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利用随机前沿生产函数对2004~2007年中国制造业上市公司的技术效率进行了估计,并利用面板数据模型深入分析了管理层持股对技术效率的影响作用。实证研究表明,当持有少量股份时,管理层与公司股东利益的协同效应比较微弱,他们将更多地追求私人利益,从而使公司的生产效率下降;当管理层持股比例达到一定程度时,协同效应的作用增强,将有效地抑制管理层和大股东追求非生产性私人收益的行为动机,从而在整体上提高公司的生产效率。
The stochastic frontier production function is used to estimate the technical efficiency of China’s manufacturing listed companies from 2004 to 2007, and the panel data model is used to deeply analyze the impact of management shareholding on the technical efficiency. Empirical studies show that when holding a small number of shares, the synergy between the management and the shareholders of the company is relatively weak, they will pursue more private interests, thus reducing the productivity of the company; when the proportion of management ownership reaches a certain level , And the synergetic effect will be enhanced. This will effectively curb the motivation of management and major shareholders in pursuing private non-productive returns, thereby improving the overall production efficiency of the Company.