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中文摘要：
构造了随机前沿分析模型，并以2002--2006年度中国电气器材与金属冶炼加工行业上市公司为样本，实证分析了中国这两大类上市公司的效率及其变化趋势，并重点探讨了管理层激励及内外部激励对公司效率的影响．实证分析结果表明，首先，公司管理层持股对公司效率有积极的影响．其次，在外部激励中，资本市场压力和产品市场压力均对公司效率有积极显著的影响．第三，在内部激励中，上市公司控股股东持股比率、控股股东性质以及国有控股股东持股比率等因素均与公司效率之间存在着负相关关系．
英文摘要：
By employing unbalanced panel data during 2002--2006 in Chinese electricity machinery industry and metallurgical industry, this study measures the listed companies＇ technical efficiency based on stochastic frontier model, then examines the linkage between managerial incentive and firm efficiency by controlling the firm＇ s size and financial leverage, external and internal incentives. Firstly, the evidence shows that the man- agerial incentive reflected by managerial stock can significantly increase firm efficiency. Secondly, the external incentives reflected by product market and capital market pressure can significantly improve firm efficiency at the same time. However, internal incentive variables reflected by the ownership proportion of the first share- holder, the state ownership proportion, and the ownership proportion of the first state shareholder, are nega- tively relate to firm efficiency.
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