Research On Relationship Between Irregular Replacement Of Senior Executives And Performance Of Listed Companies In Manufacturing Companies

With the continuous improvement of China's securities market,the role of listed companies in the economy has been increasing,and has become the backbone of the economic development of our country.Because of the separation of management right and ownership,executives affect and decide the company's operation and decision making,which play a decisive role in the company's strategic direction and business development.Executives are the most influential persons in the power center for the company.They decide the strategic direction and future development of the company,and are also important for shareholders to survive.To a certain extent,the management level of the company's executive management determines the success or failure of the company.In a listed company,shareholders can not directly participate in the company's operation and strategy formulation,so the shareholders can be supervised by the principal-agent professional managers,so as to achieve the normal operation of the company,which will lead to the emergence of the principal-agent problem.Companies will take a lot of incentive and restraint measures to solve this problem,such as equity incentive and top management turnover.These initiatives play a certain role in improving company's internal governance level and improving company's performance.Therefore,the replacement and succession selection of senior executives is one of the most important decisions of the company.The replacement of executives has been an important part of scholars both at home and abroad.It is one of the important decisions made by shareholders and board of directors,as well as an important mechanism to restrict professional managers.Through reading related literature,this paper finds that there are few specific industry research on the relationship between executives turnover and company performance,there is no change to distinguish the chairman and general manager change respectively with the company's performance.In view of this,this paper collects data related to executives turnover and corporate performance of listed manufacturing companies in 2015,analyzes the relationship between the two.Through research,it can provide reference countermeasures for the company to change senior executives,improve the internal management level of the company,and promote the improvement of the company's performance.Around the research subject,this paper expounds six parts: the first in the introduction part analyzes the research background and research significance of this article,elaborated the research contents and research methods,and introduces the writing difficulties and innovations;Secondly,through literature review,the relevant literatures at home and abroad were reviewed.The third part elaborates the theoretical foundation of this paper,and defines the manufacturing,senior management personnel,irregular replacement and company performance in this paper.The fourth part,based on the existing literature,puts forward the research hypothesis of this paper,elaborates the sample selection,the sample source,and carries on the descriptive statistical analysis to the sample.In the fifth part,non-parametric test and regression analysis are conducted for the collected data.The demonstration process of the research hypothesis is described in detail,and the test results are discussed.Finally,this paper summarizes the research conclusions of this paper,puts forward some countermeasures and Suggestions,points out the shortcomings of this research,and puts forward the research prospect.In the writing of this paper,we have the following innovation points: first,in the research perspective,the research on the relationship between senior executives and company performance in the specific industry of manufacturing industry;Secondly,in the selection of variables,the asset-liability ratio,total assets,the nature of shares and the shareholding ratio of the largest shareholder are introduced as the control variables.Based on the current situation of the change of senior executives of listed manufacturing industry in 2015 and the relevant empirical analysis,the following conclusions are drawn:(1)The decline of operating performance is an important reason for the change of senior executives of listed manufacturing companies;(2)When the earnings per share of listed manufacturing companies and the return on net assets decline,they tend to replace the general manager.(3)The change of senior executives of listed manufacturing companies can promote the increase of return on equity,rather than increase earnings per share in the short term.(4)The change of the chairman's role in the company's performance is greater than the replacement of the general manager.