According to the survey, executives currently accounts for all the gem listed company executives about 9% of the total. This employee turnover directly decided the enterprise's economic and policy environment, strongly affect the performance of the enterprise. This paper, in this case, will the gem executives left motivation as the breakthrough point, first of all, analyzing the present situation and problems of the listed company executives on the basis of targeted by specific leaving reason, and analyzes the impact of various this departure phenomenon, finally put forward specific countermeasures: should reduce the executives to resign the lure of cash and increase the difficulty of the executives to resign cashed out, increase the cost of executives to resign to cash and so on. These countermeasures has a certain reference significance.
 
I, Introduction
 
(1) the research background
 
Gem began in August 2009, has been more than two years of development, the number of the listed companies from 27 to 277 two years ago. But, in the process of entrepreneurial growth plate, both to create amazing wealth myth, also on the site of some of the gem executives repeatedly leave strange phenomenon. According to the stock exchange announcement, according to the gem by November 30, 2011, a total of 156 resignation announcement, the light in the third quarter of 2011 years ago, leaving announcement was about 120. This paper randomly selected 130 listed on the gem companies for research, by the end of November 2011, the 130 appeared a total of 176 executives in the home, this data make up for all the gem listed company executives about 9% of the total. And company executives departure phenomenon is considered to be one of the most significant influence strategic decision problem, it directly decided the enterprise's economic and policy environment, but also deeply affect the performance of the enterprise. In this case, this paper firstly analyze the present situation of the gem listed company executives, and put forward concrete according to current situation of the leaving reason and the impact of this kind of phenomenon of departure, the last targeted specific countermeasures are put forward.#p#分頁標題#e#
 
(2) the research purpose and meaning
 
Those who have certain development space, however, because lack of funding can meet the listing conditions, main board and the urgent need of financing support for the development of small and medium enterprises and emerging company is the gem of real service object, compared the main plate, the gem has its own advantages, especially in the direction of the financing has relative flexibility and convenience, it can effectively protect and support the development of new industries, and promote the progress of high-tech industry. Especially the gem for emerging enterprises financing channels to provide this view, many countries have been indisputable fact that the validation. As building an important part of the multi-level capital market in China, the healthy development of the business sector is also related to the survival and development of innovative enterprise startup state, which is the key to the rapid development of China's venture capital industry. With a review of the gem two years of development, is really a thrilling history: the history of gem according to stock exchange announcement, according to the light in the third quarter of 2011 years ago, leaving announcement was about 120. Only nine months appeared so many gem listed company executives to resign phenomenon, this can not help but raised people's concern and reflections.
 
(3) the literature review
 
This paper in recent years our country listed company executives to resign sorting and summarizing the related literature, specific as follows:
 
Hewle (2010) argue that executives to change the information in the market, the rapid loss of the company has a significant market reaction, rather than the loss of the company is the market reaction was not significant.
 
Gong Yuchi (2010) study found that China's listed companies the possibility of senior executives to resign and return on total assets, business income and are not related, but with the company's stock there is significant correlation between the excess returns. And, in the short term, the resignation of top management to improve the company's operating performance is very useful, but in the long run this measure is invalid.
 
Association, jian-ping hu (2008), WuGuoMei (2008) study concluded that controlling shareholders and senior executives of replacement change is closely related, the controlling shareholder change associated with the business performance of inferior before the change, change the executives of corporate performance has improved significantly. The second is the relationship between corporate governance mechanisms and executive changes: some scholars compare the senior management personnel changes at home and abroad, it is concluded that both at home and abroad different senior management personnel adjustment, both in our country internal corporate structure and non-standard imperfect external environment factors. Three is the study of executive changes the event itself, there are mainly senior executives, the reasons for the change of the executives is the cause of the change is not a lot of empirical demonstration, sum up the cause of executive changes as the low efficiency of stock market, capital market is not mature; Relevant laws and regulations is not perfect; Company equity incentive system binding force is not strong three objective reasons and subjective interests temptation. Four executives is the impact of change, some scholars through the event study method to analyze the market reaction to senior management changes, finally it is concluded that changes to the senior managers will make a loss enterprise produces significant market reaction, the enterprise will not produce this effect at a loss.#p#分頁標題#e#
 
