公司治理优秀研究生毕业论文(定稿)

硕士学位论文论文题目：管理层持股与公司绩效关系的实证研究EmpiricalResearchonRelationBetweentheManagerialOwnershipandCorporatePerformance作者姓名：李井林作者学号：2008140007指导教师：杜晓光教授论文密级：专业名称：企业管理单位年级：管理学院2008级完成日期：2011年6月渤海大学研究生学院1管理层持股与公司绩效关系的实证研究中文摘要管理层持股作为一种有效解决企业委托代理问题的长效激励机制，在西方发达国家得到了广泛应用。在我国，随着上市公司股权分置改革的推进和股权激励相关政策的出台，管理层股权激励也将越来越普遍。在此背景下，本文通过研究管理层持股与公司绩效之间的相关性、因果性和影响因素，希望为今后的管理层股权激励政策提供一些有益的建议。在采用因子分析法计算出公司绩效综合得分值的基础上,本文通过相关分析、曲线估计和路径分析来检验上市公司管理层持股和公司绩效之间的关系。基本研究思路为：首先，概述了我国管理层股权激励政策的实施背景，以期建立适合我国国情的实证研究模型；其次，对国内外有关管理层持股与公司绩效的文献进行了回顾与评述，并对股权激励的相关理论与假说进行了具体阐述，为提出管理层持股与公司绩效的相关假设打下基础；然后，对管理层持股与公司绩效进行了实证研究，通过对2008年A股上市公司样本数据的分析，得到了管理层持股和公司绩效相互影响，但为微弱的正相关关系；管理层持股具有内生性；资产负债率、公司规模、股权集中度和企业产权性质会在不同程度上影响管理层持股和公司绩效的结论；最后，对上市公司有效发挥管理层股权激励效应提出了政策建议，并指出了本论文的研究局限及进一步的研究方向。[关键词]管理层持股；公司绩效；激励效应；内生性；实证研究2EMPIRICALRESEARCHONRELATIONBETWEENTHEMANAGERIALOWNERSHIPANDCORPORATEPERFORMANCEABSTRACTAsthelong-termincentivemechanism,managerialownershiptackleswithprincipal-agentproblemsincompanieseffectively，andhasbeenwidelyimplementedinwesterndevelopedcountries.Meanwhile，moreandmoreChina’slistedcompaniesarebecominginterestedinmanagerialownershipforthereformofnon-tradablesharesandthepromotionofownershipincentivepolicy.Inthiscontext,thisarticleanalyzestherelationsbetweenthemanagerialownershipandcorporateperformanceaboutlistedcompaniesinourcountry，includingtheircauseandeffectandaffectfactors,inordertosupplysomeadvicesforownershipincentivepolicy.Basedoncorporateperformancecompositescorescalculatedbyfactoranalysis,thispaperteststherelationshipbetweenmanagerialownershipandcorporateperformance,throughtherelevantanalysis,curveregressionanalysisandpathanalysis.Itsgeneralideasare:Firstly,describestheChina’smanagerialownershipincentivepolicyresearchbackground,tobuildempiricalresearchmodelssuitableforChina’snationalconditions;Secondly,reviewsrelatedliteraturesabouttherelationbetweenmanagerialownershipandcorporateperformanceofdomesticandforeigncompanies,andspecificallyaddressestheequityincentiverelatedtheoryandhypothesis,tolayfoundationformakingrelatesupposesaboutmanagerialownershipandcorporateperformance;Thirdly,makesempiricalresearchonmanagerialownershipandcorporateperformancebyanalyzing2008A-sharelistedcompanies’data,andconcludesthatthereismutualinfluencebetweenmanagerialownershipandcorporateperformance,butthepositivecorrelationisweak;managerialownershipisendogenous;theasset-liabilityratio,companysize,ownershipconcentrationandenterpriseownershipnatureaffecttodifferentdegreesthemanagerialownershipandcorporateperformance;Atlast,makessuggestionsforimplementingequityincentiveeffectively,andnotestheinadequacyofthepresentpaperandthedirectionoffurtherresearch.[KEYWORDS]managerialownership；corporateperformance；effectofincentive；endogenous;empiricalresearch3目录1绪论.............................................................................................................................11.1研究背景及意义.......................................................................................................11.1.1研究背景.............................................................................................................11.1.2研究意义.............................................................................................................21.2研究内容和研究方法...............................................................................................31.2.1研究内容.............................................................................................................31.2.2研究方法.............................................................................................................41.3主要创新点...............................................................................................................52管理层持股与公司绩效关系研究综述.........................................................................62.1国外研究综述...........................................................................................................62.1.1管理层持股与公司绩效相关论.........................................................................62.1.2管理层持股与公司绩效不相关.........................................................................72.2国内研究综述...........................................................................................................82.2.1管理层持股与公司绩效相关论.........................................................................82.2.2管理层持股与公司绩效不相关.........................................................................92.3国内外研究评述.....................................................................................................103管理层持股与公司绩效关系的理论分析...................................................................123.1管理层持股与公司绩效关系的理论基础.............................................................123.1.1委托—代理理论...............................................................................................123.1.2人力资本理论...................................................................................................123.1.3激励相容理论...................................................................................................133.2管理层持股与公司绩效