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中文摘要：
基于我国上市公司2001～2007年的数据，对创始人离任现象及其对企业成长的影响进行了实证检验。现阶段一些企业出现了创始人离任的现象，不同的离任模式对企业产生不同的影响：创始人离任但受聘高管不离任以及创始人与受聘高管都离任，都将对企业产生显著的消极影响，与创始人离任后期的企业绩效显著负相关；创始人留任但受聘高管离任，这种类似于“替罪羊”的离任模式不仅没有降低企业的后续经营业绩，反而有利于企业绩效的改进。这些结果表明，创始人在企业发展过程中具有一定程度的不可替代性，其留任行为有利于企业的发展，是一种“善意”的自我保护。
英文摘要：
This paper empirically exams the relationship between the turnover of founder and firm performance. By analyzing the panel data of listed companies in China from 2001 to 2007, we make the following conclusions. First, the phenomenon of turnover of founder is not common until now; the e- vent of founder＇s turnover does not happen in most of companies. Second, the event of turnover of founder includes two main types： founder departs but other top managers stay and both founder and top managers depart, no matter which situation happens, it will have significant negative effect on firm performance, but this effect was mostly reflected on the following year of the turnover happens. Third, when founder stays in the firm but other top managers departs, this turnover type does not de- crease firm performance, but increases the firm value. These results indicate that, the founder plays an irreplaceable role during the firm operation. Scapegoatism happens in the process of the turnover is a kind of benevolent action to protect founder himself.
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