我国上市公司管理层持股财务绩效的实证研究

上市公司管理层持股是否带来了治理结构的明显纳?关键在于分析其财务绩效的变化.本文以管父理层持股与管理层收购的共性为前提,以深、沪两市中具有代表性的上市公司为样本,采用合成数据截面回归模型,实证研究我国上市公司管理层持股对财务绩效的影响.从总体上看,我国上市公司实行管理层持股及收购对公司各相关财务指标的影响非常微弱,其影响因子不到0.1%.从局部比较而言,实行管理层持股或收购对我国上市公司股东利益的保护相对于公司利润的增长较强.

An Empirical Study on Financial Performance of Management Shareholding in Listed Companies of China

Whether management shareholding will bring an obvious improvement of the management structure of listed companies depends on the change of its financial performance.This paper takes the commonness of Management Buyout(MBO) and Management Stock Position(MSP) as the preconditions,and uses panel data of companies listed in Shenzhen and Shanghai stock exchanges to test financial performance of listed companies' MSP in an empirical way.The result shows that,in general,the effect of MBO and MSP on financial indexes of listed companies is not significant,with the effect factor less than 0.1%.By partial comparison,we find that the effect of the MBS or MSP on protection of the listed companies' shareholders is more obvious than the improvement of the corporate profits.