| 管理层持股与公司绩效:来自深圳股票市场的经验证据 |
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| 引用本文： | 刘剑,谈传生.管理层持股与公司绩效:来自深圳股票市场的经验证据[J].中国软科学,2005,3(10):112-119. |
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| 作者姓名： | 刘剑 谈传生 |
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| 作者单位： | 1. 长沙理工大学,经济学院,湖南,长沙,410076
2. 长沙理工大学,经济学院,湖南,长沙,410076;中国地质大学,人文经济学院,湖北,武汉,430074 |
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| 基金项目： | 湖南省高等学校科学研究项目(No.04C097) |
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| 摘 要： | 本文在现有理论和实证分析框架基础上,以在深圳证券交易所上市的331家公司为研究对象,运用非线性回归模型对上市公司管理层持股与经营绩效的相关性进行了实证检验。实证结果表明公司绩效与管理层持股之间存在三次曲线关系:管理层持股在0%—0.1376%之间时,公司绩效随管理层持股比例的增加而下降;管理层持股在0.1376%—0.7462%之间时,公司绩效随管理层持股比例的增加而上升;管理层持股超过0.7462%时,公司绩效再次随着管理层持股比例的增加而下降。
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| 关 键 词： | 管理层持股 公司绩效 上市公司 公司治理 |
| 文章编号： | 1002-9753(2005)10-0112-08 |
| 收稿时间： | 2005-07-18 |
| 修稿时间： | 2005-10-11 |
Managerial Ownership and Corporate Performance: Evidence from Shenzhen Stock Market |
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| LIU Jian,TAN Chuan - sheng.Managerial Ownership and Corporate Performance: Evidence from Shenzhen Stock Market[J].China Soft Science,2005,3(10):112-119. |
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| Authors: | LIU Jian TAN Chuan - sheng |
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| Institution: | LIU Jian , TAN Chuan - sheng ( 1. School of Economics, Changsha University of Science |
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| Abstract: | Based on the theoretical analysis and empirical research frameworks in existence,taking 331 listed companies in Shenzhen Stock Exchange as the object of survey,this paper tries to check up the correlation between managerial ownership and corporation performance by means of non-liner regression model.This empirical research comes to a conclusion that there is remarkable cubic curve relationship between managerial ownership and corporation performance,i.e.within the scope of the managerial ownership from 0 to 0.1376%,the performance descends as the ownership increases;within the scope from 0.1376% to 0.7462%,the performance ascends as managerial ownership increases;after exceeding 0.7462%,the performance descends again as managerial ownership increases. |
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| Keywords: | managerial ownership corporation performance listed companies corporate governance |
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