管理层特征与公司绩效关系的统计分析

Statistical Analysis on the Characteristic of Management and Corporate Performance

文章在系统回顾国内外有关上市公司管理层与公司绩效关系研究的基础上,选择沪深两市487家制造业上市公司为样本,通过实证检验分析了我国上市公司的管理层特征与公司绩效之间的相关关系。实证结果显示:总经理和董事长的两职合一与公司绩效关系不显著;而高管持股比例随着其不断增加,对公司绩效的影响呈现出"三段波浪线"特征。

On the basis of recollecting a good many of researches on the relationship between management and corporate performance home and abroad,this article takes 487 companies listed in Shenzhen and Shanghai Stock Exchange of China as samples to analyze the correlation in our country through a empirical method. The empirical results indicate that the relationship between corporate leadership structure about general manager and board chairman and corporate performance is not remarkable. But along with the proportion of management shareholders continuously increasing,the curve of its influence on company performance presents M-shape.