Abstract: The level of ability and management efficiency of CEO directly affect the enterprise equity value and its changes, and also the decision executive of succession is decided by the board of directors, and largely be affected of the structure of the board, and also which the proportion and the power of outside directors in the board of directors are the key factors in the decision of executive succession. Based on the analysis about the annual report data of Listed Corporation (2000-2014), the paper find that：1）The outside succession decision is the optimal decision for company after the current CEO is turn off.；2）This paper believes that the correlation between the proportion of executive succession probability and external corporate board of directors of independent directors is positive.；3）The outside succession probability increased with the proportion of outside directors and presents a monotone increasing state. This kind of relation is monotonic in the current executives of voluntary and forced redundancy of two cases.；4）By analyzing the enterprise average stock return level after the announcement of the succession information, we find corporate shareholders will benefit from the external succession，but shareholders cannot benefit from the internal succession.；5）The smaller the size of the enterprise, the higher the utility of the external succession decision, but the higher the degree of corporate regulation, the lower the utility of the external succession decision.

Key words:  board structure, outside director, external succession, internal succession