管理层持股与公司绩效的研究

摘要
本文以我国上市公司中20家管理层收购企业为样本 ,就我国管理层持股与公司绩效的相关性进行了实证分析 ,建立了数学模型。研究结果显示 ,这 20家管理层收购企业中管理层持股与公司绩效呈非线性的三次方程关系 ,即当管理层持股比例在 0-0.09%的范围内 , 管理层持股比例与公司绩效负相关，即随着管理层持股比例的增加会降低上市公司经营绩效；当管理层持股比例在0.09% -2.97%之间时 ,管理层持股比例与公司绩效正相关，即随着管理层持股比例的增加会提高上市公司经营绩效；而在管理层持股比例大于2.97%的情况下，管理层持股比例又与公司绩效负相关。实证结果证明我国上市公司中实施管理层收购的企业中，其管理层持股与公司绩效呈非单一性关系，这对于我国有效地实行管理层持股的激励制度，提高公司的经营绩效具有借鉴和指导意义。

关键词：管理层持股；公司绩效；实证分析
    Study About Management Shareholding and Corporate Performance
ABSTRACT
The text with 20 listed companies of management buyouts in China are described as samples by using econometrics method. This paper made an empirical research of correlation between management shareholding and corporate performance in China, set up a mathematics model. Our results indicate that management shareholding and company performance is expressed as a nonlinear cubic equation in 20 listed companies of management buyouts in China. If management shareholding level is less than 0.09%, it will be negatively related to corporate performance. If it is between 0.09% and 2.97%, management shareholding level will be positively related to corporate performance. If it is over 2.97%, it will be negatively related to corporate performance again. The empirical results show that the implementation of China's listed companies, management buyouts in corporate management shareholding and company performance was non-single linear relationship，and this is for the effective implementation of the management of China's holdings of the incentive system to improve the company's operating performance has a reference and guiding significance.

Key words: Management Shareholding; Corporate Performance; Empirical Analysis

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