【摘要】 作为国有企业最高决策者，董事长的选拔任用机制是驱动企业高质量发展的重要制度安排。基于手工搜集的董事长履历刻画其选拔方式，本文运用2007—2021年沪深A股国有上市公司数据，从企业效率视角，系统考察了内部选拔与外部调任对国有企业高质量发展的影响差异。研究发现，相比外部调任，内部选拔董事长能显著提升企业效率，这主要得益于内部选拔所形成的信息优势，降低了管理团队的信息不对称，能在“量”上减轻企业过度冗员，在“质”上激发经理层积极性。进一步研究表明，当董事长在较为年轻时被提拔、尚未临近退休、受到较大晋升激励和薪酬激励而具有较强履职动机时，或由非总经理岗位晋升、拥有董事会和经理层双重岗位经历以及较少在其他企业担任董事而具有较高履职能力时，内部选拔的积极效应更为凸显。本研究不仅为“选拔方式—企业绩效”范式的理论争议提供了增量解释，更为国有企业关键岗位人才提供了“选拔方式适配治理情境”的优化路径。更多还原

【Abstract】 As the paramount decision-maker in state-owned enterprises(SOEs), the chairman’s selection and appointment mechanism is a critical institutional arrangement for driving high-quality development. Drawing on a hand-collected dataset of chairman career histories to characterize selection methods, this study utilizes a sample of Chinese A-share listed SOEs from 2007 to 2021 to systematically investigate the differential impact of internal promotion versus external appointment on corporate efficiency. The findings reveal that internally promoted chairs significantly enhance corporate efficiency compared to their externally appointed counterparts.This effect is primarily attributed to the information advantage inherent in internal promotion, which mitigates information asymmetry within the management team, thereby improving resource allocation by reducing excessive overstaffing and enhancing managerial initiative.Further analysis demonstrates that the positive effect of internal promotion is more pronounced when chairs possess stronger incentives to perform(e.g., being younger, not approaching retirement, and facing high promotion and compensation incentives) or exhibit greater execution capability(e.g., being promoted from non-CEO positions, having dual experience on the board and in the management team, and holding fewer external directorships).This study not only contributes incremental evidence to the theoretical debate on the “selection method-firm performance” paradigm but also offers a practical optimization path for talent management in key SOE positions: adapting selection methods to the specific governance context.更多还原