管理层融资收购与股权激励的实证研究

The Empirical Research of Managerial Financing and Ownership Incentive

通过对上市公司的实证研究发现,企业财务风险与高管持股倾向存在负的线性关系,高管持股份额与企业激励效果(管理层努力水平)呈非线性关系。在目前我国企业的改制过程中,管理层由于收购资金匮乏,不太可能完全控股企业,所以存在一个现实的次优比例,可以最有效地激发管理层的积极性。

It is found out in the resean：h and proved with true examples that popular managers are inclined to pursue control right througn gaining the ownership and there is an evident negative linear relation between finance risk and managerial tendency to have ownership, and nonlinear relation between managerial ownership ＆ incentive perfonnance. Lack of capital to purchase the ownership of State-owned business, the managers can＇ t absolutely control the business,so there is an inferior proportion to hold the ownership which exerts managerial enthusiasm effectively.