CAJ | 학술논문

伯利和米恩斯（Berle and Means）研究范式是建立在两权分离理论、委托代理理论和信息不对称理论基础上研究公司全体股东与管理者之间代理问题的一种范式.该范式下的一个重要研究方向是管理者持股和公司价值之间的关系.通过对1988 ～2010年26篇实证文献的归纳,发现管理者持股与公司价值大致存在四种关系：（1）管理者持股影响公司价值,主要结论有倒U形相关、正相关、U形相关、N型相关和W型相关；（2）公司价值影响管理者持股,主要结论有正相关和负相关；（3）管理者持股与公司价值相互影响,主要结论是双驼峰曲线相关；（4）管理者持股与公司价值无关.控股股东、外部股东、管理者持股与公司价值之间的关系是未来研究的一个重点.
백리화미은사（Berle and Means）연구범식시건립재량권분리이론、위탁대리이론화신식불대칭이론기출상연구공사전체고동여관리자지간대리문제적일충범식.해범식하적일개중요연구방향시관리자지고화공사개치지간적관계.통과대1988 ～2010년26편실증문헌적귀납,발현관리자지고여공사개치대치존재사충관계：（1）관리자지고영향공사개치,주요결론유도U형상관、정상관、U형상관、N형상관화W형상관；（2）공사개치영향관리자지고,주요결론유정상관화부상관；（3）관리자지고여공사개치상호영향,주요결론시쌍타봉곡선상관；（4）관리자지고여공사개치무관.공고고동、외부고동、관리자지고여공사개치지간적관계시미래연구적일개중점.
Berle ＆ Means research paradigm is based on two rights separation theory, the principal-agent theory and information asymmetry theory, which mainly studies the agency problems between shareholders and managers. Under the paradigm, the relationship between managerial ownership and firm value is very important re- search fields. We summarize 26 papers from 1998 to 2010, and find that there are four kinds of relations between them ：（ 1 ） Managerial ownership affects firm value. The main conclusions include inverted U-shaped correlation, positive correlation, U-shaped correlation, N-shaped correlation and W-shaped correlation. （2） Firm value af- fects managerial ownership and the main conclusions includes positive correlation and negative correlation. （3） Managerial ownership affects firm value and vice versa. The main conclusion is double hump curve correlation. （4） No correlation. Finally, the research focus of the future is the relations between controlling shareholders, external shareholders, managerial ownership and firm value.