中文摘要：

上市公司采用经营权和所有权分离的治理结构，使CEO无形中成为企业战略投资等重大决策的实际拥有者，CEO通过行使其权力对组织绩效产生重大影响。以沪市的197家制造类企业为样本，运用截面数据回归的方法，研究这些企业的CEO的任期长短与组织绩效之间的关系。研究结果最后表明，CEO的任期和组织绩效之间存在着倒u字型非线性关系。

英文摘要：

The governance structure of operating rights and ownership separation that listed companies adopt makes CEO virtually become the actual owners of major decisions such as corporate strategic invest. CEO has a major impact on organizational performance through exercising his powers. Based on the cross - sectional data of 197 Chinese manufacturing listed companies in the Shanghai Stock Exchange, this paper examines the relationship between CEO tenure and firm performance through multiple regression analysis. We find that the CEO tenure has an inverted U - shaped relationship with firm performance.