摘要
委托代理理论和人力资本理论的固有缺陷导致以往的研究大都只关注管理层持股比例,很少从微观的持股结构层面考察管理层持股与财务绩效的关系。本文首次在两者关系的研究中引入结构性因素,通过实证研究发现,管理层持股离散度这一结构性变量对上市公司财务绩效具有显著的负向影响,而且这一影响超过了管理层持股比例对财务绩效的正向影响。这一研究结论充分说明了在管理层持股研究中考虑结构性因素的重要性。
The disadvantages of the Agency theory and the Human capital theory resulted in people paying more attention on the proportion of management shareholding in the past.People normally ignore the microcosmic structure of shareholding to research the relationship between the management shareholding and the financial performance.This article,which we wrote,introduces the structure factors into this relationship.The evidence indicated that the deviation of management shareholding negatively affects the company financial performance. Even though this negative effect outweighs the positive effect of the proportion of the management shareholding. As a result,we conclude that the structure factors are playing an important role in management shareholding.
关键词
管理层持股
结构因素
财务绩效
Management Shareholding
Structure Factors
Financial Performance
