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论文编号：	4489
作者编号：	2120102285
上传时间：	2012/6/11 21:10:33
中文题目：	高科技上市公司管理层持股与EVA关系的实证研究
英文题目：	The Empirical Study on the relationship of High-tech listed company managerial ownership and EVA
指导老师：	王全喜
中文关键字：	管理层持股，高科技上市公司，经济增加值（EVA）
英文关键字：	Managerial Ownership, High-tech listed companies, EVA
中文摘要：	在西方成熟的资本主义市场经济背景下，对上市公司高管进行股权激励，已经成为一种普遍现象，目的是更好地促进公司业绩的提升。我国资本市场吸取国外先进的发展经验，日渐完善，上市公司管理人员持股的发展近年来也出现了较明显的变化。本文在系统地梳理管理层持股与公司理论等相关文献的基础上发现，管理层持股与公司绩效的关系在国内外的研究中出现了四种结论。国内外学者通过对管理层持股的分析，以及和公司绩效的相关检测，发现二者之间呈现出线性正、负相关，不相关以及非线性相关四种关系。 本文也在此基础上对管理层持股与公司绩效之间的关系进行了研究。在考察公司绩效时，本文选用的绩效衡量指标为经济增加值——EVA，本文具体分为六章。第一章是本文的绪论，包括本文的研究背景与意义、研究内容与方法及相关概念的界定。第二章为研究综述部分，从国内外两个方面回顾管理层持股的由来及发展，详细回顾了国内外针对管理层持股的研究成果。第三章主要介绍了EVA的相关知识，并对EVA评价公司绩效的有效性进行了检验。第四章为高科技上市公司管理层持股与EVA关系的实证研究设计，本文选取的是高科技行业中的上市公司作为样本公司。第五章对样本公司管理者持股与EVA之间的关系进行了实证分析，包括描述性统计、相关性分析、回归分析等。第六章是本文的结论部分，对第五章实证分析得出的结论进行了说明，并针对当前我国管理层持股存在的问题提出相应的建议，最后表明本文研究的创新之处以及存在的不足。 关键词：管理层持股，高科技上市公司，经济增加值（EVA）
英文摘要：	In Western countries, where the mature market economy system has been established, implementing Equity Incentive Plans for executives of listed companies has become a universal phenomenon, and the purpose is to promote the performance of the company. By continuous learning advanced foreign experience, Chinese capital market is getting more sophisticated. In recent years, Managerial ownership in the listed companies occurred significant changes. On the basis of systematic reviewing on the literature of managerial ownership, there are four different types of conclusions about the relation of managerial ownership and corporate performance. They are positive correlation, negative correlation, unrelated, and nonlinear correlation. This article investigates the relationship of managerial ownership and corporate performance, and in this paper, EVA (Economic Value Added) as the research method in the evaluation of corporate performance. This paper contains six chapters. The first chapter is the introduction of this article, including the researching content of this article, the research background, the research purpose, the research methods and the related conceptions. In the second chapter, the author reviews the origin and development of managerial ownership from two angles in the domestic and international, and defines related concepts. The third chapter introduces the knowledge about EVA, and the empirical analysis of EVA on the effectiveness of the evaluation corporate performance. Chapter IV is the Empirical Study of the relation between managerial ownership of the high-tech industry companies and EVA. In The fifth chapter, the methods include descriptive statistics, correlation analysis, regression analysis, etc. The sixth chapter is the concluding and limitations part of this article, and puts forward the relevant recommendations of the managerial ownership. Key words: Managerial Ownership, High-tech listed companies, EVA
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