【作者】 郭峻；

【导师】 韩东平；

【作者基本信息】 哈尔滨工业大学 ， 会计学， 2006， 硕士

【摘要】 随着股权分置改革的推进,一段时间以来,对上市公司的管理层实施持股激励机制的议论不绝于耳。企业经营权和所有权的分离,导致委托人为了解决代理问题,必须有一套激励约束机制控制代理人朝着委托人福利最大化的方向行进。管理层股权设置作为长期激励机制的一种,意在降低代理成本,提高经营效率,增加企业价值。本文定义管理层为在公司年度报告摘要中披露的董事、监事与其他高级管理人员。经营绩效包括会计利润指标(ROE)和企业价值指标(Tobin’s Q)。在这种定义下,文章对管理层股权设置和公司经营绩效之间的关系从委托—代理理论、人力资本理论和激励理论及其假说三个方面进行了详细的理论分析,为实证研究打下理论基础。我国上市公司2004年年度报告披露了管理层持股、公司规模、每股收益、无形资产及成长性等有关信息,文章选取了215家沪市上市公司作为研究样本,运用非线性相关分析的方法来检验管理层股权设置(MSR)和公司经营绩效(ROE, Tobin’s Q)之间的关系。结果发现,两者存在显著的非线性关系,并分别得出了会计利润指标ROE和公司价值指标Tobin’s Q关于管理层持股比例MSR的函数形式。同时系数矩阵的正负统计说明,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。另外,论文还发现,公司的经营业绩与高管人员的持股比例存在区间效应。管理层持股在(0, 27.58%)之间时,公司绩效随管理层持股比例的增加而上升;管理层持股处于(27.58%, 88.09%)这一区间时,公司绩效随管理层持股比例的增加而下降;管理层持股超过88.09%时,公司绩效再次随管理层持股比例的增加而上升。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。文章最后根据研究的结果,从完善管理层股权发挥作用的外部环境、改进现有薪酬结构设置、增加目前高管持股数量和重新进行资源配置四个角度对完善管理层股权设置与上市公司经营绩效之间关系提出了相关政策建议,这对提高上市公司治理效率和效果,促进我国资本市场健康、快速发展具有非常重要的意义。更多还原

【Abstract】 With the development of split-share reform, during this time, many people talked about the managerial ownership mechanism. Due to the division of management and owning right, in order to solve the agent problem, the client should have a method to control the attorney act according the goal, which makes the best for the client. This method refers to an inspiriting and restriction mechanism, of which the managerial ownership is a kind.In this essay, the managers are defined as Directors, Supervisors and other executive officers. The corporate performance was instead by ROE and Tobin’s Q index. ROE is an index of accounting profit system, while Tobin’s Q is an index of corporate value system. Under this definition, this essay elaborates the relationship of the managerial ownership and the corporate performance from three different angles: the commission and agency theory, the human capital theory and the inspiration theory with its hypothesis. These are the basis of the empirical research.The Chinese listed companies’reports of 2004 threw daylight on the information of managerial ownership, corporate size, intangible assets and the corporate growth. So this essay chose 215 listed companies with on board of Shanghai stock exchange as the research samples to study the relationship of managerial ownership and the corporate performance. The result shows an indistinctive linear correlation between managerial ownership and the corporate performance. Then the results of next non-linear regression analysis show and distinctive non-linear correlation between the two, including the function models of ROE, Tobin’s Q and the MSR. Besides that, the coefficients matrixes show that the effect of Profit Converging Hypothesis and the Self-defending Hypothesis exists in Chinese listed companies.The essay also finds out that there is an interval effect between the corporate performance and the MSR. When the MSR exists in (0, 27.58%), the corporate performance rises along with the addition of MSR. When the MSR exists in (27.58%, 88.09%), the corporate performance drops along with the addition of MSR. When the MSR exceeds 88.09%, the corporate performance rises along更多还原