| China’s first batch of GEM companies traded in October2009.One year later, ushered in the GEM for the first time lifted peak, at this time to coincide with the Shanghai Composite Index and the GEM index fell sharply, followed by a reduction of GEM executives constantly questioned. As a high growth of business representatives, the GEM companies carries nurturing high-tech enterprise clusters, promoting the transformation of China’s economic growth history of the new engine expect. But the reality is that the emerging new break and management of the successive reduction. Therefore leads to the core of this study, the research on the related issues of managerial ownership and firm value.Separation of ownership and management of joint-stock companies become more prominent, with the expansion of the scale of the development of joint-stock companies, shareholders are more and more difficult the control of the property business, the leading Enterprise Rights Center was transferred by the owner to the operators of this phenomenon many scholars object of attention. So, the shareholding of the management of the company decision-making power and the right to operate on the value of the company, what will affect it? This is the purpose of this study.The relationship between the proportion of managerial ownership and corporate value in the practical and theory can be divided into irrelevance, a positive correlation on the negative correlation theory, nonlinear relations theory. Management stake to master the control of the company’s stake, the value of the company a measure of the past, scholars meaning of the market value of Tobin’s Q value and MBR ratios, but more than two tests indicators there is a major defect.This article will build new GEM value index value index as the dependent variable to build econometric models to the proportion of managerial ownership as independent variables, the use of relevant measurement software for regression analysis, through empirical analysis of the research management of the GEM stake related to the relationship between the value of the company.In this study, the GEM companies listed in the June30,2011as the research object, research methods, including statistical analysis and regression analysis.The empirical results show that the management stake and the value of the GEM index was positive, negative and positive nonlinear relationship, that is, when managerial ownership is less than15.58%,the value of the company executives stake increase rise, indicating that the dominant effect of convergence of interests between management and outside shareholders, then increase the proportion of managerial ownership will increase the value of listed companies;when management ownership percentage is15.58%,56.88%] range, the company value decreased as management holdings increase in the proportion of surface will lead to increase in the proportion of managerial ownership management encroachment on the interests of outside shareholders, damage the interests of minority shareholders, increasing the company’s agency costs, resulting in reduced value of the company;and when the management layer holding more than56.88%, the value of the company increased with the increase of managerial ownership proportion, that is, when management ownership of a large proportion of even the relative majority of shares or absolute control of the equity incentives are more obvious, agents gradually reduced cost, increased the value of the company.The article concludes by accelerating the separation of ownership and management; perfect market laws and regulations, strengthen market supervision’s supervisory mechanism, improve the corporate governance structure;regulate the management ownership path, grasp the proportion of managerial ownership and other measures to strengthen corporate supervision, prompting the management to business management, starting and ending points most to the development of the company and shareholder interests, thereby increasing the value of the company. |
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