| 管理层持股比例的内生性检验——基于公司投资行为的视角 |
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| 引用本文： | 魏锋,孔煜.管理层持股比例的内生性检验——基于公司投资行为的视角[J].软科学,2006,20(3):64-68. |
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| 作者姓名： | 魏锋 孔煜 |
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| 作者单位： | 1. 重庆大学,贸易与行政学院,重庆,400045
2. 重庆大学,建设管理与房地产学院,重庆,400045 |
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| 摘 要： | 以我国1998~2003年沪、深两市319家上市公司为研究对象,通过采用面板数据方法和建立联立方程模型,对管理层持股比例的内生性问题进行了实证检验。结果发现:(1)当采用OLS方法进行估计时,管理层持股比例、公司投资行为与公司价值存在相互影响关系,而且管理层持股比例与公司价值呈非线性关系;(2)当采用联立方程模型进行估计时,结果与OLS估计的结果有较大差异:以ROA度量公司价值,公司价值影响管理层持股比例,但逆向关系不成立;而当以Tob in’s Q度量公司价值且没有控制变量时,公司投资影响公司价值并进而影响管理层持股比例,反过来,管理层持股比例变动对公司价值有显著影响,但对公司投资的影响不显著。这些结果验证了管理层持股比例的内生性问题。
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| 关 键 词： | 管理层持股比例 公司投资行为 内生性 |
| 文章编号： | 1001-8409（2006）03-0064-05 |
| 收稿时间： | 2005-09-16 |
| 修稿时间： | 2005-09-16 |
Managerial Ownership, Investment and Corporate Value--Based on the Perspective of Corporate Investment |
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| WEI Feng,KONG Yu.Managerial Ownership, Investment and Corporate Value--Based on the Perspective of Corporate Investment[J].Soft Science,2006,20(3):64-68. |
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| Authors: | WEI Feng KONG Yu |
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| Institution: | 1. School of Trade and Public Administration ; 2. School of Construction Management and Real Estate, Chongqing University, Chongqing 400045 |
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| Abstract: | Based on the data of the 319 listed companies in the Shanghai and Shenzhen stock exchange over the 1998-2003 periods,the paper examines the endogeneity of managerial ownership.OLS regression results show that there exits mutual relationship among managerial ownership,investment and corporate value.Moreover,there is a non-linear relationship between managerial ownership and corporate value.However,simultaneous regression results indicate that the endogeneity of managerial ownership may affect the results.With the measurement of ROA corporate value,corporate value affects managerial ownership,but not vice versa.But with the measurement of Tobin's Q corporate value,investment affects corporate value,which in turn,affects managerial ownership. |
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| Keywords: | managerial ownership investment endogeneity |
| 本文献已被 CNKI 维普 万方数据 等数据库收录！ |
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