中文摘要：

以2004-2014年A股上市的民营公司为研究样本,通过出生人口性别比和离婚人口比例衡量家族文化,研究了家族文化对CEO变更和公司财务行为的影响。研究发现,家族文化越浓厚,CEO变更的可能性就越小,CEO变更的业绩敏感性也就越差。进一步研究发现,CEO变更后,家族文化越浓厚,资本结构和现金持有量的变化就越小。本文的研究表明,家族文化降低了CEO变更这一重要的公司治理安排的有效性,同时阻碍了CEO变更后公司财务行为的变化。

英文摘要：

Based on the data of China＇s private listed companies over the period from 2004-2014, using the sex ratio at birth and the percent of divorced people in the city as a proxy for familisna, this paper studied the influence of familism on CEO turnover. We find that CEO are less likely to be dismissed in higher familism cities, CEO are also less likely to be dismissed for bad performance. Further studies show that capture structure and cash holdings would to be changed less around turnovers of CEOs. These results demonstrate that familism weakens the effectiveness of the important corporate governance arrangement, CEO turnover, and hinders the change of corporate financial behavior after the CEO turnover.