New CEO Features And Transformational Performance

In the context of supply-side reform,a large number of domestic ST companies urgently need to be cleaned up.for ST companies,Active restructuring or passive delisting is the main current situation.Some ST companies choose to reorganize or sell their assets in the hope of catching up with economic performance due to the decline in performance and lack of financial support.Living the last straw,and most companies will choose to change the CEO,change the senior management team in the hope that the transformation of the enterprise hat way off,then what characteristics the new CEO should have? How to improve business performance and achieve the transformation? Based on the high-order theory,this study selected 107 Shanghai-Shenzhen stock exchangers who were ST-treated to replace the CEO during the period of 2005-2015 for empirical research.In the ST companies targeting these CEOs,they sought for new CEO characteristics(age,Academic qualifications,internal succession and industry experience)and the heterogeneity of senior management(academic heterogeneity,age heterogeneity),business transformation performance(earnings per share,net asset margin).this study adopts the literature review method to summarize the past data,define the key variables,and lay the theoretical foundation for this study.Secondly,combine the current academic achievements of some authorities,construct the theoretical research model and put forward specific research hypotheses;Third,the use of major financial websites,such as Sina Finance,Guotai Junan database for manual data mining and finishing;the use of spss software for data correlation analysis and regression analysis and other operations,in order to test the research model and assumptions,the final findings As follows:First,the dimensions of the new CEO have a significant impact on the transition performance.The CEO education has a significant positive impact on the transition performance.The CEO with no industry experience has better performance improvement than the CEO with the industry experience.CEO succession age has a negative impact on the transformation performance;Second,the heterogeneity of the senior management team can negatively adjust the relationship between CEO characteristics and transformation performance,change the role of the original direction.academic heterogeneity has a significant negative impact on CEO characteristics and transitional performance.Age heterogeneity negatively regulates CEO's academic qualifications,successor sources,succession ages and transformational performance.