CAJ | 학술논문

在信息不对称和契约不完备的情况下,自利管理者与股东之间的利益冲突,引发管理者固守职位并最大化自身效用的管理防御行为。通过选择管理者年龄、管理者任期、管理者学历、管理者持股比例和管理者薪酬等特征变量,选取2003-2008年间6年连续上市的A股上市公司面板数据,从管理防御视角考察管理者特征与公司业绩的相关性。研究表明管理者年龄、管理者学历和管理者薪酬与公司业绩显著正相关,管理者任期与业绩显著负相关,管理者持股对业绩有负面影响。
재신식불대칭화계약불완비적정황하,자리관리자여고동지간적이익충돌,인발관리자고수직위병최대화자신효용적관리방어행위。통과선택관리자년령、관리자임기、관리자학력、관리자지고비례화관리자신수등특정변량,선취2003-2008년간6년련속상시적A고상시공사면판수거,종관리방어시각고찰관리자특정여공사업적적상관성。연구표명관리자년령、관리자학력화관리자신수여공사업적현저정상관,관리자임기여업적현저부상관,관리자지고대업적유부면영향。
In the information asymmetry and incomplete contracts case, manager-shareholder interest conflict leads to managerial entrenchment behavior,which is that managers stick to their own positions and maximize the effectiveness of their own. Based on managerial entrenchment perspective, this paper selects 5 manager-feature variables of age, tenure, education, ownership and compensation, and uses panel data of A-share companies which listed six consecutive years between 2003 and 2008 to examine the relationship between manager characteristics and corporate performance. The study finds that company performance positively associates with manager age, education and compensation, while managerial tenure and ownership have negative impact on performance.