管理层持股与公司绩效关系的实证研究—硕士学位毕业论文.doc
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1、硕 士 学 位 论 文论文题目:管理层持股与公司绩效关系的实证研究 Empirical Research on Relation Between the Managerial Ownership and Corporate Performance论文密级:专业名称:企业管理单位年级:管理学院2008级完成日期:2011年6月渤海大学研究生学院管理层持股与公司绩效关系的实证研究中 文 摘 要管理层持股作为一种有效解决企业委托代理问题的长效激励机制,在西方发达国家得到了广泛应用。在我国,随着上市公司股权分置改革的推进和股权激励相关政策的出台,管理层股权激励也将越来越普遍。在此背景下,本文通过研究管
2、理层持股与公司绩效之间的相关性、因果性和影响因素,希望为今后的管理层股权激励政策提供一些有益的建议。 在采用因子分析法计算出公司绩效综合得分值的基础上, 本文通过相关分析、曲线估计和路径分析来检验上市公司管理层持股和公司绩效之间的关系。基本研究思路为:首先,概述了我国管理层股权激励政策的实施背景,以期建立适合我国国情的实证研究模型;其次,对国内外有关管理层持股与公司绩效的文献进行了回顾与评述,并对股权激励的相关理论与假说进行了具体阐述,为提出管理层持股与公司绩效的相关假设打下基础;然后,对管理层持股与公司绩效进行了实证研究,通过对2008年A股上市公司样本数据的分析,得到了管理层持股和公司绩效
3、相互影响,但为微弱的正相关关系;管理层持股具有内生性;资产负债率、公司规模、股权集中度和企业产权性质会在不同程度上影响管理层持股和公司绩效的结论;最后,对上市公司有效发挥管理层股权激励效应提出了政策建议,并指出了本论文的研究局限及进一步的研究方向。关 键 词管理层持股;公司绩效;激励效应;内生性;实证研究EMPIRICAL RESEARCH ON RELATION BETWEEN THE MANAGERIAL OWNERSHIP AND CORPORATE PERFORMANCEABSTRACTAs the long-term incentive mechanism, managerial o
4、wnership tackles with principal-agent problems in companies effectively,and has been widely implemented in western developed countries. Meanwhile,more and more Chinas listed companies are becoming interested in managerial ownership for the reform of non-tradable shares and the promotion of ownership
5、 incentive policy. In this context, this article analyzes the relations between the managerial ownership and corporate performance about listed companies in our country,including their cause and effect and affect factors, in order to supply some advices for ownership incentive policy. Based on corpo
6、rate performance composite scores calculated by factor analysis, this paper tests the relationship between managerial ownership and corporate performance, through the relevant analysis, curve regression analysis and path analysis. Its general ideas are: Firstly, describes the Chinas managerial owner
7、ship incentive policy research background, to build empirical research models suitable for Chinas national conditions; Secondly, reviews related literatures about the relation between managerial ownership and corporate performance of domestic and foreign companies, and specifically addresses the equ
8、ity incentive related theory and hypothesis, to lay foundation for making relate supposes about managerial ownership and corporate performance; Thirdly, makes empirical research on managerial ownership and corporate performance by analyzing 2008 A-share listed companies data, and concludes that ther
9、e is mutual influence between managerial ownership and corporate performance, but the positive correlation is weak; managerial ownership is endogenous; the asset-liability ratio, company size, ownership concentration and enterprise ownership nature affect to different degrees the managerial ownershi
10、p and corporate performance; At last, makes suggestions for implementing equity incentive effectively, and notes the inadequacy of the present paper and the direction of further research. KEY WORDSmanagerial ownership;corporate performance;effect of incentive;endogenous; empirical research目 录1绪 论11.
