Research On The Relationship Between Managerial Ownership And Corporate Performance Of The Pharmaceutical Industry Listing Corporation

Since the mid twentieth Century, through the management of enterprises and other new incentive methods to solve the problem of principal-agent problems began to become a reality, and in the United States as the representative of the western developed countries have been widely used. As an arrangement of incentive mechanism, whether the management shareholding can improve the performance of the company? In recent years, around the problem of the relationship between the managerial ownership and corporate performance, scholars at home and abroad were corresponding theoretical discussion and empirical study, and the result is a matter of opinion. Pharmaceutical industry is an important industry related to the national economy and the people’s livelihood, for the vast number of consumers to pay attention. Pharmaceutical industry also has the reputation of "the never fading sunrise industry" best investment choice, for the vast number of investors to pay attention. Pharmaceutical industry or the "12th Five Year Plan" key planning industry, for government attention. In view of this, the development of the pharmaceutical industry has become the focus of attention of the whole society. To enhance the pharmaceutical industry performance of listed companies, we must clear the between managerial ownership and have no relationship, a relationship is what kind of relationship. Therefore, the relationship between managerial ownership and corporate performance of listed pharmaceutical industry research companies has important significance.This paper uses the method of normative research, and empirical analysis combined with the first, organize relevant literatures on the study of the relationship between managerial ownership and corporate performance at home and abroad, and points out the reasons for the findings are not the same height, review related hypothesis of managerial ownership theory and managerial ownership and corporate performance of the relationship between the two. Second, description the characteristics of China’s pharmaceutical industry, analysis of industry listing Corporation managerial ownership and performance status of pharmaceutical. Finally, an empirical study was used to collect China’s Shanghai and Shenzhen two listed in January 1,2012 the pharmaceutical industry listing Corporation 2012-2014 data, these data will be used as a period of three years during the study period, the establishment of factor analysis and multiple linear regression model. Empirical test of the relationship between managerial ownership and corporate performance.Through the research, this article draws the conclusion:(1) the managerial ownership of the pharmaceutical industry listed company performance is better in the performance of zero holdings of listed companies. (2) Pharmaceutical industry listed between management ownership and corporate performance exist correlation. (3) The pharmaceutical industry of our country listed there interval effect between managerial ownership and corporate performance, the nonlinear relationship for cubic curve, namely positive negative-is a non monotonic relationship. When the proportion of management ownership within the scope of 0-21.37%, is positively related to firm performance ComF and management layer of the shareholding ratio. When the proportion of management shareholding between the 21.37%-47.66% and company performance ComF and management layer of the shareholding ratio of negative correlation. In management shareholding ratio is greater than the 47.66%, company performance ComF and management layer of the shareholding ratio and recovery is positive correlation. Finally, combined with the actual situation, the paper analyzes the results of the paper and puts forward the corresponding policy recommendations.