党的二十大报告指出：“深化国资国企改革，加快国有经济布局优化和结构调整，推动国有资本和国有企业做强做优做大，提升企业核心竞争力。完善中国特色现代企业制度，弘扬企业家精神，加快建设世界一流企业。”中央企业作为国资和国企的中坚和支柱，在推动国资和国企做强做优做大上具有示范和引领作用。中国特色现代企业制度的完善，企业家精神的弘扬，世界一流企业建设步伐的提质增速，企业高管团队及其关键人物——总经理或CEO都起着决定性的关键作用，因而在理论上和实践上亟待对央企总经理与企业绩效之间的关系及其影响机制进行深入解析，助力企业核心竞争力的提升。
本研究结合高阶梯队理论、高管团队异质性理论和高管团队行为整合理论，在针对CEO更替与企业绩效的关系这一领域已有研究进行全面回顾和系统性梳理的基础上，采用模糊集定性比较分析的研究方法，选取2010-2017年发生总经理更替的央企控股上市公司作为研究对象，从组织、群体、个体三个层面选取了总经理更替后可能影响企业绩效的七个主要因素（更替前绩效水平、前任离职原因、继任来源、CEO-TMT年龄相似性、CEO-TMT学历相似性、继任总经理职业经历、继任总经理专业背景）作为条件变量，将总经理更替后绩效改进情况作为结果变量，通过fsQCA3.0对其中的关键因素和变量间的叠加效应进行系统分析，得到了六个不同的高绩效改进条件组合。结合现实情况，将条件变量所反映的企业运行情况划分为“稳定&上升”和“波动or下降”、继任总经理类型划分为“适应型继任”和“变革型继任”，并将六种条件组合归纳为不同企业运行情况与不同类型的总经理继任匹配形成的四类绩效结果，进一步分析这些策略选择的作用机制及其成因。
研究结果表明：（1）央企控股上市公司总经理更替对企业绩效的影响受到多重因素的共同作用；（2）仅替换总经理很难使央企控股上市公司绩效实现由降到升的逆转；（3）选择与公司环境相适应的继任总经理类型可以促进企业绩效的改进。在此基础上，本研究提出了对于央企控股上市公司总经理更替的管理启示与未来研究展望，期望在丰富CEO更替领域研究成果、完善和拓展相关理论、为后续研究提供基础的同时，能够为我国面临总经理更替困境的央企系统内公司提供实证参考，助力我国企业高级管理人才的精准选拔与科学调配，进一步深化国有企业改革。

The report to the 20th National Congress of the Communist Party of China pointed out: "We will deepen the reform of state assets and state-owned enterprises, accelerate the optimization and restructuring of the state economy, make state capital and state-owned enterprises stronger, better and bigger, and enhance the core competitiveness of enterprises. We will improve the modern enterprise system with Chinese characteristics, promote entrepreneurship and speed up the development of world-class enterprises." As the backbone and pillar of state assets and state-owned enterprises, central enterprises play an exemplary and leading role in promoting state assets and state-owned enterprises to become stronger, better and bigger. The improvement of the modern enterprise system with Chinese characteristics, the promotion of the entrepreneurial spirit, the improvement of the pace of world-class enterprise construction, the enterprise senior management team and its key person -- general manager or CEO all play a decisive role, so it is urgent in theory and practice to conduct an in-depth analysis of the relationship between the general manager and enterprise performance and its influence mechanism to help enterprises improve their core competitiveness.
This study combines upper echelons perspective, executive team heterogeneity theory, and top management team behavior integration theory. Based on a comprehensive review and systematic review of existing research in the field of the relationship between CEO turnover and corporate performance, this study chooses to use qualitative comparative analysis method. This study selects listed central enterprises with general manager turnover from 2010 to 2017 as the research object, and selects seven main factors (pre-replacement performance level, reasons for departure of predecessor, source of succession, CEO-TMT age similarity, and CEO-TMT education similarity) from organizational, group, and individual levels, which may affect corporate performance after general manager turnover as the condition variables, and performance improvement after general manager turnover was taken as the outcome variable. By using fsQCA3.0 to systematically analyze the key factors and the superimposed effects among the variables, six different combinations of high performance improvement conditions were obtained. The conditions were classified as "stable & rising" and "fluctuating or declining", and the succession type of general managers was classified as "adaptive succession" and "transformational succession", taking into account the real situation. "The six combinations of conditions are grouped into four types of turnover effects formed by matching different corporate environments with different succession types, and further analyze the mechanism of these strategic choices and their causes.
The results of the study show that (1) the impact of general manager turnover on corporate performance improvement in central enterprises' listed companies is affected by multiple factors; (2) it is difficult to reverse the decline to rise by replacing general managers only; (3) choosing the type of successor general manager that matches with the corporate environment can promote corporate performance improvement. On this basis, this study proposes management insights and future research outlook on the turnover of general managers of central enterprises listed in holding companies, expecting to enrich the research results in the field of CEO turnover, improve and expand related theories, and provide a basis for subsequent research, while providing empirical references for companies in the central enterprise system facing the dilemma of general manager turnover in China, helping to cultivate and select senior management talents in Chinese enterprises and further deepen the reform of state-owned enterprises.