Managerial Ownership Motivation and Corporate Performance in Chinese Business Groups: An Empirical Research Based on Chinese Public Companies

摘要

Based on the preceding studies and own research design, after setting up study frame and theory hypotheses, this paper adopted the method of empirical research through all 651 business groups from Shanghai and Shenzhen stock market as the sample data, and utilized SPSS to carry on data analysis and examining. Through regression analysis and hypothese examination of the three years’ sample data from 2003 to 2005, the paper analyzed the effect of internal ownership motivation on the performance in business groups. The results show that in Chinese business groups, there is a liner positive correlativity between the extent of managerial ownership motivation and the performance of business groups, which reflects the effect of covergence of interest. There is another founding that the relationship between the percentage of the managers who have some internal ownership and the performance of business groups acts as an obvious U-formed curve, which means the performance of business groups first decline with the increasing of the percentage of the managers owned internal ownership, then move up. The outcomes of this study will provide some advices for the system of governance and motivation of business groups and can be used for reference by government to develop domestic business group.