Study On Influencing Factors Of Top-manager Turnover Based On Supervisor In GEM Of China

GEM listed companies have a high growth and independent innovation,is China's science and technology,growth-oriented enterprises,the main force,its success not only expanded the capital market breadth and depth,and improve the multi-level capital market system.However,in recent years,listed companies listed on the GEM executives resignation,resignation and other frequent changes in the phenomenon intensified,has greatly shaken the investor's confidence in holdings,increasing the overall risk of the GEM,a serious threat to the development of the GEM The Therefore,it is very important to find out the influencing factors of the change of the executives of the listed companies on the GEM.This is also a hot issue that Chinese and foreign scholars have been discussing.Relevant research shows that the company's internal supervisors have a strong predictive power on executive changes,some scholars have further pointed out that the external supervisors of the executives also have a strong predictive change,executives may also be subject to internal and external supervisors The combined impact.However,the previous scholars on the influential factors of executives to study,or only focus on internal factors,or only focus on external factors,the study is relatively fragmented,and more focused on the influencing factors and executives change between the simple linear correlation,Executives change the internal and external factors of comprehensive research is not enough.Therefore,this study explores the influencing factors of executive change of listed companies on the GEM from the perspective of supervisors.In this paper,the research hypothesis and the theoretical model are put forward on the basis of combing and analyzing the existing literature.The data on executive changes and their influencing factors in this study are obtained primarily through the Wind and CSMAR databases.Among them,some of the missing data through the company's annual report,the Google search engine,Tai'an's data service center(www.gtarsc.com),cninfo(www.cninfo.com.cn),Sina(http://fin.ance.sina.com.cn),the Shenzhen Stock Exchange(www.szse.cn)to find.The descriptive statistical analysis and regression analysis of the influencing factors of the executives of 337 GEM listed companies were analyzed by Excel and Logistic econometric analysis.The following conclusions were drawn: A.From the perspective of external supervisors,In the context of media power,political relations have a significant negative impact on executive change,media supervision has a significant positive impact on executive change,and media supervision plays a negative role in political linkages and executive changes.B.the size of the board of supervisors has a significant positive impact on the change of the executives from the perspective of the internal supervisor,that is,the governance of the board of directors;the number of meetings of the board of supervisors has a significant positive impact on the change of executives;The number of board meetings has a significant positive impact on the change of the executives.The size of the board of directors,the holding ratio of the board of directors and the number of meetings of the board have no significant effect on the change of the executives.C.In-depth analysis of the relationship between external supervisors and internal supervisors and the combined impact of the performance of executives in the process of change,this study focuses on the more typical external supervisor perspective media monitoring variables and internal supervisors The size of the board of directors,the size of the board of directors,the size of the board of supervisors for further study and found that the size of the media supervision and board of directors and the size of the media supervision and board of supervisors on the overall impact of changes in the performance of mutual promotion,that media supervision on the impact of changes with the board And the increase in the size of the board of supervisors.The impact of the size of the board of directors and the board of supervisors on the change of the executives has increased with the increase of media supervision and the change is relatively small.In short,this study will help to understand the influential factors of the change of the executives of the listed companies in the Chinese culture background,further expand the research field of the executives 'change,and open up a new research perspective of the executives' change.At the same time,this study also has implications for the management practice of listed companies on the GEM.According to the above conclusions,in the practice of enterprise management,in order to supervise the change of executives,we should not only pay attention to the role of internal supervisors in corporate governance,but also pay attention to the influence of media and government on corporate governance in external supervisors.But also attach importance to the overall impact of internal and external supervisors.