本文以我国沪深A股上市公司为样本，使用事件研究法研究CEO更换对股票价格的影响。研究发现， CEO更换会增加事件期异常收益的方差并在事件期内产生正的异常收益；当股价表现优于市场时，CEO更换不产生异常收益，否则将产生正的异常收益；不分红公司的正异常收益大于分红公司；存在信息不对称时，异常收益不显著但波动剧烈；经营业绩下跌时的正异常收益大于经营业绩上升时。回归分析发现，机构投资者较一般投资者更关注新CEO的学历，但年龄、性别和公司规模对于异常收益的影响不显著。%Based on the data of China's A-share listed companies in Shanghai and Shenzhen Stock Exchanges, this paper studies the stock price effect caused by CEO turnover using event study methodology. The study shows that CEO turnover would generate an event-induced variance and significant positive abnormal returns when the stock price of the company outperforms the market, but not when the stock price is underperformed. Companies that did not distribute dividends in the previous year tend to generate higher abnormal positive returns than those that did. When information asymmetry exists, abnormal return is insignificant and shows dramatic fluctuations. The cumulative abnormal returns of companies whose operation performance was declining are greater than the companies whose operation performance was rising. The regression model reveals that institutional investors are more concerned about the educational background of new CEO than general investors, but age, sex and size of the company do not have significant influence on the cumulative abnormal returns.
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