| 我国上市公司管理层持股和企业价值关系的实证研究 |
| |
| 引用本文： | 杨梅. 我国上市公司管理层持股和企业价值关系的实证研究[J]. 首都经济贸易大学学报, 2004, 6(6): 61-65 |
| |
| 作者姓名： | 杨梅 |
| |
| 作者单位： | 上海财经大学,上海,200083 |
| |
| 摘 要： | 本文采用利益趋同和掘壕自守假说理论,对我国上市公司的管理层持股和企业价值(以托宾Q衡量)之间的关系进行了建模实证分析。分析结果表明:上市公司的管理层持股和企业价值之间里非单调关系,但由于各种原因,结果并不十分显著;同时经理人员持股并没有在企业价值决定中起主导的作用,甚至低于非经理人页持股的作用。这些结果与国内外研究结果都有一定的差异。
|
| 关 键 词： | 管理层持股 企业价值 上市公司 |
| 文章编号： | 1008-2700(2004)06-0061-05 |
| 修稿时间： | 2004-09-28 |
An Empirical Study on the Impact of Managerial Ownership on Firm Value of Chinese Listed Companies |
| |
| YANG Mei Shanghai University of Finance and Economics,Shanghai,China. An Empirical Study on the Impact of Managerial Ownership on Firm Value of Chinese Listed Companies[J]. Journal of Capital University of Economics and Business, 2004, 6(6): 61-65 |
| |
| Authors: | YANG Mei Shanghai University of Finance Economics Shanghai China |
| |
| Affiliation: | YANG Mei Shanghai University of Finance and Economics,Shanghai 200083,China |
| |
| Abstract: | This paper is based on the convergence - of - interest hypothesis and entrenchment hypothesis. Wemake model to investigate the impact of managerial ownership on firm value ( measured by Tobin's Q) of Chineselisted companies. The result of analysis shows that Tobin's Q is a nonmonotonic function of managerial ownership,but the result is not very significant because of many reasons. CEO ownership is found not to have a dominatingeffect on the value of the firm, even the effect is lower than that of the non - CEO managerial ownership. There aresome discrepancies between the results and the former study results. |
| |
| Keywords: | managerial ownership firm value listed companies |
| 本文献已被 CNKI 维普 万方数据 等数据库收录！ |
| 点击此处可从《首都经济贸易大学学报》浏览原始摘要信息 |
|
点击此处可从《首都经济贸易大学学报》下载全文 |
