公司治理优秀研究生毕业论文(定稿).docVIP

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 Empirical Research on Relation Between the Managerial Ownership and Corporate Performance 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 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， 在采用因子分析法计算出公司绩效综合得分值的基础上, [关 键 词]管理层持股；公司绩效；激励效应；内生性；实证研究 1 EMPIRICAL RESEARCH ON RELATION BETWEEN THE MANAGERIAL OWNERSHIP AND CORPORATE PERFORMANCE ABSTRACT As the long-term incentive mechanism, managerial ownership tackles with principal-agent problems in companies effectively，and has been widely implemented in western developed countries. Meanwhile，more and more China’s listed companies are becoming interested in managerial ownership for the reform of non-tradable shares and the promotion of ownership incentive policy. In this context, this article analyzes the relations between the managerial ownership and corporate performance about listed companies in our country，including their cause and effect and affect factors, in order to supply some advices for ownership incentive policy. Based on corporate performance composite scores calculated by factor analysis, this paper tests the relationship between managerial ownership and corporate performance, through the relevant analysis, curve regression analysis and path analysis. Its general ideas are: Firstly, describes the China’s managerial ownership incentive policy research background, to build empirical research models suitable for China’s national conditions; Secondly, reviews related literatures about the relation between managerial ownership and corporate performance of domestic and foreign companies, and specifically addresses the equity incentive related theory and hypothesis, to lay foundation for making relate supposes about managerial ownership and corporate performance; Thirdly, makes empirical research on managerial ownership and corpora