An Empirical Study On The Relationship Between Corporate Governance,Top Management Turnover And Firm Technological Innovation

With the advancement of science and technology,China's economic growth momentum has begun to shift from the traditional growth point to the new growth point.It is urgent to require technological innovation to focus on solving the contradictions and problems in economic growth.Enterprises are the mainstay of technological innovation.Constantly improving the technological innovation of enterprises helps enterprises to be in an invincible position in the increasingly competitive market.Their vision and behavior directly affect the enterprises technological innovation activities.However,in recent years,China's executives have changed frequently,which will cause short-sighted behavior of executives,reduce investment in technological innovation,and damage the long-term development of enterprises.Corporate governance,as an enterprise institutional framework,not only has an important impact on corporate strategy formulation and investment decision-making,but also plays an extremely important role in constraining executives.Therefore,studying the relationship between corporate governance,executive change and enterprise technology innovation has important theoretical and practical significance for the sustainable and healthy development of modern enterprises.By reading relevant literature on corporate governance,executive change,and enterprise technology innovation,this paper finds that few documents directly study corporate governance,executive change,and enterprise technology innovation,or analyze only the impact of corporate governance on executive change,or Is only to study the impact of corporate governance on corporate technology innovation.A large number of practices have proved that due to the existence of agency problems in modern enterprises,the relationship between executive change and enterprise technology innovation is no longer a simple negative correlation.Good corporate governance can alleviate agency conflicts,reduce the short-sighted behavior of executives caused by executive changes,and promote the stable and sustainable development of technological innovation.Therefore,from the perspective of executive short-term investment behavior theory and corporate governance theory,this paper analyzes the relationship between executive change and enterprise technology innovation under the different corporate governance structure adjustment effects.In this paper,the data of A-share listed companies in Shanghai and Shenzhen stock exchanges from 2012 to 2016 were collected and compiled,and the model of this paper was empirically tested by Spss software.It mainly tests the following issues: executive change and enterprise technology.Innovative relationship;the adjustment effect of the relationship between executive change and enterprise technology innovation in four aspects: ownership structure,board governance structure,supervisory board scale and executive equity incentive mechanism.Through the study of the above problems,this paper draws the following conclusions: executive change will inhibit the efficiency of technological innovation of enterprises;state-owned enterprises,equity concentration,proportion of independent directors,number of board meetings,leadership structure and executives of both positions The adjustment effect of shareholdings is positively positive,and other corporate governance factors are not significant.Finally,based on the analysis of the empirical results,this paper proposes policy recommendations for improving the senior management selection system,improving the internal governance structure of the company and strengthening the understanding of technological innovation.