中文摘要：

利用随机前沿生产函数对2004～2007年中国制造业上市公司的技术效率进行了估计，并利用面板数据模型深入分析了管理层持股对技术效率的影响作用。实证研究表明，当持有少量股份时，管理层与公司股东利益的协同效应比较微弱，他们将更多地追求私人利益，从而使公司的生产效率下降；当管理层持股比例达到一定程度时，协同效应的作用增强，将有效地抑制管理层和大股东追求非生产性私人收益的行为动机，从而在整体上提高公司的生产效率。

英文摘要：

In this paper, the authors estimate the technical efficiencies of the listed companies of Chinese manufacturing from 2004 to 2007 by SFA approach. Based on the estimation results, the effects of the managerial ownership on the production efficiencies have been studied employing panel data models. The empirical results show that when the managerial ownership is spare, synergistic effect between management and shareholders would be small. Management is more inclined to seek private benefit, which leads to the decreasing of production efficiencies. Meanwhile, as managerial ownership is large enough to some extent, synergistic effect could suppress the behavior driving to seek private benefits of management and shareholders that would improve the firms＇ production efficiencies.