管理层持股与公司绩效:基于管理层收购的实证研究

Managerial Ownership and Firm Performance:Evidence from Management Buyout of China's Listed Companies

以1997至2009年管理层收购进行私有化的66家国有企业作为研究对象,研究管理层持股与公司经营绩效的关系。结果表明:管理层收购对公司绩效的影响在短期存在负向作用的倾向,而在长期内影响并不显著。考虑到管理层持股变化可能对公司绩效产生的影响,进一步分析持股变化率与公司绩效的关系发现,若持股变化率处于+31%^+50%,-31%^-50%,公司业绩指标将呈现正向变化的趋势,从而反映出管理层收购对公司绩效的积极作用。

The paper examines the relationship between managerial ownership and firm performance for 66 samples of Chinese public state - owned enterprises （ SOEs ） privatized by doing Management Buyout （MBO） over the period from 1997 to 2009. The empirical results indicate that managerial ownership has a negative effect on firm performance in the short term, but it does not in the long term. Considering the influence of changing of managerial ownership on firm performance, ff there is a highlow percentage of changing （ ＋ 31% - ＋ 50%, - 31% - - 50% ）, management buyout would exert positive influence on firm performance.