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理论上,管理层激励和股权结构存在关联,本文选择2004年到2009年1279家上市公司的数据,通过构建管理层激励和股权集中度的关联模型,利用动态面板数据方法进行估计,本文的研究结论是:管理层持股和股权集中度负相关,而管理层货币薪酬和股权集中度正相关;管理层权力越大,股权结构越分散;国有股比例和外部聘请和股权集中度正相关,验证了管理层权力、薪酬激励等激励形式对股权结构的作用效果。
In theory, there is a correlation between management incentives and ownership structure. This paper selects 1279 listed companies from 2004 to 2009, and builds an association model of management incentives and ownership concentration using dynamic panel data to estimate. The research in this paper The conclusion is that there is a negative correlation between managerial ownership and ownership concentration, while management’s monetary compensation is positively correlated with ownership concentration. The greater management power, the more dispersed ownership structure. The proportion of state-owned shares is positively correlated with external employment and ownership concentration, The effects of management power, salary incentive and other incentive forms on the ownership structure.