| CEO tenure, not only is an ordinary time phenomenon, but also is an important management matter, which has relatively distinct value for CEO and firm. Tenure can give CEO active management thinking, energetic learning which result in good performance. On the other hand, tenure can make CEO blindly self-confident, stiffly conservative. It could destroy the firm, which would make CEO a failure. In the same way, CEO tenure, can not only make CEO match with the firm, but also give birth to keen-edged conflict for the long-tenured CEO's control. In a word, CEO tenure affects firm performance, whose distribution differences have obvious performance function. This is why the relationship between CEO tenure and firm performance has become academic hotspot for the recent years in the strategy and top-management fields.There are numerous academic disputes on the affirmatory meaning of the relationship between CEO tenure and firm performance. The scholars can not reach consistency about the viewpoints that the long tenure has positive performance function or not. As a whole, the researches about the relationship between CEO tenure and firm performance have been carried through in the western social and economic context according to the upper echelons theory. It would produce regionally parochialism for the above research conclusions accordingly. But the introduction and validation of the theory for the relationship between CEO tenure and form performance would absorb our country's market characteristic, develop new theory viewpoints and facilitate the theory extension in the our transitional market system.The research on the relationship between CEO tenure and firm's performance has great practical value besides the theoretic significance, because many phenomena about relationship between CEO tenure and firm's performance have come forth gradually from the market-oriented reform in China. Although the importance of CEO tenure to the firm performance has been recognized, the relevant researches mostly cared for the superficial problems, did not pay attention to the deep-seated mechanism by the quantitative research. This paper promotes normative research by right of questionnaire investigation on the base of the extant literatures. The goal is to prove up the relationship form, to find the mechanism that CEO tenure affects the firm performance which can offer practical advices for corporations in China.This paper develops a comprehensive theoretical model through the absorption of the present research production. Firstly, the test outcome about the direct relationship between CEO tenure and firm performance indicates that CEO tenure has positive influence on the firm performance significantly. The CEO's dynamic learning ability is brought forward to explain the positive relationship form, which emphasize the linchpin of the dynamic learning ability for the CEOs in transitional period of China. Secondly, this paper tries to find the existence probabilities of the intervening variables that are strategic match between corporation and outside environment, top-management-team risk-taking propensity and CEO's attitude toward change. The research result proves the intervening function for the strategic match between corporation and outside environment; it gives prominence to the strategy planning and strategy adjustment for the CEO. Thirdly, this paper tests the moderating influences from the industry-level variables, organizational-level variables and CEO-level variables. The intervening functions of the firm's past performance, corporation's stock characteristics, CEO age and CEO gender are proved. The above conclusions make clear that the small- and medium-sized enterprises like the surveyed object in this paper, should make the best of the past performance, decentralize not centralize the stock of the enterprise to promote the firm's performance. The younger CEO candidates should be selected as compared with the older. At the same time, the difference of the gender should be think much of after CEO candidates' ability characteristics have been identified.This paper on the relationship between CEO tenure and firm's performance is only an exploratory start in the transitional context of China. The research methods and theory frame should be deepened and improved in many aspects.
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