管理層薪酬、持股結構與企業(yè)成長——來自PE支持企業(yè)的數(shù)據(jù)
發(fā)布時間:2018-11-12 07:57
【摘要】:在傳統(tǒng)的融資路徑下,中小科技型企業(yè)很難獲得資金支持。私募股權投資基金的興起,有力地支持了中小科技型企業(yè)的發(fā)展,同時私募股權投資基金也獲得了良好的回報。本文通過對69家中小板私募股權投資基金支持企業(yè)的實證研究發(fā)現(xiàn),管理層獲酬率、平均薪酬、持股率與平均持股對企業(yè)成長拉動性并不強,而管理層獲酬方差和持股方差對企業(yè)成長具有正相關關系,符合錦標賽效應。
[Abstract]:In the traditional financing path, small and medium-sized science and technology enterprises are very difficult to obtain financial support. The rise of private equity funds has been able to support the development of small and medium-sized technology enterprises, at the same time, private equity investment funds have also obtained good returns. Through the empirical study of 69 small and medium-sized private equity fund supporting enterprises, it is found that the salary rate, average salary, average share holding rate and average stock holding rate of management are not strong on the growth of enterprises. However, the variance of management compensation and the variance of ownership have a positive correlation with the growth of the firm, which is in line with the championship effect.
【作者單位】: 上海理工大學管理學院;
【基金】:教育部人文社會科學研究項目(09YJA630098) 上海市教委科研創(chuàng)新項目(09YS232)
【分類號】:F832.48;F276.6;F224
[Abstract]:In the traditional financing path, small and medium-sized science and technology enterprises are very difficult to obtain financial support. The rise of private equity funds has been able to support the development of small and medium-sized technology enterprises, at the same time, private equity investment funds have also obtained good returns. Through the empirical study of 69 small and medium-sized private equity fund supporting enterprises, it is found that the salary rate, average salary, average share holding rate and average stock holding rate of management are not strong on the growth of enterprises. However, the variance of management compensation and the variance of ownership have a positive correlation with the growth of the firm, which is in line with the championship effect.
【作者單位】: 上海理工大學管理學院;
【基金】:教育部人文社會科學研究項目(09YJA630098) 上海市教委科研創(chuàng)新項目(09YS232)
【分類號】:F832.48;F276.6;F224
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【共引文獻】
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