An Empirical Research On Top Management Turnover In State-owned Listed Companies

With the advent of knowledge economy era, top management is becoming human capital with special value because of its important impact on enterprises. Excellent top management could bring enterprises huge profit and development. The capacity of top management as important strategic resource of enterprises determines the growth and performance of an enterprise. From the point of enterprise resource view, management capacity is a key element to restrict enterprise development.Just because of this, top management in enterprises is drawing more and more concentration including academia. Foreign scholars have started research on this problem sine late 20th century. Decades passed by, foreign researches have been increasingly widened and deepened, a mature theoretical framework have been formed. Chinese academia began to study on the issue in early 20th century, about 10 years later than western countries. But it developed very rapidly in recent years. Foreign and Chinese researches on this issue both focused on factors caused top management in enterprise and the effect of top management. Although Chinese researches brought variables of equity structure characteristic in, such as state-owned share, the largest shareholder and etc, there is still no specific study on state-owned listed company top management turnover. State-owned listed company is a special type of company with Chinese characteristic. It is different from other listed companies in corporate governance structure, appointment and removal of top management and some other aspects. Classification of state-owned shares also caused controlling shareholders with different type of state-owned share to differ from each other in property relationship. Do Factors like these really have some influence on top management turnover? In which way state-owned listed companies like to change their top management? Are there any features of preference? This is an issue worth further study.This paper conducted a special study on management turnover in Chinese state-owned listed companies, analyzed current situation of management turnover in Chinese state-owned listed companies, and generalized different types of management turnover in Chinese state-owned listed companies, analyzed preference and other factors of management turnover in Chinese state-owned listed companies. The main body of this paper is basically as follows:1. Firstly, this part has stated background and significance of the research, put forward the study point of view. Secondly, this part has systematically narrated the research content on the subject home and abroad, and has carded out the train of research thought and frame of the study. Thirdly, the part has analyzed the phenomenon based on theory of management and economics. These basic theories included property right theory, contract theory, principal-agent theory, signaling theory and etc. Besides, the part has expounded legal system related to top management turnover in state-owned listed companies, put forward possible impact that classification of state-owned shares and the different levels of property rights might bring out. Based on generalizing and refining these theories and regulations, the part has outlined general idea and framework of this study.2. Based on the previous part of theoretical analysis, this part has used the latest data of state-owned listed companies to analyze the factors and patterns of top management turnover systematically. Finally, it reached conclusions as follows: the style of state-owned share significantly affected top management turnover and its pattern in state-owned listed companies; unlike previous research result, age of top management in state-owned listed companies is negatively related to its turnover probability; no matter in which test, independent directors haven't play their proper role of supervision.