管理层股权结构对我国上市公司投资行为的影响

Effect of Managerial Ownership Structure on China’s Listed Company and Corporate Investment

大量研究表明管理层股权结构影响公司价值。从价值的创造过程看,管理层股权结构首先影响公司投资,从而影响公司价值。但管理层股权结构如何影响公司投资行为的研究目前较少。本文以计量经济方法,研究了我国上市公司管理层股权结构如何影响公司投资。结果表明,我国上市公司存在过度投资的行为,而董事长与总经理持股有助于改善企业的投资行为,减少企业的过度投资。

Literature tells that managerial ownership structure influences corporate value. However, the process of value creation shows that managerial ownership structure first influences corporate investment, and then corporate investment influences corporate value. But how managerial ownership structure influences corporate investment is still not well known. This article studies the relationship between managerial ownership structure of China’s listed company and corporate investment. According to the research, there exists over-investment in China’s listed company, but managerial equity can improve company and corporate investment, and lessen their over-investment.