In order to reform the state-owned enterprise with the Shareholding system, based on share-issuing enterprise?s theory and China s actual conditions, we must forge a new management structure sensibly after the state-owned enterprise s reforming, especially a sensible operational mode of board chairman, and make it function in order to promote shareholding system.

The results of these two methods are similar and complement each other,from which we can find that four factors,such as tobin s Q,age,degree and stock turnover,are affecting board chairman and CEO s tenure risk similarly because that both board chairman and CEO are sh.

This article expounds the background of CEO emergence, emphatically analyzes the difference not only between CEO and manager but also between CEO and chairman of board, furthermor.