlling shareholders and the proportion of independent directors on the passive resignation of chairman.The results show that the resignation of the chairman of private enterprises shows a real effect,and the announcement of negative excess return before the announcement day shows a significant positive return after the announcement day.Among them,founder turnover has a significant negative impact on stock price,non-founder turnover has a significant positive impact;chairman's age at the time of departure has a significant positive correlation with excess return;chairman turnover with a high proportion of shares has a negative impact on excess return,but has not passed the significant test;concurrent CEO has no significant correlation with the excess return of chairman turnover,but It is concurrent CEO that has a significant negative impact on founder turnover;normal turnover has no significant impact on excess return,but passive turnover has a significant negative correlation with excess return.From the perspective of corporate governance,the profitability of an enterprise is negatively correlated with the probability of the chairman being dismissed,the proportion of controlling shareholders' equity is positively correlated with the probability of the chairman being dismissed,and the proportion of independent directors has no significant effect on the chairman being dismissed;while the proportion of controlling shareholders' equity and the proportion of independent directors are negatively correlated with the probability of the founder being dismissed,and the profitability of the enterprise is negatively Ability has no significant effect on founder dismissal.Generally speaking,the resignation of the chairman of the board of directors of private enterprises in China is regarded as a change of the company's short-term management strategy,which has a positive impact on the enterprise value.Founders play an irreplaceable role in the business development of enterprises.If founders leave,it will have a significant negative impact on the value of enterprises.Domestic corporate governance structure has obvious effect on the chairman's position,but it has no effect on the founder.