Research Of Relationship Between Management Ownership And Corporate Performance

Since the 21 st century, China’s national strength has enhanced with the strong growth of economic. Listed companies, considered as the main force of economic growth gradually drew attention of people, the company’s management to give ownership incentive also began to be accepted by each listed company, and accepted by most people,become a kind of important ways to improve corporate governance structure. Management equity originally rise in foreign countries, is also popular in China,but for whether there is a certain correlation between management equity and company performance,domestic and foreign scholars have conducted a large number of theoretical arguments and empirical research. Compared with abroad, our country has certain particularity, the existence of non-tradable shares of listed companies, some companies just have one dominant, and the legal environment in our country, has led many scholars think China’s equity incentive has not succeed by now. However, after equity division reform, the stock market efficiency increased, stock price to reflect the performance of the company more real, all shareholders more attaches great importance to the company’s shares on the secondary market performance, so many scholars are very concerned about management equity and will present a certain relationship between the company’s performance. Based on 2009-2013 Shanghai and Shenzhen stock market data,only include municipal management equity percentage are not continue to zero of the A shares of listed companies as samples, the data from the angle of investor’s investment efficiency, the earnings per share as management equity be explained variables, correlation with management ownership and corporate performance of listed companies has carried on the empirical analysis, the results showed:(1) when all data classification according to plate, the main board and small and medium-sized plate of management equity is related to the company’s performance and thegem correlation is not strong.(2) when the motherboard and the classification of data in the industry of small and medium-sized plate, nine industry correlation, and different industry correlation. Through the analysis of the conclusions that should increase the proportion of equity incentive of listed companies in our country, improve the management ownership,establish and perfect effective professional manager market, improve the effect of incentives from the tax policy.