發(fā)布時(shí)間：2018-09-01 18:35

【摘要】：管理層持股對(duì)公司盈余影響有"利益趨同"和"壕溝防御"兩種效應(yīng)。本文采用股權(quán)分置改革后中國(guó)A股上市公司2007年至2010年樣本,基于盈余持續(xù)性的視角,研究了管理層持股的利益趨同效應(yīng)。研究發(fā)現(xiàn)管理層持股能顯著提高上市公司的盈余持續(xù)性,進(jìn)一步研究還發(fā)現(xiàn)董事會(huì)和高級(jí)管理人員的作用強(qiáng)于監(jiān)事會(huì)。本文不僅豐富了管理層持股對(duì)盈余持續(xù)性影響的研究,而且獲得了管理層持股"利益趨同"作用的支持性驗(yàn)證,說(shuō)明股權(quán)分置改革后"內(nèi)部人控制"不再是制約管理層持股的制度障礙。本文研究支持上市公司和監(jiān)管層積極看待管理層持股,并建議上市公司區(qū)別制定有效股權(quán)激勵(lì)計(jì)劃,通過(guò)不斷完善資本市場(chǎng)和公司治理結(jié)構(gòu),更好地發(fā)揮管理層持股的積極作用。
[Abstract]:The influence of management ownership on earnings has two effects: benefit convergence and trench defense. From 2007 to 2010, this paper studies the benefit convergence effect of management shareholding from 2007 to 2010, from the perspective of earnings persistence. The study found that the management holding can significantly improve the earnings sustainability of listed companies, and further found that the role of the board of directors and senior managers is stronger than that of the board of supervisors. This paper not only enriches the research on the effect of management stock ownership on earnings sustainability, but also obtains the supporting verification of the "interest convergence" function of management stock holding. It shows that "insider control" is no longer a system obstacle restricting management ownership after the reform of split share structure. This paper supports listed companies and regulators to take a positive view of management ownership, and suggests that listed companies should make effective equity incentive plans separately and improve the capital market and corporate governance structure through the continuous improvement of the capital market and corporate governance structure. Better play the positive role of management ownership.
【作者單位】： 中國(guó)人民大學(xué)商學(xué)院;
【分類號(hào)】：F224;F832.51;F275

【參考文獻(xiàn)】

相關(guān)期刊論文 前10條

1 王志臺(tái);上海股市盈余持續(xù)性的實(shí)證研究[J];財(cái)經(jīng)研究;2000年05期

2 陳勇;廖冠民;王霆;;我國(guó)上市公司股權(quán)激勵(lì)效應(yīng)的實(shí)證分析[J];管理世界;2005年02期

3 徐浩萍;陳超;;會(huì)計(jì)盈余質(zhì)量、新股定價(jià)與長(zhǎng)期績(jī)效——來(lái)自中國(guó)IPO市場(chǎng)發(fā)行制度改革后的證據(jù)[J];管理世界;2009年08期

4 于東智,谷立日;上市公司管理層持股的激勵(lì)效用及影響因素[J];經(jīng)濟(jì)理論與經(jīng)濟(jì)管理;2001年09期

5 王克明;王平;;公司治理、現(xiàn)金股利變化與盈余變化持續(xù)性——基于中國(guó)上市公司的分析[J];經(jīng)濟(jì)問(wèn)題;2011年01期

6 趙宇龍,王志臺(tái);我國(guó)證券市場(chǎng)“功能鎖定”現(xiàn)象的實(shí)證研究[J];經(jīng)濟(jì)研究;1999年09期

7 趙宇龍;會(huì)計(jì)盈余披露的信息含量——來(lái)自上海股市的經(jīng)驗(yàn)證據(jù)[J];經(jīng)濟(jì)研究;1998年07期

8 彭韶兵;黃益建;趙根;;信息可靠性、企業(yè)成長(zhǎng)性與會(huì)計(jì)盈余持續(xù)性[J];會(huì)計(jì)研究;2008年03期

9 張國(guó)清;趙景文;;資產(chǎn)負(fù)債項(xiàng)目可靠性、盈余持續(xù)性及其市場(chǎng)反應(yīng)[J];會(huì)計(jì)研究;2008年03期

10 陸宇建;蔣s，

本文編號(hào)：2218009