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通过分析机构总体持股水平对我国上市公司高管报酬以及对高管报酬与公司绩效敏感性的影响,检验了机构投资者的监督角色假设。实证结果表明机构持股比例、持股机构家数与上市公司高管报酬之间均呈倒U型关系,二者也没有显著增强高管报酬对绩效的敏感性。在机构持股水平较低的情况下,机构的消极持股反而使管理主权得到增强,提高了高管的报酬水平。由于持股比例较低以及投资分散化,我国机构投资者并未对上市公司高管报酬起到明显的监督作用。
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基本信息:
DOI：10.15981/j.cnki.dongyueluncong.2010.01.033
中图分类号:F272;F832.51;F224
引用信息:
[1]高培涛.机构持股水平与上市公司高管报酬之间的关系研究[J].东岳论丛,2010,31(01):115-119.DOI:10.15981/j.cnki.dongyueluncong.2010.01.033.
2010-01-25
2010-01-25