管理层收购与上市公司治理绩效研究

The Study of Management Buyouts and the Listed Company's Governance Performance

本文从理论上论证管理层收购与公司治理绩效的关系 ,并在考察与借鉴国外管理层收购对公司治理绩效影响的基础上 ,建立数学模型 ,选取国内诸多上市公司作为样本 ,对我国管理层收购与上市公司治理绩效的相关性进行实证研究 ,研究结果表明 ,管理层持股比例在 0 % - 4 .4 1%的范围内与公司治理绩效正相关 ,在 4 .4 1%与 32 .88%之间时 ,关联程度还有所加强。而如果管理层持股比率大于 32 .88%则与公司治理绩效负相关。中国内地上市公司管理层持股的比例仅为 0 .0 17% ,已完成MBO的上市公司中管理层持股比例的均值也仅达 8.30 % ,更多的上市公司中管理层基本上不持有公司股票 ,在建立与完善企业健康发展的良好环境及有效监管体系基础上 ,管理层收购在我国有着广阔的发展空间。

This paper proves the relationship of the management buyouts and corporation governance performance in theory, and in observing and drawing lessons from foreign management buyouts' influence on corporation governance performance, sets up mathematics model and chooses domestic listed companies as samples, makes a empirical research of correlation of the management buyouts and corporation governance performance in China. The results of study show that the managers' stockholding ratio, less than 4.41%, will be positive related to corporation governance performance. It will be between 4.41% and 32.88% that the managers' stockholding will intensively be interrelated to corporation governance performance. And if being more than or equal to 32.88%, the managers' stockholding ratio will be negative related to corporation governance performance. The statistics indicates that the proportion that the managers' stockholding ratio of the listed company is only 0.017% in China, and the average of the managers' stockholding ratio reached 8.30% in the listed companies which had finished MBO. The managers don't hold the company stock basically in more listed companies. In setting up and perfecting good development environments of the enterprise and effective supervisory system, the management buyouts have wide development space in our country.