中文摘要：

CEO继任是事关企业发展存续的重大战略问题,CEO继任财富效应也是西方学者近年关注的热点问题之一。引入5个CEO传记特征变量分析CEO继任的财富效应,通过应用事件研究法,以2004年中国发生CEO继任的216家上市公司为例进行实证分析。研究结果表明,中国上市公司的CEO继任财富效应显著,与继任CEO的受教育程度、拥有MBA背景和国际经历正相关,与CEO的继任来源无显著关系。

英文摘要：

CEO succession is an important strategic issue for the sustainable development of firms, and the wealth effects for CEO succession is also the hot spot of western academia. With introducing age, educational level, succession source, MBA back-ground, and international work experience these five CEO demographic characteristics variables, this paper adopts event study method to analyze the wealth effects of CEO succession. During the research, empirical analysis is conducted with using data from Chinese listed companies where CEO successions occurred in 2004. The results show that the wealth effects of CEO succession exhibits an inverse U-curve relation with the age of the CEO succeeded, and relates positively to external successors＇ educa- tional levels, MBA background and international work experiences, but has no significant relations with succession source.