关键词: 处罚公告, 声誉机制, 变更高管, 缓解效应

Abstract: In the modernized economy，reputation is closely related to business performanceWith the punishment to the enterprise violation regarded as the negative impact on its reputation，a large number of empirical facts show that the punishment announcement will significantly reduce the enterprise performanceHowever，the findings of this paper are that，enterprises can alleviate the impact of negative reputation on enterprise performance through executive turnoverIn a sense，this mitigation effect means that it will reduce the regulatory efficiency for enterprise violationThe above findings reveal the internal relationship between organizational reputation and executive turnover decisionmaking，and also provide some possible enlightenments for understanding and improving the regulation and punishment mechanism on listed companies

Key words: punishment announcement, reputation mechanism, executive turnover, mitigation effect