Research on the Departure Effect of the Growth Enterprise Market Listing Corporation Executives

摘要

In our country, the GEM Listing Corporation executives are usually the founder of the company, so the departure of them will have a significant impact on the company and the market. While in the past, most of the literature focuses on the factors of the turnover of the executives, the influence of the senior executives’ turnover on the capital market is rare. We selected executive turnover data from 2009 October 30 (GEM Listing Date) to 2014 December 30, using the event study method of the Chinese stock market effect, and drawing the conclusion: GEM listed company executives turnover on the stock market effect is not the information effect or the true effect, but the cash effects; although executive turnover will produce cash effect on the market, after calculation, according to incomplete statistics results only about half of the executives is in cash precise turnover, cash index is not high. So the conclusion is that resignation of senior management cash only part of the phenomenon, but it is enlarged by the market, having obvious effect of cash.