Research On The Correlation Of Managerial Ownership And Enterprise Performance Based On State Holding Listed Companies

Management holdings in the West long ago developed the implementation of the capital market, is very effective settlement of the principal means of corporate governance, he can make the interests of managers in line with corporate interests, long-term incentives to managers. In accordance with the commission on behalf of the theory, Managerial Ownership and Corporate Performance should be positively correlated. Because the Management Stock Incentive will allow business managers to work harder to create value for the company, benefits. Yet an examination of domestic and international research literature on managerial ownership and corporate performance aspects of demerit very different, there are relevant and irrelevant, the results obtained are many reasons for this, but the number of listed companies in China accounted for 64% about the state-owned enterprises is a lack of research is, accordingly, the paper selected listing of China's state-controlled manufacturing company as a sample of its stake in the management relationship between corporate performance and conduct research.This paper is divided into six sections, the first part is an introduction covering the background, significance, methods and structure of the paper; second part literature review, both from foreign and domestic parts of the literature review, combined with this situation points out the need for attention to the situation; third part theoretical analysis to the management holding for the study, respectively, from stakeholder theory and contract theory to analyze the management of the two holding role; fourth part of design, including sample selection, variable definition, model design and so on; the fifth part of the empirical analysis section, including descriptive analysis, correlation analysis and multiple regression analysis; sixth part is the conclusions and recommendations section.This state holding listed companies under the special construction of the state holding listed companies ownership and corporate performance management model, the introduction of firm size, capital structure, growth and other control variables, hypotheses put forward to the Shanghai and Shenzhen Stock Exchange state holding listed companies as China's state-controlled manufacturing industry, representatives of listed companies, in order to better contrast, has selected the manufacturing of non-state-controlled listed companies as a reference sample to study the range of the selected section of the 2008 data as the sample data for one year , the sample data descriptive statistical analysis, correlation analysis, regression analysis, the results show that: 1,split share reform, the state holding listed companies manufacturing of Managerial Ownership far lower than the type of non-listed state-controlled manufacturing enterprises and state-owned and non state-owned stake in the management of listed companies in developed capital markets is far lower than the international level; 2,state-controlled listed companies manufacturing and enterprise performance management shareholding ratio showed a significant positive correlation, the correlation coefficient was 0.188, while non-state holding listed companies manufacturing and enterprise performance management shareholding ratio are related but not significant; 3, state-controlled listed companies manufacturing and enterprise performance management shareholding ratio of nonlinear correlation, inflection point is 5.438%.This paper aims to study the management of state-owned share proportion listed companies associated with firm performance, found that the process of restructuring state-owned enterprises there or should solve the problem, management incentives are very important for every business, although the specific nature of state-owned enterprises determines its many and various other enterprises, but in order to meet the increasingly fierce global competition, improve the state-owned enterprise reform, establish modern enterprise system, the management of Stock Ownership issues need more attention.