中文摘要：

结合人力资本理论和委托代理理论，运用倾向得分匹配法（PSM）分析经理人更迭过程中聘用外部经理人对未来绩效的影响以及高管持股在两者关系中的作用，研究表明经理人外部继任对企业未来绩效更有促进作用，其中对国有企业未来绩效的促进效应更加显著，高管持股负向调节外聘经理人对企业未来绩效的正面影响。这些结果说明深化国有企业的混合所有制改革，推行职业经理人制度是国有企业提升经营绩效的重要途径。

英文摘要：

Based on human capital theory and the principal-agent theory, the paper uses propensity score matching （ PSM ）, to analyze the impact of employing external managers on future performance and the role of executive stock own- ership on the relationship between them in the process of changing managers. Research shows that the external managers have a positive effect on enterprise performance, the promotive effect on the future performance of state owned enterprises is more significant and executives shareholding negatively regulates the positive impact of external managers on firm＇s fu- ture performance. These results show that deepening the reform of the mixed ownership of state-owned enterprises to im- plement the system of professional managers is the important path to enhance the operation performance of state-owned enterprises.