Taking samples from Chinese listed companies, the article studies the determinants of independent director's replacement with empirical research method, and the EVA firstly denotes the performance of company domestic and overseas. It derives the conclusion that the performance, lawsuit & arbitration and working hours are the determinants of independent director's replacement. It makes a further research on the listed companies with ambiguous reasons for independent director's replacement in 2003 report, and finds out the hidden reasons behind the disclosed ones.