The level of corporate governance directly determines the future development direction of companies. It’s known to all that the top management turnover plays an important role in corporate governance, and it can make modern company management structure perfect. Looking through available research, we may find most of all introduce different kinds of factors and economic consequences in order to discuss the relationship between corporate performance and management turnover, there are few literatures distinguish the impact on enterprise performance between general manager turnover and board chairman turnover. This paper is based on the present theories, adopting statistical analysis and empirical method in order to compare different influence on the operation performance among various types of management replacement. In the end, empirical studies indicate that the change of top management will improve companies’ performance, but it only leads to a short wealth effect, not in a long run. At the same time, we can also draw a conclusion, that is board chairman turnover makes more sensitive influence upon the enterprise performance compared to general manager turnover, therefore we should think twice before replacing board chairman.