Zhao Chao, PiLi (2005) study found that the executives shareholding and chief executive officer resigned, has a very significant negative correlation relationship between this actually also is easy to understand, when management has gradually become a shareholder, the difficulty of the replacement of bedding layer must be bigger and bigger, their research has also proved the phenomenon of "insider" of Chinese listed companies
 
Jun-sheng zhang and Ceng Yamin (2005) studied the characteristics of the board of directors governance variables such as chief executive to resign. Their empirical study found that only the board of directors meeting times and leadership structure of the two variables can explain to chief executive quit play a significant role. And some other common indicators of corporate governance, such as the scale of the board of directors, the proportion of independent directors, the board of directors shareholding, etc., has failed to significantly explain, chief executive of resignation.
 
II, the situation and causes of the gem listed company executives
 
(1) present situation of the gem listed company executives
 
1, the position distribution
 
Through until the end of November 2011 collected in the gem of the observed data analysis of listed companies, in a random sample of 130 listed companies in the gem, most executives are existed, light is not including members of the board of supervisors and securities transactions on behalf of the number of executives in up to 176 people. But among these there are 35 people are still in the original company. Leave the position of senior executives on the chairman of the board of directors and board secretary, down to the managers, financial director and director of sales, and so on. Many executives pluralism, can be observed from figure 1, the resignation of the position of senior executives is the largest number of "director", a total of 71 directors appear departure phenomenon, 50, including general manager and deputy general manager, executive stepped down as the "manager"; There are 36 senior executives resigned from the board secretary, 33 senior executives resigned from his position as chief financial officer, in addition to resign, President of the sales director, chairman of the technical personnel and the number of resignations are six, five, three, two. Although there are still 35 employee to work in the original company, but in a sixty-five - bit pluralism executives more than half people resigned from the company in all positions. (as shown in figure 1) :
 
Figure 1 each job resignation figure number
 
Data sources: the network to collect on its own
 
Removal of 13 executives shareholdings data cannot be collected, there are 69 people in 176 executives executives shareholding is zero, from the data that ruled out two executives indirect stake outside the rest of the 92 executives are the company's shares. By comparing the departure from 2010 to 2011 the number of shares held by the departing executives before and after changes, a total of 62 people holding does not change, the number of total to more than 60% of the total holding executives, including three people to underweight individuals hold shares, to increase the visitors with a total of 27. In accordance with the current data shows, increase the number of more.#p#分頁標題#e#
 
2, age distribution,
 
At the same time, from the Angle of age, the age of the gem executives to resign around 46, and the age of the small and medium-sized board and main board executives to resign is 45 and 54, respectively, from table 1, we can clearly see that the gem listed company executives to resign is present a younger age.
 
Table 1 gem listed company executives to resign age distribution in our country
 
Age gem of small and medium-sized board advocate board
 
Number number number number of executives of resignation executives resigned number number of executives resigned proportion accounted for
 
Under the age of 30, 2972% 31133% 020%
 
30-39378105% 8114056% 21012%
 
40-498182310% 258223612% 115462%
 
50-593519118% 637958% 94622%
 
More than 60 205933% 205933% 149215%
 
A combined 17619819% 44347619% 3612033%
 
The average age of 4641, 4843, 5449
 
Data sources: the network to collect on its own.
 
In view of the above for the gem listed company executives phenomenon analysis, based on the master data, we summarize and sums up the causes of this phenomenon.
 
