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管理层股权与公司绩效关系不同研究结果探因 被引量：1

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摘要 自Jensen和Meckling(1976)后,大量关于管理层股权与公司绩效关系的实证研究得到的却是不同的结果。本文对其原因进行了分析,分析结果表明:对管理层和管理层股权的界定不同、对公司绩效的测度不同、所采用的解释变量不同,将导致不同的管理层股权与公司绩效关系的实证研究结果;在管理层股权是内生变量的情况下,使用单方程模型应用最小二乘法(OLS)所得到的管理层与公司绩效之间的相关关系是一种伪相关的关系。
作者 孙波
机构地区 厦门大学管理学院
出处 《企业经济》 北大核心 2004年第5期13-15,共3页 Enterprise Economy
关键词 管理层股权 公司绩效 实证研究 公司治理结构 激励机制 企业
分类号 F271 [经济管理—企业管理]
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参考文献4

  • 1Agrawal, A. and Knoeber Ch. R. "Firm Performance and Mechanisms to Control Agency Problems between Managers and Shareholders". [J] . Journal of Financial and Quantitative Analysis 31.3 (1996) :377 -397.
  • 2Barnhart, Sc, W. , and Rosenstein, St. "Board composition, managerial ownership, and firm performance: An empirical analysis". [J] . Financial Review,33. 4 (1998): 1 - 16.
  • 3Cho, Myeong- Hyeon. "Ownership structure, investment, and the corporate value: an empirical analysis" . [J]. Journal of Financial Economics. 47 (1998): 103 - 121.
  • 4Chung, K. H. , and PruittSt. W. "executiveownership,corporate value, and executive compensation: A unifying framenwork". [J]. Journal of Banking and Finance. 20 (1996):1135 - 1159.

同被引文献25

  • 1王克敏,陈井勇.股权结构、投资者保护与公司绩效[J].管理世界,2004,20(7):127-133. 被引量：125
  • 2Jensen, Michael C. , and William H. Meckling, 1976,"Theory of the Firm: Managerial Behavior Agency Costs and Ownership Structure", Journal of Financial Economics,Vol. 3,pp. 305 - 360.
  • 3Stulz, Rene M. , 1988," Managerial Control of Voting Rights: Financing Policies and the Market for Corporate Control", Journal of Financial Economics, Vol. 20, pp. 25 - 54.
  • 4Morck, Randall, Andrei Shleifer, and Robert W. Vishny,1988," Management Ownership and Market Valuation : An Empirical Analysis" , Journal of Financial Economics, Vol. 20,pp. 293 - 315.
  • 5McConnell,John and Henri Servaes, 1990," Additional Evidence on Equity Ownership and Corporate Value", Journal of Financial Economics, Vol. 27, pp. 595 - 612.
  • 6Barnhart,Scott W. ,and Stwart Rosenstein, 1998, " Board Composition, Managerial Ownership, and Firm Performance :An Empirical Analysis", Financial Review, Vol. 33, pp. 1 -16.
  • 7Short, Helen,and Kevin Keasey, 1999, " Managerial Ownership and the Performance of Firms : Evidence from the UK",Journal of Corporate Finance, Vol. 5 ,pp. 79 - 101.
  • 8Griffith,John M., Lawrence Fogelberg, and H. Shelton Weeks,2002," CEO Ownership, Corporate Control, and Bank Performance", Journal of Economics and Finance, Vol. 26,pp. 170 - 184.
  • 9Cui, H. , and Y. T. Mak, 2002," The Relationship between Managerial Ownership and Firm Performance in High R&D Firms", Journal of Corporate Finance, Vol. 8,pp. 313 -316.
  • 10Kole,Stacey R. , 1996, " Managerial Ownership and Firm Performance: Incentive or Reward", Advance in Financial Economics, Vol. 2, pp. 119 - 149.

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企业经济
2004年 第5期

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