中小板上市公司高管持股与经营业绩相关性研究

发布时间：2018-01-13 00:22

本文关键词：中小板上市公司高管持股与经营业绩相关性研究　出处：《复旦大学》2014年硕士论文　论文类型：学位论文

【摘要】：高管持股和公司经营业绩的相关性一直是公司治理领域的热门话题,国内外许多学者采用不同的方式研究了高管持股对公司经营业绩的作用并得到了丰富的结论,然而复杂的实际情况使得这些结论不尽相同,二者的相关关系至今尚无定论。本文将研究的对象着眼于中国的中小板上市公司,一方面由于这些公司高管持股水平明显高于主板企业,研究具有可行性和实际意义；另一方面由于中小板诞生时日不长,对其的研究还很不充分。文章在回顾了经济学和管理学传统理论的基础上结合已有的研究成果提出了两个假设,并通过线性回归法和事件研究法分别对中小板企业高管持股的区间效应和中小板企业股权激励前后的超额收益水平进行了实证分析。结果表明：中小板企业高管持股存在N型的区间效应；股权激励前后超额收益水平无显著差异。本文的研究对于中小板企业选择合适的高管持股水平和股权激励方案从而建立健全公司治理制度、提升管理水平和经营绩效具有一定的实用价值。
[Abstract]:The correlation between executive ownership and corporate performance has been a hot topic in the field of corporate governance. Many scholars at home and abroad have used different ways to study the role of executive ownership on corporate performance and got rich conclusions, but the complex actual situation makes these conclusions different. There is no final conclusion on the relationship between the two. This paper will focus on the small and medium board listed companies in China, on the one hand, because the level of these companies is significantly higher than the main board enterprises. The research is feasible and practical. On the other hand, because the birth of small and medium-sized board is not long, the research on it is not enough. This paper puts forward two hypotheses on the basis of reviewing the traditional theories of economics and management. And through the linear regression method and the event research method, the paper analyzes the interval effect of the stock ownership of small and medium-sized board enterprises and the excess return level before and after the stock right incentive respectively. The results show that:. The interval effect of N type exists in the stock holding of senior managers in small and medium-sized board enterprises. There is no significant difference in excess return level before and after equity incentive. The research in this paper is to select the appropriate executive ownership level and equity incentive plan for small and medium-sized board enterprises to establish and improve corporate governance system. Improving management level and management performance has certain practical value.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F271;F832.51

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