(2) of the gem listed company executives
 
1, the temptation of fast cash shares
 
In a survey of 176 executives, 65% of the executives, directly or indirectly holds the original stock, fast cash shares become the fundamental aim of this part of the senior executives to resign. In executives position distribution, an executive to increase personnel increase, reduce its staff to reduce the phenomenon. The main reason is that it is due to the latest "on further regulate the gem listed company directors, supervisors and senior management personnel for the sale of the company stock behavior notice to the resignation of executives holding cash term extension, makes the executives is difficult to achieve within a relatively long period of time, the stock sell-off seek personal gain, and more than nine percent of senior executives were made at the time of listed companies about starting restricted commitment and executives lock, which after the departure of many executives do not have right to underweight; Second, the senior executives in China before departure, needs to increase the stock by the low cost, so that at the time of departure to obtain a higher amount of cash. But still trapped in the ban on the mid-term and at low cost in high profits of overweight phenomenon, are driven by self-interest, is a kind of the interests of the temptation, for final purpose is to reduce its cash, get more wealth.
 
For this part to hold the original company executives column ratio analysis, can be roughly divided into two types: one is the ownership of the shares held by man is his own. Secondly, on behalf of the holdings of the vc structure. The largest individual holding amount when belong to resigned in April 2010 for intelligence (300044), former deputy general manager, the board secretary Zhou Rong, stake of up to 6.79 million shares, while Zhang Yanping resigned from the huayi brothers (300027), chief financial officer, holdings of eighty thousand shares only. The growth enterprise market in shenzhen in 277 listed companies, more than half of the company to attract vc institutions was as high as more than 100, a total of nearly 2 billion investment amount. Personal stake was also the representative of the venture capital institutions, holding cost is very low, and some even negative cost.#p#分頁標題#e#
 
Small and medium-sized plate occurred in July 2011 executive holdings of 215, nearly 1 billion yuan, total cash since August of small and medium-sized board executives reduce its market value has exceeded 1.6 billion yuan, consider to combine these two phenomena and listed company executives hope as soon as possible after the cash is human, but "notice" provisions to reduce its proportion limit during his tenure of office is very strict. After the departure of shenzhen law: in the application after six months of a year, selling shares is not allowed in more than fifty percent of the shares held by itself, after the expiration of before all. Until the end of November, 2011, 277 average p/e ratio of 63.39 times the size of the gem listed companies, but the Shanghai a-share market average p/e ratio only 19.4 times; High p/e ratio indicates the high price, the vagaries of the stock market may be in a few days will dilute hundreds of millions of assets. As a result, many executives are resigned to cash-out book returns, thereby to keep so fast cash shares become the fundamental purpose of senior executives to resign
 
2, growth pressure lower than expected
 
High growth is one of the most important feature of the gem listed companies, and the index of general measure its growth is growth, and growth. To the original web host Peng Qing, general manager of science and technology (300017), for example, in 2010, he resigned in March network host, general manager of science and technology, the personal hold 4.3151 million shares, if cash is successful, will receive 96 million yuan. Peng Qing resigned not just because of the temptation of fast cash holdings, forced by the pressure and complete the growth target. Listed on the web host technology since the day Peng Qing gave the company set up three years three goals, one of the goals is to keep the average annual revenue growth of fifty percent. Released by the interim results of observation, in the first half of 2010 a total of 2010 startups year-on-year growth of 28.1%; The net profit year-on-year growth of 25.7%; However web host technology revenue grew by 6.18%, year-on-year net profit fell 29.98%, it is not only the targets set by the unfinished, and still far behind the performance of other firms listed on the gem in the same period.
 
III, the other the needs of the development
 
Gem executives have resigned, and not just because have a better development opportunity, it is also possible that the original company relationships deteriorated sharply. Fang, in January of 2010, resigned as flush (300033), the board secretary, according to tracking, within one month after his resignation, fang was launched another operation mode with partners and flush approximation of software enterprises.
 
