Empirical Research On The Managerial Ownership Of Listed Companies In China

Along with the course of the State-owned enterprise's reform, many profound problems have being emerging. One of these issues is to how to stimulate and constrain the management supervisor, make their behavior accord with the interest of the shareholder, so as to reduce the agency costs. From the practice of the western corporations, we found that making the management supervisors to be the stockholders and partly have the power of residual control and residual income is an important way to reply this problem.Many scholars including foreigners and Chinese have investigated the stock-keep of management supervisor particularly and thoroughly both from the point of view of theory and from demonstration. However, the emphasis of former study focused on analyzing the relation between the stock-keep of management supervisor and the corporation's performance. It is short of analyzing the factors all-around which will promote and restrict the effect of stock-keep of management supervisors.Now China is in a interim of economy institution. According to western developed nations, the environment of enterprise including society, politics, economy, law and culture, is different. Consequently, it is very necessary to make a general analysis about these influencing factors.At the first, this paper makes an analysis on the whole sample and draw a conclusion as follows: the stock-keeping ratio of management supervisors in(MSR)Chinese public companies is low, evenly distributed and vary acutely.Secondly, this paper generalizes seven predictors from corporation's performance, ability of value development, property structure, character of human resource, and asset to explain the dependent variable MSR by a multiply linearity equation.As a result, this paper finds that MSR has a week positive relation with ROEand UP, has a negative relation with ST and A5, and has no relation with Tuobin's Q, Asset and Age.Finally, this paper discusses the reasons allying with related theory and the environment of Chinese economy institution, and brings forward five advices to consummate the institution of stock-keep of management supervisors: 1.reduce the ratio of state-owned share; 2.choose the correct incentive object; 3.develope the institution investor; 4.enrich related law; 5.cultivate the mature capital market.