Study On Managerial Ownership Incentive And Corporate Performance

The management ownership are the economical developed country (particular in US) in the economy high speed development phase. The practice proved that, the implementation management stockholder's rights drove, enormously enhanced enterprise's efficiency, promoted the boom of economony.In contrast, the incentive system will play an even more important role in the construction of modem enterprise mechanism in China. Taking into account the difference in the environment and ownership of enterprise between China and the West, this thesis is designed to show how the incentive mechanism goes well in China, and what a kind of part it will play in every-day operation of enterprise, by providing concrete examples with analysis?The article comprehensive described the western academic many theories and the hypothesis about the relation of the management ownership and the company performance, and it has relate the study to this kind of research in domestic, then the analysis of main reason has pointed out to the research conclusion inconsistent. The article take Principal -Agent Theory and Manpower Capital Theory and so on as the theory foundation, using game theory and measurement statistical method, such as the average value T examination, the OLS model return and LSDV model return and so on, Study from management ownership and the company performances relations, drove the policy environment and the drive effect conducts the research, analyzes to the company performance each aspect influence, Empirical studies the relationship between management ownership and the corporate performance, mainly come to the following conclusions:LSDV regression model performs better than the OLS. Time is also a significant impact on the incentive effects of equity; managerial ownership to MBR will have a positive impact, but there was no evidence that improved the company's financial performance; the equity restriction variable improve the company's financial performance to a certain extent, but it ie no no significant impact to the the market value; Market performance of state-owned enterprises better, but not better reflect the level of financial performance than non-state companies. To this situation, proposed the feasibility suggestion for the management ownership policy,and enhances the company performance level practical effectively in our country.