基于调整成本的内部人持股和公司绩效关系研究.pdfVIP

2010 工科院校会计学术年会 基于调整成本的内部人持股与公司绩效关系研究¨ 基于调整成本的内部人持股与公司绩效关系研究 A Study of the Relationship between Insider Ownership and Corporate Performance: Based on Adjustment Cost 刘义鹃 朱燕萍 南京理工大学经济管理学院会计系（210094） Liu Yijuan Zhu Yanping Nanjing University of Science and Technology (210094) I 2010 工科院校会计学术年会 基于调整成本的内部人持股与公司绩效关系研究¨ ※ 摘要：绝大多数研究认为内部人持股水平与公司 绩效显著相关。然而调整内部人持股和公司绩效会 因发生费用即调整成本， 使公司内部人实际持股水平（公司实际绩效水平）偏离最佳持股水平（最 佳公司绩效水平），进而影响两者之间关系的显著性。基于此，本研究在分析内部人持股和公司绩效 调整成本影响因素的基础上，从调整成本的视角对2003 年－2008 年的国内A 股上市公司内部人持 股和公司绩效的关系进行了实证研究，发现调整成本不仅存在而且重要，并且会使得内部人持股和 公司绩效的的显著关系明显降低，甚至不再存在显著的相关关系。 关键词：内部人持股；公司绩效；调整成本；调整速度 Abstract : Most studies indicate that the insider ownership is positively correlate with corporate performance. However adjustment cost is needed by adjusting both insider ownership and optimizing corporate performance, which will influence the relation between thses two factors. On the view of adjustment cost, this study make the empirical research of relation between insider ownership and corporate performance, according to year report and data of stock market of A listed companies during the period of 2003-2008, regarding adjustment cost and no adjustment cost into the model specification respectively, the result was found that insider ownership is significantly positively associated with corporate performance in model specification without adjustment cost. But once adjustment cost was considered, the relationship no longer exists. Which means that adjustment cost is not only exists but also very important. Key Words: insider ownership ；corporate performance；adjustmen