管理层薪酬、持股结构与企业成长——来自PE支持企业的数据
发布时间：2018-11-12 07:57
【摘要】：在传统的融资路径下,中小科技型企业很难获得资金支持。私募股权投资基金的兴起,有力地支持了中小科技型企业的发展,同时私募股权投资基金也获得了良好的回报。本文通过对69家中小板私募股权投资基金支持企业的实证研究发现,管理层获酬率、平均薪酬、持股率与平均持股对企业成长拉动性并不强,而管理层获酬方差和持股方差对企业成长具有正相关关系,符合锦标赛效应。
[Abstract]:In the traditional financing path, small and medium-sized science and technology enterprises are very difficult to obtain financial support. The rise of private equity funds has been able to support the development of small and medium-sized technology enterprises, at the same time, private equity investment funds have also obtained good returns. Through the empirical study of 69 small and medium-sized private equity fund supporting enterprises, it is found that the salary rate, average salary, average share holding rate and average stock holding rate of management are not strong on the growth of enterprises. However, the variance of management compensation and the variance of ownership have a positive correlation with the growth of the firm, which is in line with the championship effect.
【作者单位】： 上海理工大学管理学院;
【基金】：教育部人文社会科学研究项目(09YJA630098) 上海市教委科研创新项目(09YS232)
【分类号】：F832.48;F276.6;F224
[Abstract]:In the traditional financing path, small and medium-sized science and technology enterprises are very difficult to obtain financial support. The rise of private equity funds has been able to support the development of small and medium-sized technology enterprises, at the same time, private equity investment funds have also obtained good returns. Through the empirical study of 69 small and medium-sized private equity fund supporting enterprises, it is found that the salary rate, average salary, average share holding rate and average stock holding rate of management are not strong on the growth of enterprises. However, the variance of management compensation and the variance of ownership have a positive correlation with the growth of the firm, which is in line with the championship effect.
【作者单位】： 上海理工大学管理学院;
【基金】：教育部人文社会科学研究项目(09YJA630098) 上海市教委科研创新项目(09YS232)
【分类号】：F832.48;F276.6;F224
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