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本文以2001至2004沪深两市发生总经理变更的制造业上市公司及其配对公司为研究对象,考察了总经理替换与公司绩效以及内部治理机制之间的关系。研究发现,总经理替换与公司绩效、董事长与总经理的两职合一以及第一大股东持股比例之间均显著负相关,但董事会制度变量对总经理替换没有显著影响,说明让董事“懂事”仍是未来公司治理改革的重心。
In this paper, the listed manufacturing companies and their counterparts, whose CEO changes from 2001 to 2004 in Shanghai and Shenzhen stock exchanges, are selected as research objects to examine the relationship between the replacement of general manager and the performance of the company and the internal governance mechanism. The study found that there was a significant negative correlation between the general manager’s replacement and company performance, the combination of the two positions of the chairman and the general manager, and the shareholding ratio of the largest shareholder. However, the system variables of the board of directors did not significantly affect the replacement of the general manager. “Sensible ” is still the focus of corporate governance reform in the future.