IV, the influence of the gem executives to resign
 
While the executives to resign resignation reason to differ, however, shall be investigated for what, all can be used to achieve maximum benefit for generalization. The so-called gentleman's love of money, take youdao. The pursuit of the maximization of the interests of the individual is there is no wrong, but to build on the basis of the damage the interests of others is wrong, especially against justice and fairness, seriously affected the healthy and continuous development of social economy. Due to the wave of executives have resigned, unavoidable influence to the company and society brings about the following points:#p#分頁標題#e#
 
(1) increase relevant stocks selling expectations
 
Because the gem listed companies there is moderate, the characteristics of the total equity and its stake in this highest is vc institutions as well as executives. Simply rely on access to dividends and long-term stakes in listed companies is not the fundamental goal of vc, their purpose is to use the biggest buying and selling shares to earn high profits with high risk link. Because there is cheap cost of investment, which means that once the shares lifted, VCS will try our best to withdraw the melee, has until the end of November 2011, lifted the ban on the total number of shares of venture capital institutions as high as 3.8 billion yuan, the total accounted for twelve percent of its ban combination. In addition, relative to the executive individual stocks, achieve personal wealth value-added way quickly and with high valuations holdings of shares, which can effectively avoid the long-term risk of company's business. Accordingly, if resign executives, including venture capital organization representative will share holdings in the short term, will fundamentally affect the stock price, especially those holdings is high and the volume of the stock market.
 
(2) shaken investor confidence long-term holdings
 
That especially in the position of general manager, chief financial officer and other key executives for the company's operating condition is the most familiar, they once resigned and cash out of its own shares, equals to the indirect investment are overvalued, convey a company's stock price growth is poorer, shaken investor confidence in the long-term ownership, directly affects the stable and healthy development of the enterprise.
 
(3) the influence related company and stable development
 
Resignations will not only affect the company's operation and management, and even spread to the company's stability and development. Generally speaking, the general served as executives, professional manager per capita have relatively relatively rich professional skills and management concept, in the company's core position, as a very important role. Senior executives to resign from the short-term perspective, belong to the company a loss of talent, can cause negative effects to the company management and administration of short-term; But from the long-term perspective analysis, their resignation is beneficial to promote the reasonable allocation of talent, is conducive to the introduction of a higher level talents. So the gem listed company executives to resign has various reasons and the impact of the also have differences. We should not to inhibit the growth of those under pressure and choose to resign; However for those who are difficult to resist the temptation of cash out quickly and get high returns and choose to resign, you should take some measures to curb.
 
(4) investors
 
Due to the fast cash gem executives, makes the restricted stock listing has quickened, thereby increasing the current outstanding shares, causing existing funds to support the current share price, only through stock prices down to maintain balance. In addition, executive stock held by most of the cost is very low, so has a fairly high profitability on the growth enterprise market, selling so executives will have very strong will, because the price is determined by supply and demand, if the market is not willing to flange, instead will make shares appear the situation of continuous drop stop. Resign now, therefore, to some extent improve the selling pressure on market dynamics, so that the instability of individual stocks to enlarge. This behavior may deliver the executives don't believe in the company for the development of information, makes the stock investment personnel to price forecast is low, shaken investors investment confidence, stock prices have been falling. At present, the gem formed to produce a large amount of bubbles, hold up a lot of people, so the gem instead became the purse of executives. Enterprises in the process of development, investors and investment institutions by buying shares to support the development of the enterprise, so as to make the company executives with billions of property, but executives in get a lot of returns at the same time, but will be high risk to the investors.#p#分頁標題#e#
 
(5) corporate governance
 
The gem companies, in general, most are still in the stage of growth, the company profit model is relatively single, so the stability of their own business operation is relatively weak, more dependent on the executive and professional and technical personnel. If executives have resigned in the short term, it will lead to investment are under the illusion that the company valuations have even far beyond is the value of itself, thus shake their confidence in investment, development prospect of the company lost confidence, make share price starts to take on the situation of the all the way down; Moreover, due to the executives resigned in office period quickly, cause huge loss of core technical management personnel, can cause the disorder of internal management, and even hinder the company's normal operation and healthy development.
 
