Investigate The Impact Of The Manager Autonomy On The Performance Of Listed Companies

The core of corporate governance is to improve corporation's performance and protect investors' benefits. Professional manager is the direct operator for a corporation, who directly affects corporation's performance. Moreover, the shareholding quantity of professional manager is one of the direct factors which affect manager's performance. Accordingly, this thesis researched how about the managerial discretion effects on the corporate performance in different level of manager shareholding. It aimed to reach a conclusion of the effect between managerial discretion and corporate performance in theory and made use of the public data which come out from parts of our country's companies to support the conclusion by demonstration.This thesis was divided into six chapters: The first three chapters emphasized theoretic analysis, namely, in the basis of past researches, theoretically analyzed how about the managerial discretion effects on the corporate performance in different level of manager shareholding. Especially, based on the fact, the third chapter developed and ameliorated the model of Burkett-Gromb and Li Yougen. Consequently, the author deduced the result of the above-mentioned effect between managerial discretion and corporate performance in different phases of manager holding.The fourth and fifth chapter was based on the theoretic analysis and made use of the public data which comes out from parts of our country's companies to validate the result. The fourth chapter defined and expatiated on the weighing specifications and standards of managerial discretion and corporate performance. The fifth chapter analyzed the collected data by making use of management Stat. software.The sixth chapter made a summarization for the above research and reached a conclusion of the research. Moreover, it pointed out the limitations, deficiencies and the open questions for future research.