| CEO is entitled with decision making and managing among firm’s operating activities and organizational strategies, who, accordingly, become the very core figure in the whole process. Therefore, CEO succession has become a matter of corporate existence and future development of major strategic issues. Its characteristics on firm’s performance draw a wide discussion among the academics. CEO successor of source, background and entrepreneurial talents which are seen as an important strategic resource that, to a large extent, determines the development and performance of an enterprise. It is of great meaning if we use statistical demology to measure CEO successors’ individual characteristics, demonstrating its impact on firm’s performance as well as the extent. This dissertation is based on Principal-agent Theory, Entrepreneur Human Capital Theory, the Theory of Social Capital and Higher-Order Theory, taking CEO successors’ individual characteristics as research objectives, using both Normative Studies and Empirical Research to evaluate CEO successors ’characteristics’ impact on enterprise short-term performance and long-term performance, and gaining research conclusion that contains both theoretical significance and practical value, thus providing theoretical basis and policy recommendations for making the succession decision of Chinese listed company and bettering professional managers markets.This dissertation is dived into five parts. The first part is the introduction, introducing significance, ideas and methods of this research, and reviewing pertinent literature on economic consequences of CEO successors’ characteristics and the influential factors of enterprise performance. Second part contains related concepts and theoretical foundations, clarifying CEO, CEO succession, CEO successor characteristics and CEO successors’ sources, expounding the concept of Principal-agent Theory, Entrepreneur Human Capital Theory, the Theory of Social Capital and Higher-Order Theory. The third part is the theoretical analysis and research hypothesis, combined with the background of current system in China, taking China Shanghai and Shenzhen stock markets A-share listed companies’CEO succession as the research object, and describe that according to annual, industry, source, educational background and age, thus analyzing mechanism of how CEO successors’influence enterprise performance, on which the three hypotheses presented. The fourth part is the empirical research, this article selects 2006-2011 CEO succession data of China A-share listed companies as the research sample, with reference literature at home and abroad building the model, a Logistics regression methods model used respectively, to empirically test CEO succession’s characteristics impact on both long-term and short-term impact of enterprise performance. The fifth part is conclusion and policy recommendations.After research we have come to conclusion that:(1) in the short term, CEO successors’sources, educational backgrounds and ages have no obvious impact on the improvement of enterprise performance; (2) Under the background of the current system, CEO successors’career sources and ages have striking positive correlation on the improvement of enterprise long term performance; (3) CEO successors’ educational background features fail to have striking positive correlation on the improvement of enterprise long-term performance. Combining with this dissertation’s research conclusion, we would like to recommend policy suggestions from three aspects:(1) in the aspect of CEO:it is of great need for CEOs to consciously strengthen competiveness of their own, thus improving their bargaining chip in the Labour market; (2) in the aspect of enterprise:on the one hand, the board have to be extremely careful when it comes to replace CEO; on the other hand, choosing management that is more fit into the company as well as successors’individual characteristics; (3) in the aspect of government:one is to help build and better the system of professional managers; another is to take a series of measures of enhancing the effectiveness of capital markets. |
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