CAJ | 학술논문

以传播与文化产业中出版业的所有上市公司为考察样本，借助其年报数据的横截面和时间序列分析，揭示我国出版业2008—2012年的管理层持股和公司绩效表现特征，并实证检验出版业管理层持股对公司绩效的影响，从而提出完菩出版业公司治理提高绩效的对策建议，以期为我国出版业的公司治理和经营决策提供数据参考和启示。实证结果表明：（1）我国出版业上市公司管理层持股能显著正向促进公司绩效的提高；（2）出版业整体绩效表现不理想，缺乏可持续增长能力，管理层持股比例普遍较低，没有充分发挥管理层持股的激励效应：（3）我国出版业还呈现研发创新投入和财务杠杆过低等特征。
이전파여문화산업중출판업적소유상시공사위고찰양본，차조기년보수거적횡절면화시간서렬분석，게시아국출판업2008—2012년적관리층지고화공사적효표현특정，병실증검험출판업관리층지고대공사적효적영향，종이제출완보출판업공사치리제고적효적대책건의，이기위아국출판업적공사치리화경영결책제공수거삼고화계시。실증결과표명：（1）아국출판업상시공사관리층지고능현저정향촉진공사적효적제고；（2）출판업정체적효표현불이상，결핍가지속증장능력，관리층지고비례보편교저，몰유충분발휘관리층지고적격려효응：（3）아국출판업환정현연발창신투입화재무강간과저등특정。
Based on all of the listed company of the publishing industry in the communication and cultural industry as samples, with the analysis on the cross section and time series of the annual report data, this paper reveals managerial ownership and corporate performance characteristics of the publishing industry in China from the year 2008 to 2012, And the paper empirically tests the managerial ownership effect on corporate performance of the publishing industry. This paper also puts forward countermeasures and suggestions to improve corporate performance and corporate govern ance and provide the data reference and enlightenment for corporate governance and the management decision of China＇ s publishing industry. The empirical results showthat：（1） managerial ownership of the listed company of the publishing industry can significantly positively improve corporate performance; （2） the overall performance ofthe publishing industry is not ideal and lacks the sustainable growth ability. The managerial ownership percentage is generally low and the managerial ownership doesn＇ t give full play to the incentive effect of managerial ownership; （3） Chinese publishing industry is characterized by low R＆D innovation investment and low financial leveraae and so on.