Is it better to change top management after a merger or acquisition?

In this paper, we analyzed the relationship between turnover of top management and performance of listed companies after takeover. We made a hypothesis that after equity change of listed corporations, the turnover of top management improved the performance of these corporations. We chose the sample of listed corporations in Shenzhen and Shanghai security exchanges which had equity change, and we used the assessment of the "Operating Performance" Methodology to analyze the performance of these listed corporations empirically. We find that the company which had turnover of top management after the corporate control right changed, had significant performance improvement, and had better performance than the company which had not had turnover of top management after the corporate control right changed.