Small And Medium-sized Board Listed Company Ceo Characteristics Affect Turnover Behavior Research

In last few years,in the listed companies many CEOs’turnover cases occurred especially in Small and medium-sized plate, and because of the importance of CEO’s turnover on company’s decision making and normal operations, it becomes the focus of the market. However, many scholars suggest that it’s the firm performance that lead to the turnover of CEO, if the firm performance decline, the CEO will turnover. But for the statement that these CEOs’ turnover is that they want to cash out, it has no systematic theoretical and empirical research.In this paper, based on the perspective of CEO, those CEOs are classified according to whether they hold stock. The research is focused on the correlation between CEO characteristics and turnover of CEO who have no stock and hold stocks, and discuss the similarities and differences of impact factors between CEO who have no stock and hold stocks on CEO’s turnover. To provide a theoretical reference and practical guidance to carry out the talent strategy and retain core talent better, this paper gets useful information from the CEO’turnover in the team in this stage the system and cultural environment of our country.In this study, literature review, data collection, statistical analysis and other methods are used. First, the existing research on the related theory and results of CEO turnover were reviewed; Secondly, the collection of listed companies’ financial data and CEO-related data are from the CSMAR SYSREM, Shenzhen stock exchange official website and Hexun website; Third, on the basis of the literature review and data collection, the factors affecting CEO’s turnover are summarized and the assumptions which include turnover of CEO who have no stock and hold stocks are proposed. Fourth, with the help of SPSS statistical software, descriptive analysis and correlation analysis are made on the basis of collected data, the models of turnover of CEO who have no stock and hold stocks are proposed and Logistic regression analysis are made and relevant conclusions are obtained.In this paper, We find that for all CEO, the effects of firm performance, pay gap and dual position have negative impact on CEO turnover. CEO’s tenure has a negative impact on turnover of CEO who have no stock.For stockholding CEO, the relationship between the CEO’s shareholding ratio and turnover is a positive U; the price of stock has a positive impact on CEO turnover; CEO’s reduction of stock has a positive impact on CEO turnover. CEO’s education level has a negative impact on the turnover of CEO. We also find that for all CEO, CEO’s age has no impact on all CEO’s turnover.