(6) of the gem
 
In fact in the stock market, the number of individual executives to resign belong to the company's internal management of the normal phenomenon, but in the short term, so a large number of executives appear but resignation wave reflects a company's fundamental problems appeared on the system. It is because of a loophole in the existing system of the company, became the springboard, executives are cash rich and shaken investor confidence in the gem. This not only conflict with gem establishment original intention, even very bad effects on the main board market. Different industry, different enterprise, executives are not the same. But, from the enterprise long-term development goals, improve the competitive power of enterprises and improve the company management system is an effective way to control the executives. In this paper the present situation of the gem executives of listed companies in China and the reasons were analyzed, and the thought mainly executives fast cash share the interests of the pressure of work, earnings below expectations and the other the needs of the development. To this, this paper puts forward the specific countermeasures, that should reduce the temptation of executives to resign to cash, increase the difficulty of the executives to resign cashed out, increase the cost of executives to resign to cash, etc.
 
V, gem executives to resign coping strategies
 
Despite numerous data show that China's current laws and regulations for the senior managers of listed companies to buy or sell their shares is limited to the relevant provisions of the "company law" the 142th, the "securities law" article 47, the listed company held by the directors, supervisors and senior managers of the company and its change management rules "article 4 and the latest" on further regulate the gem listed company directors, supervisors and senior management personnel for the sale of the company stock behavior notice. Judging from the current situation, however, it is because of the laws and regulations such as "notice" regulations come on stage, makes the resignation of executives holding cash term extension, thus to resign staff's stake has carried on the standard adjustment, makes the executives is difficult to achieve within a relatively long period of time, seek personal gain stock sell-off. Due to more than nine percent of top executives were made at the time of listed companies about starting restricted commitment and executives lock, which after the departure of many executives do not have the rights of the underweight caused the expectations and collect data: the difference of the 27 people chose the overweight, 3 people chose to underweight. But it also reflects some executives of the company's development prospects remain full assurance of faith, the vast majority of the stock of the ban, however, still need a long time to prove that the real reason of executives, this in the final analysis, or, from the perspective of the system, only the strict and perfect system, and to guarantee the growth enterprise market healthy and stable development. Through summarizing, this paper suggested that domestic securities regulatory commission the legislative branch and shenzhen exchange policy staff basic can from the following several aspects to eliminate system vulnerabilities:#p#分頁標題#e#
 
(1) reduce the temptation of executives to resign to cash
 
Gem executives in the short term have quit resigned because in their view is the root cause of the current cash stock returns are higher than for the company to bring their own interests. This prompts us: if executives believe with company growth is the interests than resign cashed out of interest, then the odds of resignation will be significantly reduced. Policy researchers can be as the breakthrough point of the problem solving the following three aspects: the first innovation of the current systems of ipo pricing, and put an end to institutions bid up the price phenomenon appears, to ensure stock prices reflect their own value. Secondly to strengthen and deepen the responsibility of the sponsor, strictly prevent the gem listed companies false results before packing. Third CSRC gem related responsible staff strictly fulfill its regulatory responsibilities, audit and control play a good effect, preferential selection is rich in growth of enterprises. Different industry, different enterprise, executives are not the same. But, from the enterprise long-term development goals, improve the competitive power of enterprises and improve the company management system is an effective way to control the executives. In this paper the present situation of the gem executives of listed companies in China and the reasons were analyzed, and the thought mainly executives fast cash share the interests of the pressure of work, earnings below expectations and the other the needs of the development. To this, this paper puts forward the specific countermeasures, that should reduce the temptation of executives to resign to cash, increase the difficulty of the executives to resign cashed out, increase the cost of executives to resign to cash, etc.
 
But as a result of resignations problem is usually for a kind of behavior, and we generally the object of study is based on the company as the object, usually most of the existing research is chairman of the board of directors of the company or the CEO's resignation behavior study, when companies and individuals are one, and this paper involves the resignations may appear a company has several senior executives to resign, so this article is the study of human research, it makes the characteristics of some companies give each individual sample, may to the research conclusion has certain deviation, there are some shortcomings. At the same time, this also is the future direction of the research in this paper, by using the corporate level and individual level better combine research, makes the conclusion more powerful.
 
