创业板上市公司管理层持股对绩效影响程度的实证分析

文章以我国2011年创业板上市公司财报数据为样本,通过分析管理层是否持股、持股比例、成长能力等因素与公司绩效的相关关系,研究管理层持股对公司绩效的影响程度问题。实证分析表明,在创业板上市公司中管理层持股的公司在绩效表现上要好于管理层未持股的公司,公司绩效与管理层持股比例未呈现出显著的线性相关关系,且前者受后者的影响程度随后者所处比例区间的变化而变动。研究结论表明,创业板上市公司管理层持股比例会影响公司绩效,前者对后者的影响程度呈区间效应。     

管理层持股水平与公司绩效的N型关系研究

运用我国414家上市公司1999~2005的数据,对管理层持股水平与经营绩效之间的关系进行实证研究。研究结果表明:二者存在显著的N型关系,但国有上市公司与非国有上市公司的最优管理层持股水平存在显著差异。当前我国管理层持股水平与公司绩效处于同向变动阶段,因此,上市公司应该通过积极增加管理者持股水平来提升公司业绩。     

管理层持股与公司绩效:一项基于深圳股票市场的实证研究

本文在现有理论和实证分析框架基础上,以在深圳证券交易所上市的331家公司为研究对象,运用非线性回归模型对上市公司管理层持股与经营绩效的相关性进行了实证检验。实证结果表明,公司绩效与管理层持股之间存在三次曲线关系:管理层持股在0%—0·1376%之间时,公司绩效随管理层持股比例的增加而下降;管理层持股在0·1376%—0·7462%之间时,公司绩效随管理层持股比例的增加而上升;管理层持股超过0·7462%时,公司绩效再次随着管理层持股比例的增加而下降。     

管理层激励、股权结构与创新绩效——基于中国民营上市公司的经验证据

我国学者对上市公司管理层激励、股权结构的相关研究主要集中在它们与公司绩效的关系上,文章采用创新绩效作为被解释变量,提出了管理层激励、股权结构与创新绩效的假设模型,以2004—2014年中国民营上市公司的实际数据,应用多元回归统计方法进行实证分析,检验了管理层激励、股权结构与创新绩效之间的相关关系。研究结果对民营企业贯彻创新驱动发展战略及经营管理决策具有较强的启示意义。     

上市公司管理层持股比例与公司业绩关系实证研究

本文以我国298家管理层持股上市公司为研究样本,分析了上市公司管理层持股与公司业绩关系。结果发现,上市公司管理层持股比例与公司绩效之间具有较强的正相关关系;管理层持股比例决定公司业绩,而不是公司业绩决定管理层持股比例;并且两者存在非单一线性关系。     

管理层股权与公司绩效关系不同研究结果探因

自Jensen和Meckling(1976)后,大量关于管理层股权与公司绩效关系的实证研究得到的却是不同的结果。本文对其原因进行了分析,分析结果表明:对管理层和管理层股权的界定不同、对公司绩效的测度不同、所采用的解释变量不同,将导致不同的管理层股权与公司绩效关系的实证研究结果;在管理层股权是内生变量的情况下,使用单方程模型应用最小二乘法(OLS)所得到的管理层与公司绩效之间的相关关系是一种伪相关的关系。     

我国上市公司股权激励与公司绩效关系研究

上市公司管理层股权激励与经营绩效的相关性,是近年来资本市场投资人和上市公司管理层共同关注的重大问题。文章收集了2011年我国实施股权激励机制的上市公司的相关数据,从股权激励实施效果、公司薪酬激励机制两个方面探讨了管理层股权激励与公司绩效的关系,发现两者之间具有显著的正相关关系,说明我国的上市公司在管理层股权激励方面取得了较大的进步。     

我国上市公司股权激励与公司绩效关系研究

上市公司管理层股权激励与经营绩效的相关性,是近年来资本市场投资人和上市公司管理层共同关注的重大问题。文章收集了2011年我国实施股权激励机制的上市公司的相关数据,从股权激励实施效果、公司薪酬激励机制两个方面探讨了管理层股权激励与公司绩效的关系,发现两者之间具有显著的正相关关系,说明我国的上市公司在管理层股权激励方面取得了较大的进步。     

我国上市公司股权激励与公司绩效关系研究

上市公司管理层股权激励与经营绩效的相关性,是近年来资本市场投资人和上市公司管理层共同关注的重大问题.文章收集了2011年我国实施股权激励机制的上市公司的相关数据,从股权激励实施效果、公司薪酬激励机制两个方面探讨了管理层股权激励与公司绩效的关系,发现两者之间具有显著的正相关关系,说明我国的上市公司在管理层股权激励方面取得了较大的进步.     

管理层权力、高管薪酬差距与公司绩效

薪酬结构的合理是影响公司绩效众多因素中不可忽视的原因之一,然而上市公司中高层管理人员的权力正逐渐控制合理薪酬契约的制定,进而影响公司绩效水平,本文实证研究分析了2012-2014深沪A股上市公司的样本数据,结果发现高管人员薪酬差距对公司绩效的关系符合锦标赛理论的预期,但是管理层权力这一变量却改变了之前的预期,进一步检验之后发现,相对于管理层权力较大的公司,在管理层权力较小的公司中,这一关系却仍然存在。     

股权结构与公司绩效关系的实证研究——基于创业板上市公司的数据

公司的股权结构是公司所有权的一种结构安排,公司的股权结构会对公司的治理结构产生影响,公司的治理效率又会对公司绩效产生影响。鉴于创业板上市公司的特殊性,在对创业板上市公司股权结构的特点进行分析的基础上,从股权属性、股权集中度和股权制衡度、内部人持股比例三个方面检验了创业板上市公司的股权结构与公司绩效之间的关系,结果表明：国有股比例、内部人持股比例对公司绩效具有正面影响,但不显著;法人股比例、机构持股比例、股权集中度、股权制衡度与公司绩效正相关;流通股比例与公司绩效负相关。     

战略人力资源管理与跨国公司在中国的绩效

通过比较跨国公司在中国两个行业中的人力资源管理实践与相关绩效,本研究验证战略人力资源管理的不同理论观点。笔者分析了取自中国的软饮料产业与电子产业的实证数据,研究的结果验证了一系列有关战略人力资源管理的基本假设,如企业环境、企业战略、企业人力资源实践与企业绩效之间的关系。     

Market orientation practices enhancing corporate environmental performance via knowledge creation: Does environmental management system implementation matter?

