【作者】 梁美丽；

【导师】 胡祖光；

【作者基本信息】 浙江工商大学 ， 企业管理， 2006， 硕士

【摘要】 管理层持股与公司绩效之间的关系一直是一个国内外学术界和实务界争论的话题。就目前而言，研究结论并未达成一致。国内的大部分研究在很大程度上忽略了中国的实际情况。鉴于中国的转型经济呈现的是一种不同于西方完善市场经济的特殊制度环境，在这种条件下，考虑到股权结构可能具有的内生性，本文对沪深两市国有的食品饮料行业中管理层持股与公司绩效的关系进行了实证研究。 全文分五大部分：第一部分首先对本文的研究背景及意义进行了阐述，指出研究的基本方法、整体思路和研究的基本框架；第二部分主要回顾国内外关于管理层持股与公司绩效的相关研究成果，总结其优点与不足，通过对相关理论的梳理，为本研究奠定理论基础，提出本文的研究方向；第三部分是实证研究部分，说明样本及数据的来源、变量的定义以及方程的构建和识别，对样本数据进行描述性分析和回归分析；第四部分是关于改进管理层持股的探讨，分析研究结果并提出针对性的建议；第五部分指出本文的研究结论，研究的创新之处和存在的不足，同时探讨未来研究的可行方向。 研究的结果表明，在中国转型经济条件下食品饮料行业国有上市公司的管理层持股具有内生性特点，公司绩效决定管理层持股，而管理层持股对公司绩效并没有显著影响。更多还原

【Abstract】 Currently the relationship between management stock position and corporate performance always is an argumentative issue in theory and practice. However, the research conclusions by no means achieves consistently. Most domestic researches hasve neglected the real situation of China in the very great degree. Based on the special system background in which transitional economy is different with perfect of market economy in the west, under this kind of condition, considering the ownership structure may be endogenous, this paper studies the relationship between management stock position and corporate performance in state food beverage industry of Shanghai and Shenzhen securities exchange.This paper consists of five parts: Part 1 states the basic content, such as the background, the significance and purpose, essential methods, whole thinking and basic framework; Part 2 briefly reviews some researches of domestic and foreign scholars about relation between management stock position and corporate performance, summarizes its advantage and deficiency, focuses on relative theoretical research and sets for the theoretical basis, proposes the research direction; Part 3 is the positive study, mainly states the sample, data source, the definition of every variable, the establishment and identification of equations, makes the data of descriptive and regressive analysis; Part 4 discusses how to improve management stock position, analyzes the results, puts forword several proposals; Part 5 points out this paper’s conclusion and innovations, elaborates the insufficiency which existed, points out the research direction in the future.According to the result, we found that the management stock position of state listed companies in transitional economy has endogenousness, which is depended on corporate performance but has nonremarkable effect on corporate performance.更多还原