我国上市公司管理层收购与公司经营绩效的实证研究

【作者】 韩磊；

【导师】 张寒松；

【作者基本信息】 贵州大学 ， 企业管理， 2009， 硕士

【摘要】 如何降低现代企业制度下因所有权和经营权分离而产生的代理成本问题,自19世纪出现“经理人革命”以来,一直是西方学者研究的重要领域。对我国而言,在我国国有企业改革过程中,降低因两权分离和所有者缺位所产生的内部人控制和委托——代理问题同样是理论界和实业界关注的焦点。理论上来讲,管理层收购(Management Buy-out,简称MBO)通过所有权和经营权统一的实现,可以降低甚至消除代理成本。20世纪90年代末期,管理层收购(MBO)开始进入我国,并且逐渐成为我国理论界和实业界积极探索的焦点问题。但随着管理层收购在我国逐步实施,其操作过程中诸多问题也逐渐显露,人们对MBO在提高企业绩效方面的作用也产生了许多质疑。本文以我国上市公司中38家管理层收购企业为样本,就我国管理层收购与上市公司绩效的相关性进行了实证分析。研究结果显示,这38家管理层收购企业中公司绩效与管理层持股比例呈非线性的三次方程关系。这一结果证明我国上市公司中实施MBO的企业管理层持股比例与公司绩效呈非单一性关系,对于我国有效地开展上市公司治理、合理地实施管理层收购具有借鉴和指导意义。文章还对导致该结果的原因进行了分析,并给出了我国实施MBO的相关政策建议。更多还原

【Abstract】 Since "the revolution of manager" happened in 19 centuries, how to reduce the Agent’s cost of the modern enterprise system has always been the main study of the western scholars. In China, during the reform of the stated-owned enterprises, the Internal Personnel Control and the principal-agent problem have also been the focus issues in theory and industrial horizon. In theory, MBO could solve efficiently the conflicting goals between the principal and agent by the consolidating the property and contracting management right, so that the agent’s cost had been reduced or eliminated. Introduced into China in the end of the 1990s, MBO was becoming gradually the hot topic in theory effect and industry. With the implement of MBO in China many problems had been emerged, and its on improving enterprise performance was oppugned.38 listed companies of management buyouts in China are described as samples by using econometrics method in this paper. This paper made an empirical research of correlation between management buyouts and corporate performance in China. The results showed that their performance and shareholding is expressed as a nonlinear cubic equation in 38 listed companies of management buyouts in China. The study results will be beneficial to effectively carrying out listed companies’ governance and rationally implementing management buyouts in China. Additionally, analyzing the reasons of the aforementioned result, the paper made suggestions on the implement of MBO in China.更多还原