【摘要】 选择总资产主营业务利润率、总资产营业利润率、总资产净利润率作为评价公司业绩的指标,以CEO非常规变更、CEO外部继任、CEO是否受控股股东控制、CEO变更公告的时间以及继任CEO的年龄刻画CEO的继任特征,采用OLS与Logist回归方法,实证检验了3个指标在CEO变更期间的变化与CEO继任特征的相关性。研究表明,CEO变更期间的业绩变化与外部继任显著正相关,变更当年的业绩变化与CEO下半年变更显著负相关,公司业绩变化与控股股东对CEO控制倾向正相关,CEO的非常规变更并未带来上市公司业绩的显著提高。更多还原

【Abstract】 The study investigates the relation between the change of firm performance and properties of CEO succession in the Chinese listed companies by OLS and Logist regression,and choses the change of ratio of core operating income to book assets,ratio of operating income to book assets and ratio of net income to book assets in the period of CEO turnover being the criterions of firm performance.This paper finds out that the change of fime performance is significantly positively related to outside succession,while negatively related to the time of CEO turnover.Nonroutine turnover does not lead to improve of performance.更多还原