The Study On The Relation Of Managerial Ownership And Corporate Performance About Listed Companies In Our Country

With China's sustained rapid economic growth,the listed companies of China are gradually growing up.Managerial ownership attracts more and more attention because it plays an important role in the managerial incentive.The Listed Companies in China has also increased the ownership,then does it can play a part in the development of company?Above all,This article trying to analyze the relationship between managerial ownership and corporate performance systematically.Firstly,this article reviewed the theoretical basis which supporting the managerial ownership-the principal-agent theory.On the basis of empirical reasearch both in China and western countries,we analyzed the reasons that why so many scholars got the different conclusions.Then this article prefer to do the relation research from the point of managerial ownerships rate and industry element.The final sample was consist of 105 Chinese listed companies between 2006 to 2008,especially the factor analysis,regression analysis and correlation analysis were employed to get the conclusion.We found that the rate of managerial ownership had a signifieant positive impact on the company performance,and with the inereasing of the rate,the impact had been strengthened.Meanwhile,this impact will be different in distinct industry.Based on this,we can conclude that China is still in the initial stage of executive equity incentive development,there are still many reasons restrict managerial incentive effectting such as the lack of incentive amount;market manager is not effective and the imperfect corporate governance.Finally,This article will give some recommendations: not only to hold the managerial ownership policy direction,but also increase the intensity of management ownership,also establish and improve effective managers market and so on.