管理层持股的契约模型:理论与实证分析

The Contractual Model of Management Stock Position: Theoretical and Empirical Analysis

管理层持股的契约模型表明管理层持股能通过激励、信息传递机制和控制权分配三个渠道作用于公司治理结构和影响公司治理绩效。现阶段中国上市公司管理层持股比例普遍偏低,使管理层持股的契约模型不能充分有效地发挥作用;实行和深化管理层持股制度受到分配制度、产权制度等诸多因素的制约。

Management stock position can influence corporate governance through incentive, signaling and corporate control distribution. Management stock position proportion in China s listed company is generally low, which limits the effect of the contractual model of management stock position. The implement and development of management stock position is confined by some institutional factors.