The Impact Of Management Shareholding On Firm Performance

According to economic theories,management shareholding is one of the effective means to coordinate the interests of principal and agent.Since the reform of non-tradable shares was basically completed,it has emerged more than thousands of relevant empirical research literature on the relationship between management shareholding and corporate performance in domestic academia,but the conclusions were very inconsistent.Therefore,based on the existing literature as the research object,our study takes advantage of meta-analysis to summarize and evaluate controversial areas,gives full play to the statistical power of large sample,and further explores the overall effects of management equity on corporate performance as well as the potential regulatory effects among different studies through the structural procedures of quantitative synthesis.Firstly,related concepts,such as management layer,management shareholding and corporate performance,were defined,and after generally introducing the method of meta-analysis itself,its history of application in academic research was reviewed as well.Secondly,based on the relevant theories of equity incentive and existing literature in domestic academic circles,this paper put forward six assumptions about the impact of management shareholding on corporate performance.Thirdly,considering the applicable situations of meta-analysis and its structural research procedures,a heterogeneity test,meta binary analysis and meta regression analysis were orderly launched based on the empirical conclusive data of 686 regression models from 419 literature,discussing the impact of management shareholding on corporate performance from two aspects of the overall effects and the potential regulatory effects respectively,and then the publication bias was tested and analyzed.Finally,the conclusions,limitations and future research directions of this paper were pointed out.Through the above research,the main conclusions obtained in this paper are as follows:As a whole,management shareholding has a significant positive impact on corporate performance,but the impact is significantly different due to the difference in the company performance measures chosen.From the perspective of enterprise properties: the management ownership for the company's net assets yield positive promoting effect on properties of the samples in the literature does not distinguish between enterprises than the business nature of the sample is more obvious in literature;Compared with the state-owned holding company,the performance improvement of the management shareholding plan of non-state-owned holding companies is more obvious.From the perspective of listed companies: in the sample scope of this paper,the impact of management shareholding on the return on net assets of sme and gem companies is not yet clear.Down from the industry point of view: Meta analysis and Meta regression analysis are affirmed the management equity in distinguish between industry type of study or in not distinguish between industry type have significant positive influence on the company's return on net assets,but the two analysis results in differences influence degree.From the perspective of the source of stock ownership,the conclusion of the sample literature with equity incentive as the source of management shareholding is less significant than the significance level of the sample literature conclusion that does not distinguish the source of stock ownership.From the perspective of other measurement factors,it is easy to publish the literature that the management shareholding ratio has a significant positive impact on the company's roe.The sample documents using cross-sectional data were significantly less significant than those obtained from the sample literature using panel data.