| Our manager employed by listed companies use to rule the company.and shareholders are not directly to the interference,which means the general manager of the enterprise is responsible for the strategy, performance and environment ultimately.The success or failure of the manager is usually regarded as the success or failure of the company. Changing general manager is the most extreme restraint to the manager, also is the way to improve poor performance of the company. It will affect all aspects:for the company's internal level, the alteration of general manager is the most important and the most complete change, also an important measure improving performance; For external level, such as the shareholders, suppliers, customers, government, they may see the aleration as an important signal and change their decision depending on the general manager alteration,.which indirectly affect the environment of the company. Because of these, it is necessary to study the general manager turnover thoroughly.The reason why I study the relationship between manager and business performance is that business performance is an important index of qualified to a general manager; On the other hand the main purpose of changing manager is to improve the company's operations, enhance company performance;The third reason is the sensitivity between general manager alteration and the enterprise performance variation reflect the efficiency of corporate governance in a certain extent, which reflects the effectiveness of corporate governance. In addition, the research on company performance may show our country securities market system significiantly.Another problem is put forward after these introduce naturally:after the mandatory manager change, the internal or external employment can ascend company performance. Therefore, the different ways to choose general manager replacement can ascend enterprise performance will become a question in this paper.This paper will study the the correlation between general manager and company performance based on the mandatory change. Firstly, This paper reviewed the theory and literature for ever, then token the listed company which had mandatory manager change, listed between 2000 and 2006-2008 company as a sample, study the the change of market reaction force and the changes of operating performance of company after Chinese listed company general manager alteration;Secondly, according to the different way the successor,we will divide the listed company general manager into mandatory internal and external successor successor as two situations, inspecting the relationship between the performance of the company and general manager of different changes furtherly based on successor mode,and find more favorable ways of managing change to enterprise's development;Finally, according to the empirical results, according to the listed companies in China, and put forward constructive suggestions in order to improve the hope of listed companies and protect the interests of the company operating performance of its stakeholders.Through the research on marketing reaction, we found that change has a negative response, which means mandatory general change is not recognized by the market. From the company's long-term performance perspective, general manager change of the company can not significantly improve performance. But external successor of company has certain positive effect to long-term performance, the successor of the general manager under the mode of internal changes can not effectively improve the performance, on the contrary, this may cause the decline in performance. According to the empirical results, we can judge the listed companies rely only on person from internal company promoted to improve the company's operating conditions are slim. |
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