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本文运用非线性相关分析方法,检验了管理层股权设置(MSR)与公司经营绩效(ROE,Tobin’sQ)之间的关系。结果表明,两者存在显著的非线性关系。通过系数矩阵的正负统计分析发现,国外学者提出的“利益趋同效应”和“掘壕自守效应”在我国上市公司中同样存在。同时还发现,公司的经营业绩与高管人员的持股比例存在区间效应。实证结果在否定税盾假设、企业成长假设、资产性质相关性假设的同时,肯定规模相关假设。
This paper examines the relationship between management equity (MSR) and company operating performance (ROE, Tobin’s Q) using a non-linear correlation analysis. The results show that there is a significant nonlinear relationship between the two. Through the positive and negative statistical analysis of the coefficient matrix, it is found that the “convergence of interest” and “self-indenting effect” proposed by foreign scholars also exist in Chinese listed companies. Also found that the company’s operating performance and senior management shareholding ratio there is an interval effect. The empirical results affirm the scale-related assumptions while rejecting the tax-shield hypothesis, the firm-growth hypothesis and the asset-nature correlation hypothesis.