有鑒於高階管理者屆齡退休及其他原因的異動對公司日常營運決策及績效的影響，本研究透過分析國內2001至2005年上市公司樣本後發現，發生高階管理者退休的公司大多為一次且自願性的異動，而非經常性的活動，此為一家公司經營權輪替的正常行為。但發生高階管理者其他原因異動的公司則多在研究期間內有高於2次以上的異動行為。而關於高階管理者異動事件宣告效果方面，本研究實證結果顯示，因屆齡退休而公司產生管理者異動時，市場對此的反應較佳，但若發生其他原因的異動時，市場則產生負面的反應。
至於高階管理者在產生屆齡退休及其他原因異動後公司的績效情況，本研究結果顯示在會計指標上，其他原因的異動在管理者更換後公司經營績效較之前為差，和市場對事件宣告的反應相符合；但就屆齡退休樣本而言，管理者輪替後公司經營績效的指標相較之前結果並無較差的情形，這也與市場的反應相符，本研究推測可能意味著公司在發生高階管理者屆齡退休前即安排接班人事宜，以便在新任管理者接棒後能迅速了解公司運作情形。
上述的實證結果使得台灣公司高階管理者異動在市場宣告反應及經營績效獲得連結，對後續研究者及投資人在未來從事研究及投資時可作為參考依據。

In order to understand the information content of CEO turnover to corporate operating performance, from analyzing the listing companies between 2001-2005 in Taiwan, this research found that the most CEO retire is once and voluntary activity, this is normal in the daily operation. As for the other turnover activity, which often happened in the corporate more than once in the research period. As for the announcement effect about CEO turnover, the article found that no matter what reasons, the effect is negative, and more significant in involuntary turnover.
In the case of the performance after CEO turnover, this article shows that no matter from accounting measure, the companies with the other turnover perform worse than before the result is identical with the announcement effect. But which with retire companies perform better than before it seems that the market reacted too pessimistic when the event happened.
The above empirical results shows the replacement of Taiwan corporate CEO links with market announce reaction and performance which offers the foundation of reference for later researchers and investors that undergo the study and investment.

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