管理層更換限制(CMRs)是存在於聯合貸款合約中的一種限制條款，其內容主要是規範公司在借款期間內對管理層更換上的限制。本文使用美國上市公司與銀行之間的聯合貸款合約作為研究對象，在 1995年至2020年期間蒐集了16,396份聯合貸款合約，並探討影響管理層更換限制條款存在合約裡的因素。
本研究發現，在公司規模越小、到期日越短、貸方數量越少的聯貸合約中，CMRs越有可能被引入，而當公司CEO為創辦人、CEO面臨退休或是公司沒有其他CEO繼承人時對於CMRs的存在皆有正向顯著的影響，顯示銀行使用 CMRs的動機可能來自於對人力風險的擔憂。透過樣本資料的觀察，在受到 CMRs約束的期間，公司發生CEO變動的頻率減少，然而，即使銀行透過 CMRs來避免失去重要的人才，本文並沒有找到 CMRs的存在對於公司未來表現有顯著影響的證據。

Change of management restrictions(CMRs) is a covenant in syndicated loan contracts which restricts change in management during the term of loan. The study used 16,396 syndicated loan contracts between US listed companies and banks from 1995 to 2020 to investigate what are determinants of CMRs inclusion.
The results show that CMRs tend to be included with small firm, and loan with shorter maturity or fewer lenders also increases the use of CMRs. When CEO is founder, close to retirement or there is no other CEO successor have significantly positive impact on including CMRs, showing that banks may use CMRs by reason of human risks. The study also found that CEO turnover decreases when the company with CMRs. However, even banks use CMRs to retain talents, there is no evidence that CMRs has significant impact on the future firm performance.

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