| 中国上市公司管理层持股与公司绩效实证分析 |
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| 引用本文： | 巩震,金永生,王俊韡.中国上市公司管理层持股与公司绩效实证分析[J].北京邮电大学学报(北京邮电大学学报),2008,10(6):44-48. |
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| 作者姓名： | 巩震 金永生 王俊韡 |
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| 作者单位： | 1. 北京邮电大学,经济管理学院,北京,100876
2. 山东经济学院,会计学院,山东,济南,250014 |
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| 摘 要： | 基于现有理论和实证分析，对上市公司管理层持股比率与公司经营绩效相关性进行实证研究。本文着重研究了管理层持股比率相对较高的公司。实证结果显示，管理层持股比率与公司经营绩效指标呈三次函数关系：当管理层持股比率在22．19％～54．83％之间时，其与经营绩效正相关；在这一区间之外时，其与经营绩效呈负相关。
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| 关 键 词： | 管理层持股 激励 公司绩效 上市公司 |
Empirical analysis on managerial ownership encouragement and corporate performance from listed companies in China |
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| GONG Zhen,JIN Yong-sheng,WANG Jun-wei.Empirical analysis on managerial ownership encouragement and corporate performance from listed companies in China[J].Journal of Beijing University of Posts and Telecommunications(Social Sciences Edition),2008,10(6):44-48. |
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| Authors: | GONG Zhen JIN Yong-sheng WANG Jun-wei |
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| Institution: | GONG Zhen, JIN Yong -sheng , WANG Jun -wei (1. School of Economics and Management, BUPT, Beijing 100876, China; 2. School of Accounting, Shandong Economic University, Jinan 250014, China) |
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| Abstract: | Based on the theoretical analysis and empirical research, this article attempts to study the correlation between managerial ownership and corporation performance. Different from existing articles, this article pays more attention to those listed companies with high managerial ownership proportion. The results show that the return on equity/earnings per share （ROE/EPS） and percent of managerial stock （PMS） is expressed as a cubic equation and if managerial ownership level is between 22. 19% and 54. 83%, it will be positively related to corporate performance. |
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| Keywords: | management ownership encouragement corporate performance listed companies |
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