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论文编号：	2468
作者编号：	2120082131
上传时间：	2010/6/11 10:32:04
中文题目：	分析师跟进、管理层持股及公司绩效关系的实证检验
英文题目：	An Empirical Research of the Relationship among Analyst Following, Managerial Ownership and Firm Valuation
指导老师：	陈国欣
中文关键字：	分析师跟进;管理层持股;公司绩效
英文关键字：	Analyst following;Managerial ownership;Firm value
中文摘要：	伴随着我国的金融体制改革和改革开放的日益深化，我们国家的金融行业也在一步一步的与世界接轨。随之而来的一些先进的理念和技术人才也在逐渐被我国金融业所接受。分析家行业也悄然走入中国金融行业，成为集数据采集、分析和专业报告等一体化的新兴行业。在规模上，数据截止到2007年1月，我国共有证券公司104家，其中经过中国证监会批准的具有从事证券从业资格和投资业务咨询的证券公司102家。更加令人欣喜的事实是，我国获得证券投资咨询资格的人员已经达到20000人，在这之中具有职业资格的证券分析家已经超过6000人之多。众所周知，由于金融分析家的存在，或者更加准确的说是分析家跟进（Analyst Following）会对公司绩效产生直接或者间接的影响。在投资者众多的中国金融市场，研究分析家跟进对于公司绩效的影响是具有非常深远的意义的。市场分析家在信息传递上发挥着举足轻重的作用，尤其在分析上市公司的时候。在这个过程中，市场分析家的中介作用对于外部市场可谓尤为重要。分析家通过分析活动决定着后续的行动，在这个过程中分析家会做出过程预测乃至出售建议的分析与发布。分析家可以提高商业信息分析的效率，另外他们可以通过有效的信息传播渠道获取并发送关于公司基本特征的资料或信息，这种独到的功能，广泛地吸引着研究投资学者的关注。因此，由于分析家后续行动的影响，股票价格也会随之发生变动，伴随着这一过程，分析家们能够通过进一步研究和分析找到公司投资方面的重要资料，帮助投资者理解公司的性质，从而在资本市场的信息传播下提高公司的效率。与此同时，分析家跟进和发布上市公司的各种信息并且帮助投资者进行决策和行动。另一方面，管理层持股也会对公司绩效产生影响。管理层对于公司的控制与股东控制权力的分离带来了经典的代理问题，这个问题也是学术界主要的研究的重要代理问题之一。由于存在信息不对称的情况，经理人的行动都是由管理层内部决定的，这是外部股东所观察不到的，从而导致公司的投资机会丧失，由于这种代理问题的存在，股东们只能够通过设计更加完善的雇佣合同来约束管理层，从而约束经理们的行为。国内学者也做了很多这方面的研究，其中一部分人支持管理层持股与公司业绩不相关的结论，通过对文献的查阅，我发现国外的学者对这方面的研究的结论并不是十分的统一。就目前的情况来说，对于公司管理层的控制，正在日益受到国内和国外政府和企业以及专家的青睐和理论界的关注。在欧洲和美国等其他金融行业相对成熟的国家和市场，管理层持股已经逐步成为企业解决委托代理问题的一个重要方式方法和途径，通过管理层持股可以同时协调公司管理层的管理人员和外部股东的最终利益，这种方式已经成为解决这种代理问题的强有力工具。在这种前提下，有的学者认为它们之间是一种线性化的与公司价值呈正相关的关系，也有一些学者认为，随着股份制的管理比例的增加，在一定范围内会出现负线性关系的表现，而且管理层持股也可能导致性能退化加剧。通过中国的上市公司披露的年度报告和企业高层管理人员的薪酬报告显示出，在中国特殊的政治制度环境和法律环境下，学术界对于是否允许让职业经理人管理中国的国有资产以及企业有不同的看法，进一步来看管理层持股是否可以限制并且有能力改善公司内部的两权代理问题一直是颇受争议的话题。 本文从以往的相关文献中，摘录各种论据，并采用归纳和演绎的方法进行推理论证。在本文中的具体体现是这样的，通过对委托代理理论的回顾，分析并且研究国内外学者们的研究成果，查阅相关的文献资料找到分析家跟进、管理层持股和公司绩效之间的内在联系，找到并且解释分析家跟进、管理层持股和公司绩效的内涵和度量方法。这些都为本文的理论研究部分打好坚实的基础，为后面的实证研究做好铺垫。在之前的研究基础之上采用实证分析的方法，对2008年我国上市公司的相关数据进行归纳、分类和处理，通过统计性描述、联立方程组分析等对数据加以处理和分析，并得到相关结论，并且总结分析家跟进、管理层持股和公司绩效之间的联系与规律，跟踪并分析研究其中的内部和外部环境的影响。希望通过联立方程组的方式动态的研究分析家跟进、管理层持股和公司绩效之间的关系并加以探讨。 中国的金融市场还仍然是一个不够成熟和有效性很弱的市场，正因为如此，本文以我国上市公司2008年的相关数据为依据，对分析家跟进、管理层持股与公司业绩之间的关系进行实证研究，希望找到一些突破口，为相关研究提供一些佐证。
英文摘要：	With the reform of the Chinese financial system and the deep opening up, our country's financial system is also meet with the world step by step. Followed by a number of advanced concepts and technical persons, they are gradually being accepted by the financial industry in China. Analysts also come into the Chinese financial industry, for data acquisition, analysis and integration of professional reports emerging industry. In size, the data ended in January 2007, China had 104 securities companies, which have been approved by China Securities Regulatory Commission qualifications in securities and investment securities business consulting firm 102. Even more satisfaction is the fact that our access to the securities investment consulting qualified personnel has reached 20,000 people with vocational qualifications in the securities more than 6,000 people. As we all know, the existence of the financial analyst or more accurately, is the Analyst Following affect the company performance directly or indirectly. In many of Chinese financial market, investors, research analysts follow the performance of the company is a very far-reaching significance. Market analysts in the information transmission play a pivotal role, especially when the analysis of listed companies. In this process, market analysts for the intermediary role of the external market can be described as particularly important. By analyzing the activities of analysts determine the follow-up action in this process and even analysts predict will make the process of analysis and publish the proposed sale. Analysts can improve the efficiency of business information analysis, while they can, through effective information dissemination channels to obtain and send information on the basic characteristics of the company or information, this unique feature of a wide range of attracting investors to the attention of scholars. Therefore, due to the impact of follow-up analyst, a change in stock price will follow, along with the process；Analysts were able to find through further investment in research and analysis of the important