管理层持股与公司价值关系的实证研究——基于沪、深两市上市公司数据

本文以我国2008年沪、深两市771家上市公司为研究对象，对公司价值与管理层持股的关系进行实证研究。研究结果表明，管理层持股比例与公司价值之间存在显著的三次曲线关系。当管理层持股比例在0—23．84％范围时，公司价值随持股比例增加而上升；当管理层持股水平在23．84％～60．55％之间时，管理层持股比例的增加会导致公司价值减少；当管理层持股水平大于60．55％时，公司价值与管理层持股水平又会呈现出正相关关系。

An Empirical Analysis on Managerial Ownership and Corporate Value——Based on Data Set of Listed Companies from Shanghai and Shenzhen Stock Exchange

This paper aims to find out the relationship between corporate value and managerial ownership through an empirical research using a sample data of 771 listed companies from Shanghai and Shenzhen Stock Exchange in 2008.The results document that the managerial ownership-corporate value shows a significant nonlinear relationship,that is,cubic equation.I provide evidence that at ownership levels,below 23.84% it will have a positive relation with corporate value;between 23.84%~60.55% the relationship will be neg...