关于出版业上市公司管理层持股与公司绩效的实证分析.docVIP

关于出版业上市公司管理层持股与公司绩效的实证分析 　　[摘 要] 以传播与文化产业中出版业的所有上市公司为考察样本，借助其年报数据的横截面和时间序列分析，揭示我国出版业2008—2012年的管理层持股和公司绩效表现特征，并实证检验出版业管理层持股对公司绩效的影响，从而提出完善出版业公司治理提高绩效的对策建议，以期为我国出版业的公司治理和经营决策提供数据参考和启示。实证结果表明：（1）我国出版业上市公司管理层持股能显著正向促进公司绩效的提高；（2）出版业整体绩效表现不理想，缺乏可持续增长能力，管理层持股比例普遍较低，没有充分发挥管理层持股的激励效应；（3）我国出版业还呈现研发创新投入和财务杠杆过低等特征。 　　[关键词] 公司绩效 管理层持股 财务杠杆 创新能力 可持续发展 　　[中图分类号] G231 [文献标识码] A [文章编号] 1009-5853 （2013） 06-0041-07 　　[Abstract] Based on all of the listed company of the publishing industry in the communication and cultural industry as samples， with the analysis on the cross section and time series of the annual report data， this paper reveals managerial ownership and corporate performance characteristics of the publishing industry in China from the year 2008 to 2012. And the paper empirically tests the managerial ownership effect on corporate performance of the publishing industry. This paper also puts forward countermeasures and suggestions to improve corporate performance and corporate governance and provide the data reference and enlightenment for corporate governance and the management decision of China抯 publishing industry.The empirical results show thatd：（1）managerial ownership of the listed company of the publishing industry can significantly positively improve corporate performance；（2）the overall performance of the publishing industry is not ideal and lacks the sustainable growth ability. The managerial ownership percentage is generally low and the managerial ownership doesn’t give full play to the incentive effect of managerial ownership；（3）Chinese publishing industry is characterized by low RD innovation investment and low financial leverage and so on. 　　[Key words] Corporate performance Management shareholding Financial leverage Innovation ability Sustainable development 　　1 引 言 　　在股权分置改革全面完成后，上市公司真正全部进入资本市场，大小股东利益趋于一致，做大做强公司成为股东的共同目标。随着有关政策的陆续出台，采用股权激励政策的上市公司有望呈现加速增长的局面。十七届六中全会提出，要实现文化大发展大繁荣，在新的历史机遇下，出版作为文化产业的领头羊，担负着重要的文化使命和责任。国内学者就管理层持股与公司绩效之间的关系的研究主要以整个主板、中小板上市公司为