| The dissertation empirically examines the CEO turnover of 82 ST (Special Treatment) companies which listed in Shanghai and Shenzhen Stock Exchange from 1998-2000. The results suggest that only 25 companies' CEO had been changed when the companies were listed as ST companies. By using Logit model, the dissertation examines the effect of internal control mechanisms such as board of directors, large shareholders and managerial ownership on the possibility of ST companies' CEO turnover. The findings show that only the concentration of shareholding can explain in statistical significantly the possibility of ST companies' CEO turnover. The stock market will have a positive reaction if the new CEO came from the outsider of old board of directors or management. The empirical results suggest that the internal control mechanisms of ST companies' are fail to discipline the poor performance CEO.The dissertation includes five chapters as follows:Chapterl: Introduction. This chapter discusses the purpose of the research briefly.Chapter2: Internal control mechanism. The chapter discusses the internal control mechanisms, such as board of directors, large shareholders and managerial ownership, then describes the characteristics of internal control mechanisms of China's listed companies.Chapter 3: Literature Review. The chapter reviews three categories of CEO turnover researches: the relationship between performance and CEO turnover, the influence of board of directors characteristics on the possibility of CEO turnover and the market reaction to the CEO turnover.Chapter 4: Empirical research and analysis. The chapter empirically studies the influence of board of directors characteristics on the possibility of CEO turnover and the market reaction to the CEO turnover of ST companies.Chapter 5: Conclusion. This chapter summarizes the empirical findings. Besides this, some limits and future research directions of the study are mentioned.
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