高管持股：利益趋同效应还是壕沟防御效应—基于创业板上市公司的实证分析

科研管理 ›› 2014, Vol. 35 ›› Issue (7): 116-123.

高管持股：利益趋同效应还是壕沟防御效应—基于创业板上市公司的实证分析

梅世强, 位豪强

天津大学管理与经济学部, 天津 300072

收稿日期:2013-04-02 修回日期:2013-10-28 出版日期:2014-07-25 发布日期:2014-07-15
作者简介:梅世强（1967-），男（汉），河南信阳人，天津大学管理与经济学部会计与财务管理系主任，副教授，硕士生导师，研究方向为公司治理、财务会计。
位豪强（1990-），男（汉），山东烟台人，天津大学管理与经济学部硕士研究生，研究方向为公司治理、财务会计。

Executive ownership：convergence of interest effects or entrenchment effects—An empirical analysis of listed companies on GEM

Mei Shiqiang, Wei Haoqiang

School of Management and Economics, Tianjin University, Tianjin 300072, China

Received:2013-04-02 Revised:2013-10-28 Online:2014-07-25 Published:2014-07-15

摘要/Abstract

摘要： 把高管持股对公司价值的影响这一问题的研究范围集中到创业板市场，得出了与其他学者不尽相同的结论。研究发现，创业板的公司治理结构和股权结构与主板和中小企业板有明显差异，这是我国创业板上市公司高管持股对公司价值影响的“效应区间”不同于其他研究结论的重要原因。分别以标准化的市场价值和净资产收益率作为公司价值的衡量指标，通过对2010年和2011年创业板上市公司样本的实证分析，发现高管持股的利益趋同效应与壕沟防御效应同时存在于上市公司中，高管持股比例低于20%或高于50%时，利益趋同效应大于壕沟防御效应，高管持股比例在20%—50%时，壕沟防御效应大于利益趋同效应。

关键词: 高管持股, 利益趋同效应, 壕沟防御效应, 创业板

Abstract: This paper expands the research scope of the impact of executive ownership on firm value to the GEM, and comes to different conclusions with other scholars. The results suggest that GEM's corporate governance structure and ownership structure are obviously different from the main board and SME board. This is an important reason that the impact of GEM's executive ownership on firm value is different from other research conclusions. Through empirically analyzing the sample of companies listed on GEM in 2010 and 2011, we could find that both the convergence of interest effects and the entrenchment effects exist in the listed companies. When the ratio of executive ownership is below 20% or over 50%, the convergence of interest effects play a more important role than the entrenchment effects; On the other hand, when the ratio is within 20% to 50%, the reverse is true and the entrenchment effects play a more powerful role.

Key words: executive ownership, convergence of interest effect, entrenchment effect, GEM

中图分类号:

梅世强, 位豪强. 高管持股：利益趋同效应还是壕沟防御效应—基于创业板上市公司的实证分析[J]. 科研管理, 2014, 35(7): 116-123.

Mei Shiqiang, Wei Haoqiang. Executive ownership：convergence of interest effects or entrenchment effects—An empirical analysis of listed companies on GEM[J]. Science Research Management, 2014, 35(7): 116-123.

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