摘要
本文在Burkart-Gromb模型基础上定义了经理自主权 ,分析发现经理自主权随经理持股提高呈先增长然后下降的曲线变化关系 ,并得出经理持股水平介于 (ωd ,ωc )范围内时 ,由此产生的自主权效应和控制效应对公司净资产价值的贡献总和最优。
Based on the Burkart-Gromb model,this paper defines managerial discretion, finds,through analysis,its curvilinear changes of being up then slowing down with the increase of CEO equity,and concludes that the produced effect of managerial discretion and control over corporate performance is optimal when the level of stock holding is within the range of (ω d,ω c).
出处
《当代经济科学》
CSSCI
北大核心
2002年第4期1-6,共6页
Modern Economic Science
关键词
经理持股
经理自主权
公司
绩效管理
CEO equity
managerial discretion
control
corporate performance
