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本文以分别为垄断行业和竞争行业中一些上市公司为研究对象,使用体现上市公司管理层持股情况和企业经营绩效的数个变量,对企业高层管理者持股比例与其绩效之间的关系进行了分析与探索。研究表明,在竞争性企业当中,高层管理人员的持股比例与经营绩效之间呈现着明显的正相关关系,与净利润增长率的回归系数为负,与盈余现金保障倍数显著负相关。在根据研究结果的基础上,为健全和完善关于我国上市公司实行管理层股权激励制度,本文提出了培育职业经理人等三个政策建议。
In this paper, we take the monopolies and some listed companies in the competition industry as the research object, using the variables that reflect the ownership of the listed companies and the performance of the enterprises, and make the relationship between the shareholding ratio and the performance of the senior managers in the enterprise Analysis and exploration. The research shows that among the competitive enterprises, there is a clear positive correlation between the senior executives’ shareholding ratio and the business performance, negatively proportional to the net profit growth rate’s negative coefficient, and earnings cash security multiple. On the basis of the research results, in order to perfect and improve the system of management equity incentive for listed companies in our country, this paper puts forward three policy suggestions such as cultivating professional managers.