由於近年來企業社會責任受到社會的重視倍增，在中國，企業對於企業社會責任的投入也逐漸增加，但在企業社會責任發展的同時，社會對公司投入企業社會責任的原因及投入所產生的價值，卻是存在非常大的疑問與爭論。過去有許多研究顯示，企業的財務績效會對執行長的輪調有負向影響，並且顯示公司企業社會責任的表現會與財務績效呈現正相關，因此在本篇研究中，我們更進一步探討公司投入企業社會責任的表現是否會影響該公司執行長的輪調，同時我們也檢視公司企業社會責任與財務績效對執行長輪調的共同影響。在採用中國2009年至2012年間上市公司的資料作為樣本後，實證結果指出企業社會責任與執行長之輪調間存在著正向關係，指出了在中國，利害關係人可能把執行長對企業社會責任投入的決策，視為他們提升自己名聲的工具，而不是一項對公司發展有利的行為；此現象也說明了利害關係人可能不了解企業社會責任所帶來長期效果有時未必反映在財務績效或是需要以長期觀察，以致於認為執行長決策投入企業社會責任是有損於公司利益的行為，隨之更換執行長。

As the importance of corporate social responsibility (CSR) growing bigger in China recent years, increasing number of firms take efforts to integrate it. CSR, however, remains a highly contentious debates on its purpose and value. Many previous literatures have documented that the financial performance may impact the probability of CEO turnover and that firm’s social performance may positively correlate with the financial performance. In this study, we examine whether the CEO turnover would be effected by corporate social performance. Base on prior literatures’ theory we set two competing hypothesis to test the effect of CSR on CEO turnover. Moreover, we investigate the confounding effects of CSR and financial performance on CEO turnover. Using sample of China listed firms from 2009 to 2012, the empirical results show positive relationship between CSR and CEO turnover. This phenomenon may due to that stakeholders consider decision of CSR investment is a tool for CEO to improve their reputation instead of a beneficial behavior to the firm. Or stakeholders in China are lack of the awareness that CSR investment are for firm’s long term development. Thus, they consider CSR engagement, sometimes not financial beneficial, a value-harm behavior which results in CEO replacement.

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