管理者持股与公司绩效:理论及实证的国际观点

International Theoretical and Empirical Perspective on the Relationship between Managerial Ownership and Corporate Performance

当前管理者持股被认为是建立健全管理人员的激励机制和完善公司治理结构的重要举措,但仍存在一些值得认真探讨的问题。在一些市场经济发达国家,虽然管理者持股有比较悠久的历史,但仍存在一些激烈的争论,使管理者持股问题成为经济理论界尤其是财务学领域广泛关注的焦点问题之一,其中以管理者持股与公司绩效关系问题最具有代表性。从理论和实证两个层面对这一问题进行回顾性分析,以建立一个基础性的分析框架,并对我国的相关实践提供经验借鉴是非常必要的。

Currently managers' owning of the firm's equity is regarded as an important move to establish an incentive mechanism and perfect corporate governance structure. However, there are still some problems worth serious exploration. In some developed countries there has been a long history of managers holding the firm's equity, and such practice has become one of focal points in the field of economic theory, especially the financial field, of which the relationship between equity held by managers and corporate performance is the typical representative. Therefore, it is necessary to review the issue, establish a fundamental analytic framework and provide some experience for reference in practice.