A Study Of The Relationship Between Management Turnover And Fluctuation Of Company

Today, enterprises pay more attention to the cultivation of talent, because talent is the core competitiveness of enterprises and the important intangible asset of enterprises. Senior management team is the helm of the enterprise, determines the direction of development of the enterprise. The development of modern enterprises, not only to have strong capital strength, ability also requires the executive team has a look far ahead from a high plane.Executives should not only attach importance to the current development of the enterprise,but also should assume the responsibility of sustainable and healthy development of the enterprise.In the joint-stock companies, many of the shareholders can not participate in the company’s business. Run a company by a person who has managed it, supervision by shareholders to achieve the normal operation of the company. This will inevitably lead to the emergence of the principal-agent problem. In order to solve this problem, reduce the agency cost, the enterprise implement all kinds of incentive and restraint measures.Including executive stock ownership, turnover executives, etc.. After more than 20 years of development, China’s securities market has begun to take shape, But a large number of executives change events also emerged with the process of rapid development. Because executives play an important role in the company, therefore, the change of executives is seen as one of the company’s major strategic decisions, It has a significant impact on the company’s future development strategy and business performance. Under this background,To 2009-2014 about 700 listing Corporation as a sample, analysis of the relationship between executives change and the company’s performance fluctuations.Research on the change of executive turnover and firm performance, this paper expounds the contents of the five parts: In the first part, the introduction part mainly analyzes the background and significance of the research, the research methods and innovations are described,And through the literature review, review the relevant content of executive turnover. Then introduced the related concept and the theory as well as the present situation of our country stock right structure. Analysis of the reasons for theturnover of executives, and from the perspective of the nature of industry and enterprise, the paper analyzes the current situation of executive turnover in China. Finally,through the research hypothesis, the sample selection, the construction of the measurement model and the data of the sample descriptive statistics, correlation analysis and a total linear diagnosis, using panel data and cross section data for regression, the conclusion is drawn and analyzed. Finally, some reasonable suggestions are put forward.The traditional theoretical literature focuses on the study of the influence of internal and external governance mechanisms on the performance of the company, while ignoring the role of governance mechanisms in the stability of the company’s performance risk. This paper extends the present research of a kind of visual angle, focus on performance of volatility that does not pay attention to the performance of the company. This paper through the study of top management turnover and company performance fluctuations, in order to find the real reason to affect the performance of the fluctuations to provide some useful suggestions for the listing corporation in the use of talents, improve the intrinsic value of the listing corporation.