关键词: 《反垄断法》, CEO离职, 公司治理, 地方行政垄断

Abstract: The implementation of the Antitrust Law improves the corporate governance of the Chinese listed companies and improves market efficiency This paper uses the Ashare listed companies between 2005 and 2010 and investigates the sensitivity between the company's CEO turnover and firm performance This paper finds that the implementation of the Antitrust Law significantly improves the sensitivity between firm performance and the likelihood of CEO turnover，which alleviates the agency issues and improves internal corporate governance In addition，this paper divides firms based on the levels of administrative monopoly，industrial monopoly，and corporate rents The results show that the effect of Antitrust Law on the relations between firm performance and CEO turnover is more pronounced among the more monopolistic provinces，more monopolistic industries，and companies with higher profit margins，particularly among the local stateowned enterprises These results suggest that the implementation of Antitrust Law in China can benefit corporate governance，protect investors wealth，and maintain market equality

Key words: Antitrust Law, CEO turnover, corporate governance, local administrative monopoly