管理层持股与股权资本成本

发布时间：2018-05-10 07:18

本文选题：管理层持股 + 股权资本成本　；参考：《外国经济与管理》2017年02期

【摘要】：管理层持股计划是现代公司治理的重要内容之一,旨在将管理层利益与股东财富有机地结合在一起,达到保护投资者利益、持续增加股东财富的治理目标。在中国,鉴于国有公司治理自身存在的诸多先天不足,实施管理层持股计划被赋予了更加积极的意义。本文探讨在国有控股与非国有控股状态下,管理层持股比例对股权资本成本的影响。结果显示,管理层持股比例的设计及其变化是管理层持股计划的关键环节,对公司资本成本水平产生直接影响,进而决定着公司综合竞争力的变化;我国国有控股上市公司和非国有控股上市公司的管理层持股比例与股权资本成本均呈倒U形关系;同时,国有控股上市公司的资本成本对于管理层持股比例的变化比非国有控股上市公司更加敏感。这表明,只有基于资本成本的变化来设计管理层的持股比例,才能够保证管理层持股计划的有效性,实现其正向效应。本文为上市公司管理层持股比例的设置提供了理论依据和建设性意见。
[Abstract]:The management stock ownership plan is one of the important contents of modern corporate governance. It aims to combine the interests of management and the wealth of shareholders together to protect the interests of investors and increase the management goal of shareholders' wealth. In China, in view of the many shortcomings of the state-owned company's own governance, the implementation of the management shareholding plan is given. The effect of the proportion of managerial ownership on the cost of equity capital is discussed in the state holding and non state holding states. The result shows that the design and change of the proportion of managerial ownership is the key link of the management stock ownership plan, which has a direct impact on the level of the capital formation of the company, and then determines the company. There is an inverted U relationship between the proportion of managerial ownership and the cost of equity capital in both state-owned holding listed companies and non state holding listed companies in China; at the same time, the change of capital cost of state-owned listed companies is more sensitive than that of non state-owned listed companies. The change of capital cost to design the shareholding ratio of the management level can guarantee the effectiveness of the management stock ownership plan and achieve its positive effect. This paper provides a theoretical basis and constructive advice for the setting of the shareholding ratio in the management level of the listed companies.

【作者单位】：首都经济贸易大学会计学院;
【基金】：国家自然基金面上项目(71572117) 国家社科基金一般项目(15BGL066) 北京社科规划重点项目(15JGA010)
【分类号】：F275;F272.92

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