The Research On The Relationship Between Top Managers And Corporate Performance In The Listed Company In China

With fierce competition, accelerated the pace of globalization and increasingly improved corporate governance theory and practice, the proportion of senior executives of listed companies change is rising. In China, with the joint-stock reform of state-owned has developed deeply,the state-owned enterprises have began to boarded the stage of the stock market, and it occupied a majority of seats in China’s securities market. Due to the immaturity of China’s securities market, state-controlled enterprises have some problems, such as the chain of agency exist is too long, the owners is absent and corporate governance mechanisms are not scientific edc. For publicly listed non-state enterprises, the majority of companies is in the form of family businesses places.Unlike the western pace of the stock market’s,the operation and development of listed companies in China will inevitably with a strong Chinese characteristics. Then, in China’s listed companies, how the change of top managements affect the performance in listed companies? The decrease of the performance weather causing the change of corporate executive in the listed companies? How about the sensitivity of top management’s change between the state-owned listed companies and none state-owned listed companies? These will be the focus that need to concerned.After sorted out the information which from CSMAR database, tide of information network, net of information of listed companies in China. Finally selected 375 sample as the final sample of listed companies. It is got logistic regression from two points of view:what is the cause that influence the change and the change of executives have impact on the enterprise performance. Finally got the following conclusion:the poor business performance is one. of the most important reasons for the change of executives, when it comes to the other cause of executive changes, age factor have got a reverse effect apparently, namely, with manager’s got older day by day, it was got the smaller possible to get change. And for the chairman, the age factor was not obvious when it got change. Chairman tenure is negatively related to the abnormal change and the general manager tenure is positively correlated. When it comes to the comparison results from state-owned enterprises and non-state-owned enterprises, non-state enterprise executives abnormal changes is more important than state-owned enterprises, and chairman and general manager and corporate performance to the impact on change is opposite. Considering the change impact on enterprise performance, it was have the limited influence on the executive changes. Based on the results of the theoretical analysis and empirical test, can be found that in the corporate governance of listed companies in China still exist many defects, this article would put some relevent policy suggestions from the following angle:reform and perfection of the mechanism of appoint-ment or dismissal of senior executives, to strengthen the internal and external supervision mechanism, and accelerate the construction of manager market and so on.