The academic literature on environmental management has provided extensive insights into the determinants of corporate environmental performance. However, few empirical studies have explored whether and how three core components of corporate market orientation (i.e., customer orientation, competitor orientation, and interfunctional coordination) affect environmental performance. Building on institutional theory and the absorptive capacity perspective, this study investigates the relationships among market orientation, knowledge creation, and environmental performance, as well as the moderating effects of environmental management system implementation. On the basis of survey data from 237 Chinese manufacturing firms, we used hierarchical multiple regression analyses to test the hypotheses. The findings indicate that knowledge creation completely mediates the influence of competitor orientation on environmental performance and partially mediates the influence of customer orientation and interfunctional coordination on environmental performance. In addition, environmental management system implementation positively moderates the relationship between knowledge exchange and environmental performance.     

How effective human resource management promotes corporate entrepreneurship: evidence from China

Strategic human resource management (SHRM) represents a set of HRM practices that are aligned with firm strategies. The relationship between SHRM and organizational performance has been extensively examined; however, whether and how SHRM influences corporate entrepreneurship remains unknown. Based on the resource-based perspective, this study examined a model linking SHRM with corporate entrepreneurship. The importance of HRM people's political skill for a firm's development of devolved management through SHRM implementation was also examined. Data from a survey of 201 Chinese manufacturing firms confirm a significant relationship between SHRM and corporate entrepreneurship and that the relationship is partially mediated by a devolved management style. The relationship between SHRM and devolved management was shown to be stronger for firms with more politically skillful HRM people.     

The impact of human resource management practices and corporate entrepreneurship on firm performance: evidence from Turkish firms

This paper outlines the important role of human resource management practices with a link between corporate entrepreneurship and firm performance. Data were collected from a survey of 124 firms operating in different industries in Turkey. The findings of this study indicated that human resource management (HRM) practices partially mediated the relationship between corporate entrepreneurship and firm performance. In other words, corporate entrepreneurship affects firm performance, both directly and through its effects on HRM practices. In addition to corporate entrepreneurship, it is found that HRM practices explain a significant level of additional variance (9 per cent) in firm performance. The theoretical and managerial implications are discussed.     

Asset-light strategy,managerial ability,and corporate performance of the Asian telecommunications industry

This paper examines the effects of asset-light strategy on the corporate performance of listed Asian telecommunications corporations and the moderating effect of managerial ability on the association between asset-light strategy and corporate performance. The study applies the dynamic slacks-based measure (DSBM) model and Tobit regression to measure managerial ability. The empirical results show that asset-light strategy positively affects corporate performance and that managerial ability has a significant moderating effect on the relationship between the degree of asset-lightness (DAL) and corporate performance. The findings further show that the greater the managerial ability, the stronger the relationship between DAL and corporate performance.     

供应链管理要素对物流绩效的影响分析

本文采用灰色关联分析方法，研究了供应链管理要素对物流绩效的影响，结果表明，大部分的管理要素与物流缋效改进之间具有较强的正相关性，依据相互之间的关系对物流绩效管理，笔者提出了相关建议。     

Sophisticated capital budgeting systems and their association with corporate performance

Prior empirical studies have been unable to establish any clear relationship existing between the capital budgeting practices adoted and corporate performance. This may partly be explained by the restrictive definition of capital budgeting employed in these studies. The present study, based on data gathered from 144 major companies, examines the relationship between the degree of sophistication identified in capital budgeting systems and corporate performance levels achieved over a number of years, when controlling for the interactive corporate characteristics of size, risk, capital intensity and industry class. The results are surprising. They reveal a consistent, significant negative association between the level of capital budgeting sophistication and corporate performance.     

The remuneration of CEOs and corporate financial performance in Norway

Economics and management literatures advocate that senior company executives should be remunerated on the basis of the financial performance of the firms they manage. This helps align the interests of management with those of stockholders. There are, however, problems in implementing pay for performance schemes and these, along with other factors, may lead to there being no empirical relationship between compensation and stockholder returns. This study set out to explore the determinants of chief executive compensation in Norwegian stock exchange listed firms. To date there have been very few studies on this topic using data from Norway; most previous research has employed American data. The results show a positive relationship between CEO pay and corporate size but there was no significant association between remuneration and corporate financial performance as measured by accounting profitability and as measured by stock returns. Estimates of the value added by companies were significantly related to chief executive pay. There was also a positive and significant relationship between a CEO's compensation and the average wage level of the company. This association may be due to the unique characteristics of Norway's social and economic structure.     

质量管理实践的实证研究

在相关文献分析的基础上,通过对质量管理实践和企业绩效的界定,利用对苏州、南京和徐州三地企业的调查资料,探究质量管理实践对企业绩效的影响,并对一些学者的研究结果进行验证。结果显示,质量培训、流程管理、顾客关系等9项质量管理实践对企业绩效有显著影响,不支持管理者承诺对企业绩效有显著影响的观点。