产业政策对总经理变更的影响

基于2000—2020年沪深A股上市公司数据，考察产业政策是否影响总经理变更概率，以及政策特征和企业特征对两者关系的影响。实证结果表明：获得产业政策支持的企业更可能变更总经理；产业政策支持的力度越大，总经理变更的可能性越大，表现为重点支持产业政策比一般鼓励产业政策、中央和地方配套的产业政策比独立实施的产业政策对企业总经理更替的影响更大；动态分析表明，产业政策对总经理变更的影响主要出现在政策颁布实施的第1、第2和第5年；异质性分析表明，处于垄断性行业、规模更大、总经理持股比例更高的企业，产业政策对总经理变更的影响会削弱。

The Effect of Industrial Policy on General Manager Turnover

Based on the data of A-share listed companies in China from 2000 to 2020, whether industrial policy affects general manager turnover probability is examined, and the impact of policy characteristics and firm characteristics on the relationship between the two is studied. The empirical results show that companies that receive industrial policy support are more likely to change general manager. The greater the intensity of industrial policy support, the greater the possibility of general manager change, which is manifested in the fact that key industrial policies are more likely to be supported than general industrial policies. Industrial policies coordinated with local governments have a greater impact on corporate general manager turnover than independent industrial policies.Dynamic analysis shows that the impact of industrial policies on general manager turnover mainly occurs in the first, second and fifth phases of policy promulgation and implementation. The heterogeneity analysis shows that in monopolistic industries, large-scale enterprises, and enterprises with a higher general manager shareholding ratio, the impact of industrial policy on general manager turnover will be weakened.