中文摘要：

基于公司治理机制内生于公司战略的观点，分别从战略实施所引发的公司治理机制的干预性调整与自发性调整两个方面探讨了多元化战略实施对总经理变更机制的影响。通过比较专业化与多元化公司总经理变更机制的差异，发现多元化公司总经理变更的可能性与财务绩效显著负相关。通过进一步比较不同多元战略实施模式对总经理变更机制的影响，我们还发现控股型多元化模式不仅可以保持总经理变更机制的有效性，同时避免了总经理变更对绩效的过度敏感。

英文摘要：

Based on the view that corporate governance mechanism is endogenous of corporate strategy, this paper studies the effect of implementation of diversified strategy on CEO turnover mechanism from the perspectives of spontaneous adjustment and interfering adjustment of corporate governance mechanism caused by strategic implementation. Through a comparison of differences in CEO turnover mechanism between specialized and diversified corporations, we find that there exists a significantly negative correlation between possibility of CEO turnover and financial performance in diversified corporations. Besides, through a further comparison of effects of different implementation models of diversified strategy on CEO turnover mechanism, we also find that the shareholding diversified model can maintain the effectiveness of CEO turnover mechanism and avoid the inappropriate sensitivity of CEO turnover to performance at the same time.