管理层持股与公司绩效:经验证据及我国未来研究方向被引量：4

下载PDF

导出

摘要自Berle和Means提出股权结构与公司绩效的关系命题以来,国内外学者就管理层持股与公司绩效的关系进行了大量的理论推演与实证分析,但因变量定义和样本选择等方面的差异,目前尚未形成令人信服的一致性结论。基于我国的现实国情,对两者关系的研究应将管理层持股的内生性、股权性质和公司特征等因素纳入分析框架;同时,应跳出“股权结构--公司治理--经营绩效”的传统研究范式,构建一个完整的财务会计学分析框架。

作者刘剑

机构地区长沙理工大学经济学院

出处《管理现代化》 CSSCI 北大核心 2006年第5期21-24,20,共5页 Modernization of Management

关键词管理层持股公司绩效内生性股权性质公司特征

分类号 F276.6 [经济管理—企业管理]

引文网络
相关文献

参考文献18

1Cho,Myeong -Hyeon,1998, "Ownership Structure, Investment and Corporate Value: An Empirical Analysis", Journal of Financial Economics, Vol.47, pp.103-121.
2Demsetz,Harold, and Kenneth Lehn, 1985,"The Structure of Corporate Ownership: Causes and Consequences", Journal of Political Economy, VoL93,pp.1155- 1177.
3Demsetz,Harold, and B.Villalonga,2001,"Ownership Structure and Corporate Performance", Journal of Corporate Finance, VoI.7,pp.209-233.
4Himmelberg, Charles P., R. Glenn Hubbard,and Darius Palia,1999, "Understanding the Determinants of Managerial Ownership and the Link between Ownership and Performance", Journal of Financial Economics,Vol.53, pp.353-384.
5Holderness,Clifflord G., R.S.Kroszner,and Dennis P.Sheehan,1999, "Were the Good Days that Good? Changes in Managerial Stock Ownership since the Great Depression", The Journal of Finance, Vol.54,pp.435-469.
6Jensen,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.
7Loderer, Claudio,and Kenneth Martin,1997,"Executive Stock Ownership and Performance: Tracking Faint Traces", Journal of Financial Economics,Vol.45, pp.223-255.
8McConnell.John, and Henri Servaes,1990,"Additional Evidence on Equity Ownership and Corporate Value", Journal of Financial Economics,Vol.27,pp.595-612.
9Morck,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.
10Ofek,Eli, and David Yermack,2000, "Taking Stock: Equity-Based Compensation and the Evolution of Managerial Ownership", The Journal of Finance,Vol.55, pp.1367-1384.

二级参考文献49

1陈小悦,徐晓东.股权结构、企业绩效与投资者利益保护[J].经济研究,2001,36(11):3-11. 被引量：785
2周建波.《公司特质、经营者持股与经营绩效》论文打印稿[M].,2002..
3[2]Mehran.(1995),Executive Compensation Structure,Ownership,And Firm Performance,Journal of Financial Economics.Vol138,163-184.
4[3]Morck,Shleifer,Vishny.(1988),Management Ownership and Market Valuation,Journal of Financial Economics.Vol120,292-315.
5[4]MeConnell and Servaes.(1990),Additional Evidence on Equity Ownership and Corporate Value,Journal of Financial Economics,Vol127,595 -612.
6[5]Hermalin,Weisbach.(1991),The Effect of Board Composition and Direct Incentive on Firm Performance,Financial Management.Winter,101-112.
7[6]Barnhart,Ro senstein.(1998),Board Compensation,Managerial Ownership,and Firm Performance:An Empirical Analysis,The Financial Review.Vol133,1 -16.
8[12]Jensen and Meckling.(1976),Theory of the Firm:Managerial Behavior,Agency Cost and Ownership Structure,Journal of Financial Economics.Vol13,305-360.
9Core,John E., Robert W. Holthausen, David F. larcker, 1999, Corporate Governance, Chief Executive Officer Compensation, and Firm Performance, Journal of Financial Economics.
10Engel Ellen, Elizabeth A. Gordon, and Rachel M. Hayes , 2002 , The Roles of Performance Measures and Monitoring in Annual Governance Decisions in Entrepreneurial Finns.