information to help investors understand the nature of the company and to help the dissemination of information in the capital market under the enhanced efficiency. At the same time, analysts’ follow up and release a variety of information of listed companies, and in the same time they help investors make decisions and actions. On the other hand, the managerial shareholders will have an impact on corporate performance. Management controlling of the company and shareholders as control of the separation of powers brings the classic agency problem, the problem is a major academic study of one of the important agents. Because of information asymmetries, what managers have done is determined by the internal management, which is not observed on the external shareholders, resulting in the loss of the company's investment opportunities, especially the existence of this agency problem, shareholders can only act through improved design to restrict the employment contract management, and thus bound the behavior of managers. Chinese scholars have also done a lot of research in this area, part of the people support the management ownership and corporate performance is not related to the conclusion, through the access of the literature, we find that foreign scholars in this regard is the study's conclusions are not uniform. The present situation, for the control of management, is increasingly subject to domestic and foreign governments and enterprises, and experts of all ages and theoretical circles. In Europe and America and other financial industry is relatively mature state and market, the enterprise management ownership has gradually settlement of the principal an important means for the ways and means, through the coordination of the management holding company managers and management the ultimate interests of outside shareholders, in this way to solve this agency problem it has become a powerful tool. In this context, some think that is a linear positive correlation with firm value, some scholars believe that with the increase in the proportion of stock management, in a certain range in the negative linear relationship between performance and management may also lead to increased performance degradation. Disclosed by the listed companies in the annual report and corporate senior management remuneration report out that in China the special's politic institutional environment and legal setting, the academy is professional managers owned Assets Management and corporate, retirement step to the management and ownership can limit the ability to improve the company's two power agency has been the controversial topic. From the previous literature, we extract various arguments and use inductive and deductive methods of reasoning argument. In this article, is embodied in this way, through the Agency Theory review, analysis and research scholars who research results, access to relevant literature to find an analyst to follow up, ownership and corporate performance management between the inner Contact, find and explain the analyst to follow up, ownership and corporate performance management and measurement method of the content. As part of this study lay a solid theoretical basis for the later pave the way empirical research. In a previous study based on an empirical analysis method, Chinese listed companies in 2008 to summarize the data, sorting and processing, through the statistical description of simultaneous equations analysis of the data to be processed and analyzed, and are related Conclusions and summary follow-up analyst, management ownership and the link between corporate performance and laws, including tracking and analysis of internal and external environment. Hope that the way of simultaneous equations dynamics of analysts’ follow-up, management ownership and the relationship between corporate performances and explore. Chinese financial market also remains an immature and effectiveness of the weak market, and as such, this article listed companies in China in 2008 data as a basis for analysts to follow up, between Managerial Ownership and Corporate Performance An Empirical Study of the relationship, hoping to find some breakthrough research to provide some evidence.
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