关于出版业上市公司管理层持股与公司绩效的实证分析  

Empirically Analysis on the Relationship between Management Shareholding and Corporate Performance in Listed Companies of the Publishing Industry

作　　者：朱乃平[1] 韩文娟[1] 凌隽[1] 

机构地区：[1]江苏大学财经学院,镇江212013

出　　处：《出版科学》2013年第6期41-47,共7页Publishing Journal

基　　金：江苏大学高级人才基金项目"中国企业集团财务风险的评价与管控体系研究"(10JDG103);江苏省博士后科研资助计划(1202036C);中国博士后科学基金(2013M541622)研究成果

摘　　要：以传播与文化产业中出版业的所有上市公司为考察样本,借助其年报数据的横截面和时间序列分析,揭示我国出版业2008—2012年的管理层持股和公司绩效表现特征,并实证检验出版业管理层持股对公司绩效的影响,从而提出完善出版业公司治理提高绩效的对策建议,以期为我国出版业的公司治理和经营决策提供数据参考和启示。实证结果表明:(1)我国出版业上市公司管理层持股能显著正向促进公司绩效的提高;(2)出版业整体绩效表现不理想,缺乏可持续增长能力,管理层持股比例普遍较低,没有充分发挥管理层持股的激励效应;(3)我国出版业还呈现研发创新投入和财务杠杆过低等特征。Based on all of the listed company of the publishing industry in the communication and cultural industry as samples, with the analysis on the cross section and time series of the annual report data, this paper reveals managerial ownership and corporate performance characteristics of the publishing industry in China from the year 2008 to 2012, And the paper empirically tests the managerial ownership effect on corporate performance of the publishing industry. This paper also puts forward countermeasures and suggestions to improve corporate performance and corporate govern ance and provide the data reference and enlightenment for corporate governance and the management decision of China＇ s publishing industry. The empirical results showthat： （1） managerial ownership of the listed company of the publishing industry can significantly positively improve corporate performance; （2） the overall performance ofthe publishing industry is not ideal and lacks the sustainable growth ability. The managerial ownership percentage is generally low and the managerial ownership doesn＇ t give full play to the incentive effect of managerial ownership; （3） Chinese publishing industry is characterized by low R＆D innovation investment and low financial leveraae and so on.

关 键 词：公司绩效管理层持股财务杠杆创新能力 可持续发展 

分 类 号：G231[文化科学]