| 基于产品市场竞争的管理层持股激励效应研究 |
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| 引用本文： | 李辉,张晓明. 基于产品市场竞争的管理层持股激励效应研究[J]. 西安邮电学院学报, 2011, 16(4): 118-124 |
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| 作者姓名： | 李辉 张晓明 |
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| 作者单位： | 西北大学经济管理学院,陕西西安,710127 |
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| 摘 要： | 产品市场竞争被认为在提高公司业绩,增进社会财富方面具有重要作用。以往考察管理层持股与公司业绩的研究均没有考虑产品市场竞争程度的影响,而超产权理论认为,产品市场竞争是公司业绩改善的根本保证。从构建动态面板数据模型入手,采用DIF-GMM估计方法,以我国沪、深两市2006～2009年的A股上市公司为研究样本,探讨产品市场竞争对管理层持股与公司业绩之间关系的影响。研究发现,产品市场竞争对管理层持股的激励效果具有显著的影响,产品市场竞争程度越高,管理层持股的激励效果越好;产品市场竞争程度越低,管理层持股的激励效果越差。
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| 关 键 词： | 产品市场竞争 管理层持股 公司业绩 DIF-GMM估计 |
Incentive effect study of managerial stockholding share based on product market competition |
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| LI Hui,ZHANG Xiao-ming. Incentive effect study of managerial stockholding share based on product market competition[J]. Journal of Xi'an Institute of Posts and Telecommunications, 2011, 16(4): 118-124 |
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| Authors: | LI Hui ZHANG Xiao-ming |
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| Affiliation: | LI Hui,ZHANG Xiao-ming(School of Economics and Management,Northwest University,Xi'an 710127,China) |
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| Abstract: | The previous researches on managerial stockholding share and corporate performance both did not consider product market competition.But from the point of beyond principal agent theory,product market competition was the fundamental guarantee of corporate performance.Constructing a dynamic panel data model and adopting DIF-GMM estimation method,the paper researched the effect of product market competition on relationship between managerial stockholding share and corporate performance by Chinese A-share listed... |
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| Keywords: | product market competition managerial stockholding share corporate performance DIF-GMM estimation |
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