11、1研究背景及意义11.1.1研究背景11.1.2研究意义21.2研究内容和研究方法31.2.1研究内容31.2.2研究方法41.3主要创新点52管理层持股与公司绩效关系研究综述62.1国外研究综述62.1.1管理层持股与公司绩效相关论62.1.2管理层持股与公司绩效不相关72.2国内研究综述82.2.1管理层持股与公司绩效相关论82.2.2管理层持股与公司绩效不相关92.3国内外研究评述103管理层持股与公司绩效关系的理论分析123.1管理层持股与公司绩效关系的理论基础123.1.1委托代理理论123.1.2人力资本理论123.1.3激励相容理论133.2管理层持股与公司绩效关系的相关假说14
12、3.2.1利益趋同假说143.2.2经营者防御假说144管理层持股与公司绩效关系实证研究设计164.1研究样本及数据来源164.2研究假设164.3研究变量设定184.3.1因果关系变量184.3.2控制变量184.4模型构建与研究方法选择185管理层持股与公司绩效关系的实证分析205.1描述性统计分析205.2实证结果及其分析225.2.1我国上市公司管理层持股与公司绩效的相关性检验225.2.2我国上市公司管理层持股与公司绩效的非线性关系检验255.2.3我国上市公司管理层持股与公司绩效的路径分析266 研究结论与政策建议316.1研究结论316.2政策建议336.2.1宏观层面建立良好的
13、企业外部治理环境336.2.2企业层面完善企业内部治理机制346.2.3管理者层面增强管理者自身的信托责任356.3研究局限及进一步研究方向35参考文献37附录 公司绩效综合得分计算40致 谢44攻读硕士期间发表的学术论文和研究成果45Contents1 Introduction11.1 Research background and Significance11.1.1 Research background11.1.2 Research significance21.2 Research contents and Methods31.2.1Research contents31.2.1Re
14、search methods41.3 Primary innovation52 Review of the articles about the relation between managerial ownership and corporate performance62.1 Review of international studies62.1.1Relevance research about managerial ownership and corporate performance62.1.2Irrelevance research about managerial ownersh
15、ip and corporateperformance72.2 Review of domestic studies82.2.1Relevance research about managerial ownership and corporateperformance82.2.2Irrelevance research about managerial ownership and corporateperformance92.3 Summary of international and domestic studies103 Theoretical analysis of the relati
16、on between managerial ownership and corporate performance123.1Theoretical basis of the relation between managerial ownership and corporate performance123.1.1 Principal-agent theory123.1.2 The theory of human capital123.1.3 Incentive alignment argument theory133.2 Related hypothesis of the relation b
17、etween managerial ownership and corporate performance143.2.1 Convergence of interests hypothesis143.2.2 Managerial entrenchment hypothesis144 Design of empirical research on the relation between managerial ownership and corporate performance164.1 Research sample and Data164.2 Research supposes164.3
18、Selections of research variables184.3.1 Cause and effect variables184.3.2 Control variables184.4 Models built and Selections of research methods185 Empirical analysis of the relation between managerial ownership and corporate performance205.1 Descriptive statistic analysis of related variables205.2
19、Empirical conclusions and analysis225.2.1 Correlations test on managerial ownership and corporate performance inChinas listed companies225.2.2 Non-linear test on managerial ownership and corporate performance inChinas listed companies255.2.3 Path analysis on managerial ownership and corporate perfor
20、mance in Chinas listed companies266 Study conclusions and Suggestions316.1 Research conclusions316.2 Suggestions336.2.1Macro-levelestablish good e2nterprise external governanceenvironment336.2.2 Enterprise levelimprove enterprise internal governance mechanism346.2.3 Manager levelstrengthen the fiduc
21、iary responsibility of managersto their own356.3 Research deficiencies and The direction of further research35References37Appendix Corporate performance composite scores calculation40Acknowledgements44The published academic papers and Research achievements during the semester45图表清单1图11: 中国股权激励发展历程22
22、图12: 本文的主体研究内容框架图43图51: 三个模型曲线与实际值的拟合情况264图52:最终的模型路径图(标准化系数)305表51:描述性统计结果206表52:管理层持股比例的区间分布217表53: 2008年度A股上市公司管理层持股比例的分行业描述性统计结果228表54: Pearson相关分析结果249表55:偏相关分析结果2410表56: 模型汇总和参数估计值2511表57: 模型(4-1)汇总2712表58: 模型(4-1)线性回归系数2813表59: 模型(4-2)汇总2814表510: 模型(4-2)线性回归系数29附录图表清单1表21: KMO和Bartlett的检验412表
23、22:解释的总方差423表23:旋转因子矩阵424表24: 因子得分系数矩阵4313管理层持股与公司绩效关系的实证研究1绪 论1.1研究背景及意义1.1.1研究背景所有权与经营权相分离是现代公司制企业的重要特征,这一特征的出现引发了委托代理问题,而在欧美等成熟市场,管理层股权激励被视为解决委托-代理问题的重要途径,是促进公司管理层与股东利益趋于一致的有力手段本文主要研究公司制下的管理层持股与公司绩效的关系,文中出现的“公司”或“企业”为同一含义。从国际背景来看,股权激励始于20世纪70年代末的美国,在80、90年代得到了迅速发展。其产生的背景,主要是着眼于解决股东与经营者之间的利益矛盾,建立对
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