创业板上市公司管理层持股对公司价值影响研究

发布时间：2018-01-16 06:10

本文关键词：创业板上市公司管理层持股对公司价值影响研究　出处：《广西大学》2014年硕士论文　论文类型：学位论文

【摘要】：2009年10月我国创业板市场在深圳证券交易所开板,这是完善我国资本市场多层次发展的重大进步。在创业板上市的公司主要是具有高科技、高成长性的创新型企业,公司创始人或控股股东同时是公司管理者是创业板上市公司的一大特点,创业板上市公司管理层持股比例的均值相对较高,投资者对管理层持股比例变动也较为敏感。成立一年后,创业板迎来解禁洪峰,高管大规模减持公司股票,创业板市场指数严重受挫,大幅下跌,这些现象的出现使创业板的成长性、投资价值受到人们的质疑。本文以此为背景,研究我国创业上市公司管理层持股对公司价值所带来的影响。股权激励是公司治理的一个重要机制,是缓解公司股东与管理者之间代理冲突的有效激励机制,因此研究我国创业板上市公司管理层持股效应具有一定理论价值和现实意义。本文以委托代理理论、人力资本理论等相关理论为基础,借鉴前人的研究成果,以2009年至2012年创业板上市公司为研究对象,通过多元线性回归模型和多元非线性回归模型,实证检验管理层持股对公司价值的线性影响和非线性影响。结果表明,我国创业板上市公司管理层持股对公司价值不存在显著的线性影响,但存在区间效应,特别地,以会计指标总资产收益率来评价公司价值时,管理层持股对公司价值具有显著的区间效应。最后,基于本文研究的理论分析和实证检验结果,提出一些政策建议,以期提高我国创业板公司治理效率,促使管理层持股发挥积极的效应,提高公司价值。
[Abstract]:In October 2009, China's gem market opened in the Shenzhen Stock Exchange, which is a significant progress in improving the multi-level development of China's capital market. Companies listed on the gem are mainly high-tech. For innovative enterprises with high growth, the founder or controlling shareholder is also a major characteristic of the gem listed companies, and the average value of the management shareholding ratio of gem listed companies is relatively high. Investors are also more sensitive to changes in the proportion of management shareholdings. A year after the establishment of the gem welcomed the lifting of the ban Hong Feng, executives to reduce the company's shares in a large scale, gem market index was severely frustrated, fell sharply. These phenomena make the growth of gem and the value of investment questioned by people. This paper takes this as the background. This paper studies the impact of management ownership on corporate value in Chinese entrepreneurial listed companies. Equity incentive is an important mechanism of corporate governance and an effective incentive mechanism to alleviate the agency conflict between shareholders and managers. Therefore, it has certain theoretical value and practical significance to study the effect of management ownership of gem listed companies in China. Based on the principal-agent theory, human capital theory and other related theories, this paper takes the gem listed companies from 2009 to 2012 as the research object. Through multivariate linear regression model and multivariate nonlinear regression model, this paper empirically examines the linear and nonlinear effects of management ownership on corporate value. The results show that. There is no significant linear effect on the value of the listed companies in the gem, but there is an interval effect, especially when the total return rate of assets is used as the accounting index to evaluate the value of the company. Management shareholding has a significant interval effect on corporate value. Finally, based on the theoretical analysis and empirical results of this study, some policy recommendations are put forward in order to improve the efficiency of corporate governance of gem in China. Promote the management stock ownership to play a positive effect, improve the value of the company.
【学位授予单位】：广西大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F272.91

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