本研究探討台灣壽險業總經理(Chief Executive Officer，CEO)更迭，在公司治理機制下對經營績效的影響。本研究樣本為1998至2012年14家台灣公開發行壽險公司，資料來源為台灣證券交易所公佈總經理異動宣告事件及各家公司股東會財務年報，共145筆樣本資料，利用以不平衡追蹤資料（Unbalanced Panel Data）模型進行迴歸實證分析。 總經理更迭實證結果發現，總經理更迭對於經營績效無顯著相關，符合代罪羔羊理論。若細分更迭類型，結果顯示自願性更迭為顯著負向關係，符合惡性循環理論;強迫性更迭為顯著正向關係，符合常識理論。 公司治理部分，結果顯示董事會規模大小、董事長兼任總經理、獨立董事比例與經營績效呈顯著負相關；在股權結構分析中發現，大股東持股與績效呈顯著正相關，符合利益收斂假說。本文進一步探討金融海嘯與法令規範修正對於公司治理機制是否影響經營績效。研究發現，金融海嘯對於公司治理機制無顯著影響；法令規範修正後，董事會規模大小、董事長兼任總經理與經營績效呈顯著負向關係。 本研究亦探討總經理教育學歷背景是否影響公司經營績效，研究發現學歷背景為行銷管理或法律專業相對於財務投資專業領域之總經理，經營績效表現較佳。 This study discusses the impact of the chief executive officer (CEO) turnover under the corporate governance on the operation performance of Taiwan’s life insurance industry. Fourteen Taiwan companies offering life insurance publicly were sampled. Rolling data from CEO turnover announcements published by the Taiwan Stock Exchange and annual financial reports released by the board of each company were also considered. This study collected a total of 145 samples, on which the empirical regression analysis was conducted based on unbalanced panel data. Empirical regression analysis results show that CEO turnover and operation performance have no significant correlation, a finding that adheres to the ritual-scapegoating theory. Among the subdivided types of turnover, routine CEO turnover shows a significant negative correlation with operation performance, which coincides with the vicious-circle theory. The non-routine CEO turnover shows a significantly positive correlation, which agrees with the common-sense theory. The board size, CEO duality, and percentage of independent directors on the board show a significantly negative correlation with operation performance. The ownership structure analysis, shows that the proportion of block shareholding has a significantly positive correlation with operation performance, which adds evidence to the convergence of interest hypothesis. This study further explores the impact of financial crises and law amendments on operation performance. The findings show that financial crises have no significant influence on operation performance, whereas law amendments have a significantly negative correlation with the board size, CEO duality and operation performance. This study also discusses whether the educational background of a CEO influences corporate operation performance, particularly the observation that CEOs who have majored in marketing management and law perform better in finance.
