作为仅次于奥运会和世界杯足球赛、全世界收视率第三高的运动赛事，一级方程序锦标赛继续疾驰向前！

The world's third most-watched sporting competition after the Olympics and the world Cup, the Formula 1 Grand Prix RACES onward!

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文章从业绩相关理论、锦标赛理论和专用化人力资本理论出发，对总经理更换后的高管团队稳定性进行了理论分析和实证检验。

Based on the difference of government controlling, the state holding listed companies are classified and the relation between CEO turnover and firm performance is examined.

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本文的研究发现主要有：1、中国上市公司高管薪酬差距符合锦标赛理论；

The conclusions include: 1. the pay gap of top management of China's listed companies is consistent with the theory of tournament;

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