Based on the samples of listed firms with CEO turnover and their MBA successors during 2000—2006, this paper examines the variations in the firms’ performances (covering the two dimensions of performance and risk) before and after the adjustment of the CEO turnover to evaluate the effects of MBA education in China. The result shows that MBA successors on the whole haven’t significantly improved the firms’ performances. The influences of MBA education modes on the corporate performances are quite different. Both the foreign capital mode and Sino-foreign cooperation mode have a significant effect on firms’ performances. In contrast, the role those independent and commercialized MBA programs play in the corporate performance enhancement is minimal. In considering of the good faculty and long history of the foreign capital mode and Sino-foreign cooperation mode, the result of the study indicates that the high quality MBA program can bring out excellent managers.