 
(2) increase the difficulty of the executives to resign to cash
 
Standing in the point of view of practice to observe, the shenzhen stock exchange for executives have resigned cash limits of weaker, therefore not be able to obtain results quickly. So you can from the following two aspects promote executives to resign the difficulty of cash: one set by the shenzhen stock exchange rules: mandatory plans listed on the gem executives need to before the company profit three to five years in a row, there is no hold shares transfer of rights; In the second to speed up the repair of the company law provisions on the gem listed company executives share transfer. For example the resignation of executives can be gained from personal stock quantity and time limit to the company shareholders' decision.#p#分頁標題#e#
 
(3) increase the cost of executives to resign to cash
 
Executives resigned for stocks to raise cash to pay a certain amount of personal income tax, in accordance with the current domestic related provisions of the personal income tax law, natural person shareholders before the company listed in listed company after the transfer of equity, need to pay the personal income tax of twenty percent. Can be in the form of "progressive tax rate" to replace the traditional way of fixed rates, so will cash in aeriform in ascension the resignations of personal income tax rate, the cash for the resignation of self-interest behavior has a certain degree of inhibition effect.
 
Summary
 
Different industry, different enterprise, executives are not the same. But, from the enterprise long-term development goals, improve the competitive power of enterprises and improve the company management system is an effective way to control the executives. In this paper the present situation of the gem executives of listed companies in China and the reasons were analyzed, and the thought mainly executives fast cash share the interests of the pressure of work, earnings below expectations and the other the needs of the development. To this, this paper puts forward the specific countermeasures, that should reduce the temptation of executives to resign to cash, increase the difficulty of the executives to resign cashed out, increase the cost of executives to resign to cash, etc.
 
But as a result of resignations problem is usually for a kind of behavior, and we generally the object of study is based on the company as the object, usually most of the existing research is chairman of the board of directors of the company or the CEO's resignation behavior study, when companies and individuals are one, and this paper involves the resignations may appear a company has several senior executives to resign, so this article is the study of human research, it makes the characteristics of some companies give each individual sample, may to the research conclusion has certain deviation, there are some shortcomings. At the same time, this also is the future direction of the research in this paper, by using the corporate level and individual level better combine research, makes the conclusion more powerful.
 
Reference
 
[1] rulu, Li Quan. Business analysis raise phenomenon analysis [J]. Beijing: China's financial, 2010, 11.
 
[2], xu Mr. Cheng. Liu Yang. Explain abnormal behavior [J]. Beijing: capital market, 2011, 11.
 
[3] PI. Resignations cashed out five reasons [J]. Wuhan: finance, 2010, 10.
 
[4] wang hai-fen Yang, bang-hong zhao. Based on executives to resign under the background of the gem listed company internal incentive mechanism study [J]. Beijing: the commercial accounting, 2011, 03.
 
[5] dangerous signs. The legal regulating of the gem listed company executives to resign cashed out research [J]. Journal of era of law, 2011, 2.#p#分頁標題#e#
 
[6] weygand. Senior management incentive and operating performance of listed companies [J]. Journal of economic studies, 2009, 03.
 
[7] Gong Yuchi. Corporate performance and top replacement [J]. Journal of economic studies, 2010, the euro.
 
[8] Cao Rongrong. Senior management change and operating performance of listed companies empirical research [D]. Southeast university, 2001.
 
[9] hong-jun zhu, Lin Yu. Executives to replace the wealth effect [J]. Journal of economic science, 2009, 2009.
 
[10] WuGuoMei. Reflections on the phenomenon of listed company executives to resign cash [J]. Journal of modern management science, 2011, 05.
 
[11] Ceng Yi. Compensation management, executive changes and the value of the company [J]. Journal of Shanghai management science, 2009, 07.
 
[12] the listed company equity incentive mechanism on the effectiveness of the empirical analysis [J]. Journal of modern business, 2010, 6.