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中文摘要：
我们选择相对操控前业绩（ABROA）刻画公司的真实业绩，通过对CEO变更期间ABROA变化的分析，检验了CEO变更机制的有效性。研究结果表明，上市公司相对操控前业绩变化与CEO非常规变更显著正相关，但与常规变更的正相关关系不显著，这至少说明CEO非常规变更机制是有效的。常规变更与非常规变更的比较表明，竞争是CEO变更机制有效性得以发挥的关键。
英文摘要：
The paper selects the adjusted performance before earnings management,then examines the efficiency d CEO alteration mechanism by analyzing the change of the adjusted performance before eamings management during the period of CEO alteration. The paper. finds that there is a positive significantly relation between the adjusted performance before earnings management and CEO non - routine alteration , while it is not the same to CEO routine alteration. By comparing non - routine and routine alteration, this paper aho finds that competition is the key to the efficiency of CEO alteration mechanism.
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