经营者持股水平与公司绩效——基于日本公司2001～2006年面板数据的实证分析  

Level of Managerial Stock Ownership and Corporate Performance——Empirical Evidence from Panel Data between 2001 and 2006 of Japan's Listed Company

作　　者：李彬[1] 章军[2] 

机构地区：[1]辽宁大学国际关系学院,沈阳110036 [2]辽宁大学亚澳商学院,沈阳110036

出　　处：《软科学》2009年第6期43-47,共5页Soft Science

基　　金：国家社会科学基金项目(05BJL060)

摘　　要：通过对日本公司面板数据的研究,其结果显示:经营者持股水平与公司绩效呈显著的倒"N"型关系。这一结果启示我国,实施经营者股权激励机制的重点并非在于提高经营者持股比例,而应是设计出既能发挥"利益收敛"效应,又不产生"堑壕效应"的合理持股区间。This paper analyzes the model of panel data based on the samples of Japanese companies. Results show that the inverted N - shaped relationship is obviously presented between the managerial stock ownership and corporate performance. The policy enlightenment is that the emphasis to implement incentive mechanism of managers＇ stock right in China is not to increase the proportions of share ownership, but to design the reasonable interval of share ownership. In this interval, the convergence - of - interests effects can be full exerted, and the entrenchment effects can not be induced.

关 键 词：日本 经营者持股 公司绩效 面板数据 

分 类 号：F276.6[经济管理—企业管理]