经理层持股、企业特征与公司价值

Managerial Ownership,Firm' s Character and Operating Performance

本文以沪深两市370家上市公司为对象,在控制了企业特征变量后,对经理层持股水平与公司价值间的关系进行了研究。结果表明:国外有关经理层持股水平与企业价值非线性相关的结论在我国并不适用,经理层持股水平虽然与企业价值线性相关,但这种关系极不稳定,受样本异常点的影响;企业规模越大、负债水平越高以及董事长兼任总经理都会带来企业价值的降低,成长能力越强、上市时间越长越有利于企业价值的提高。

Taking the 370 listed companies in Shanghai and Shenzhen stock exchanges,by controlling the variable of enterprise features, this article studies the relationship between MBO and the company value. The research indicates that the foreign conclusion about the nonlinear correlation between MBO and a company's value does not work in China.Although there is a linear correlation between MBO and a company's value, this kind of correlation, affected by the abnormality of samples, is not steady. The larger the scale of the enterprise, the higher the debt ratio, with the board chairman being also the general manager, the lower a company's value. On the other hand, the stronger the development potential, the longer the duration of being listed on the stock market, the better the environment for the enhancement of a company's value.