【摘要】 本文运用非线性相关分析方法,检验了管理层股权设置(MSR)与公司经营绩效(ROE,Tobin’sQ)之间的关系。结果表明,两者存在显著的非线性关系。通过系数矩阵的正负统计分析发现,国外学者提出的"利益趋同效应"和"掘壕自守效应"在我国上市公司中同样存在。同时还发现,公司的经营业绩与高管人员的持股比例存在区间效应。实证结果在否定税盾假设、企业成长假设、资产性质相关性假设的同时,肯定规模相关假设。更多还原

【Abstract】 This paper studies the relationship between managerial ownership and the corporate performance. The results show that an indistinctive linear correlation between managerial ownership and the corporate performance. The coefficients matrixes show that the effect of profit converging hypothesis and the self-defending hypothesis exist in Chinese listed companies. The paper also finds out that there is an interval effect between the corporate performance and the MSR. The empirical result does not support the tax shield hypothesis, enterprise development hypothesis and capital relevance hypothesis, and support scale relevance hypothesis.更多还原