This research employs the event study method to investigate China Ashare listed companies from 2015 to 2017 and analyze the influence factors of stock prices triggered by changes in senior management. Based on the analysis results, we find that changes in senior management are taken as unfavorable news, and so the stock market has significantly negative reactions to said changes. However, this research does not see any significant influence factors of the market reaction caused by a change in the chairman of the listed company. Instead, the general manager’s company attributes (private capital or state-owned capital), political background, method of change, and hiring method all significantly incur market reactions. The results herein can serve as a basis for investors’ portfolio decisions when a company announces an executive change and offer the China Securities Regulatory Commission (CSRC) a reference for its stock market supervision.