| The replacement of senior management has been subject to the attention of scholarsat home and abroad, this is because the replacement of senior management staff arefaced with many problems: First, investors enhance the value of executives leavingthe company’s share price facing the problem of how to maintain a stable, how protectthe interests of investors; continuity of business management, enterprises are facedwith how to spend a management vacuum and crisis, to avoid the deep turmoil of theteam; is their business to promote and loss of business, may be faced with poorperformance of the company, new management layer Can access to get started, whatis good policy; continuation of the company’s development strategy, greaterinvestment in the development of strategies could continue, the new developmentstrategy, whether the establishment and implementation, the company will be going.Our shareholders do not directly manage the company, but by the companies hireda general manager to manage the company. Therefore, the general manager’s ability isdirectly related to the company’s future performance and development, and generalmanager of the company’s performance, policies have a very important responsibility.Have very important effects due to changes in the senior management of listedcompanies on a company’s operations, investment and financial decision-making. Thechanges are very important for investors or internal management personnel.Changes in the most influential executives, general manager of the change. Alllevels of the company are related to executive changes, general manager of thechanges are likely to affect all employees of the company within; executive changesto the external users of information (such as customers, shareholders, suppliers,government and the public, etc.) to convey enterprise development in the futureinformation. Therefore, the internal and external environment and the company’sperformance is governed by the general manager of the impact of changes.Different sources of the successor company performance built on the theoreticalfoundation and research findings have now have detailed classification of the generalmanager changes, the establishment of the assumptions and the corresponding model,and validated, developed, general manager of change What impact. Through theabove description, in order to improve the performance of enterprises and improve the level of corporate governance, this paper profound study in the environment ofChina’s economic system, what factors led to the change of general manager of thecompany’s performance after the change, what kind of impact. Used a combination ofqualitative and quantitative analysis method used in this article is SPSS17.0softwarefor data processing.According to different modes of expression of the foreign literature on the changesto the corporate general manager, general manager of a successor, the transfer of thescepter, the general manager of change, or the general manager of change. For thedefinition of CEO turnover: To compare the adjacent annual report of the generalmanager is not the same person is considered a change.Has been divided into the following categories: Weibach (1985) study changes insenior management General Manager of death and take over the definition forthe voluntary retirement, while other reasons are defined as non-voluntary retirement;Husonetal (2001), normal leave including total manager changes and general managerof the death six months before company announcements, promotion ready to retire,and so on, mandatory change is the general manager of the other types of changes.In this paper, the relevant literature at home and abroad, the disclosure of the generalmanager of leave types of voluntary redundancies and non-voluntary retirement.Voluntary separation include: resignation, health, personal reasons; involuntaryseparations include: job transfers, retirement, dismissal, expiry of the term of officeholding a change, improve the corporate governance structure, involving the other, theend of the agent.The study listed in this article, general manager of the company’s relevantinformation from the data of the end of2008to2010, companies listed in ShanghaiStock Exchange. Financial enterprises by the end of2008, the company of the stopplate is removed and removed to change the general manager of the company in thisperiod more than twice, and finally the research firm sample308.In this paper, the following three assumptions:Assuming1: control of the general manager to change the way the succession of thecorporate general manager, external successor much more than an internal successorto improve the performance of enterprises; Assumption2: involuntary change of circumstances, the performance of the generalmanager of external succession is better than the performance of the internalsuccessor;Assuming3: voluntary change of circumstances, the general manager whether theexternal successor or internal successor, did not significantly affect the company’soperating performance;Model are as follows:ROAt+1=β1×Entele+β2×LEV+β3×SIZE+β4×Dimreas+β5×TOP+β6×ROAt-1+Î'6×ROAt+εROAt+1=β1×Entele+β2×LEV+β3×SIZE++β4×TOP+β5×ROAt-1+β6×ROAt+εA positive correlation between the type of the successor of General Manager andCEO turnover after the first performance in the1%level, a marked improvement inthe year, the company’s performance after CEO turnover, and the external successorimproved more than the internal successor significant. Assumptions to be verified;general manager of the successor model has a positive effect on companyperformance,and very significant.External successor to the different concepts and ideas as the before, generalmanager of the company are not satisfied with the current company’s businessphilosophy, it will choose general manager hired from outside, improve thecompany’soperating condition. So the company on an external successor has high expectationsand look forward to external hire the general manager can improve the currentsituation. Therefore, the external successor to bear tremendous pressure to try toimprove business performance, you can make an external successor to make everyeffort to improve the company status.The general manager of internal and external successor and general manager ofchange after the second year of business performance into a positive correlation andsignificant in the1percent level. The regression results shown in Table5-5. Resultsof operations of the company, the general manager of a successor after a period oftime have a significant effect, and the external successor than the internal successor tothe company’s performance more favorable external successor company performance improves. This shows that in the change of general manager, helping to improve thecorporate governance structure, increase efficiency, improve business performance.Expectations of internal and external of the Board of Directors successor isdifferent from the successor to feel the difference on their own responsibility, anddifferent impact on the performance of the company and thus the internal and externalsuccessor. Previously served as general manager, may follow before the managementmode of management, not much change and change, and the continuation of theprevious one within the company if the current operation are confident or selectinternal successor, so that the internal successor personnel pressure is not great, andthen the internal improvement is not very obvious successor to the company’soperating results.According to the company’s own situation, selected from the external costs spent bythe general manager of a successor bound than the costs from the direct successor ofthe internal, but from the long-term considerations, general manager hired from theoutside can make long-term performance improvement.Because the shackles of the status of work and had little impact on impact on thegeneral manager of external successor, and thus more likely to affect organizationalchange, the more effective the implementation of the company’s growth plan, andfinally the company’s performance improved. |
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