管理层持股比例下的公司投资行为与公司价值

以中国1998～2003年沪、深两市319家上市公司为研究对象，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：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Tobin’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．

Managerial Ownership, Investment and Corporate Value

Based on the data of the 319 listed companies in the Shanghai and Shenzhen stock exchange over the 1998-2003 period,the paper examines the relation among managerial ownership,investment and corporate value,focusing on the endogeneity of managerial ownership.OLS regression results show that the endogeneity of managerial ownershi Pmay 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.