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时间:2021-10-29 19:37 来源: Essay代写

摘要:在大多数情况下,股东通过任命管理者代表来对公司活动进行控制。但是来自外部收购的威胁导致内部管理保留对所有......

英国金融学essay


一般来说,在金融理论中所有权结构尚未分化。然而,在个人公司中利益相关者被广泛分散到各个不同的组。在大多数情况下,股东通过任命管理者代表来对公司活动进行控制。但是来自外部收购的威胁导致内部管理保留对所有权的控制。(Manne (1965), Martin and McConnell (1990))。这种观点认为,公司的业绩取决于受雇于该公司的所有权结构的分布。 Jensen和Meckling (1976)以及Berle和Means (1932)证明所有权结构如何影响公司的价值。

 

此外, Stulz(1988)通过他的模型解释了内部股权和公司价值之间的关系。 Morck, Shleifer and Vishny (1988)认为在内部股权和公司的价值中间有一个非线性关系。也有证据表明股权结构与公司绩效之间的联系。((Demsetz and Lehn (1985), Morck, Shleifer and Vishny (1988), Holderness and Sheehan (1988) and Hermalin and Weisbach (1987)).

 

在商业融资中所有权结构理论-The Ownership Structure theories in Business Finance

 

Conventionally, the ownership structure has not been differentiated in the theory of finance. However, the stakeholders in the individual firms are widely dispersed into different groups. In most cases, shareholders exercises control over firm activities by appointing managers to act on behalf of them. But the threat of outside takeovers induces the management to retain ownership control internally (Manne (1965), Martin and McConnell (1990)). This view has been argued that the firm performance depends on the distribution of ownership structure employed by the firm. Jensen and Meckling (1976) and Berle and Means (1932) demonstrate how value of firm is influenced by the ownership structure.

 

Additionally, Stulz (1988) explains through his model the relationship between the insider equity ownership and value of the firm. Morck, Shleifer and Vishny (1988) argue that there is a non-linear relationship between the insider equity ownership and value of the firm. There are also evidence to show link between equity ownership structure and corporate performance ((Demsetz and Lehn (1985), Morck, Shleifer and Vishny (1988), Holderness and Sheehan (1988) and Hermalin and Weisbach (1987)).

 

The investment management firms control huge amount of wealth and provide diversified portfolio management services to accredited investors like pension funds and other high net worth individuals. Regardless of enormous amount managed by such firms, there has been a very little academic research developed with respect to different ownership structures and their relationship with superior alpha generation. Some of the papers published are in regard to directors’ ownership (Chen, Goldstein and Jiang (2008)), portfolio manager ownership (Khorana, Servaes and Wedge (2007)), management ownership (Morch, Shleifer and Vishny (1988)) and equity ownership (McConnell and Servaes (1990)). In particular, the study of employee ownership in institutional investment management firms has been done recently by Dimmock, Gerken and Westberg (2009). This is the first paper to study the role of employee ownership and their relationship with the firm performance.

 

The purpose of this paper is to investigate the relationship between the employee ownership structure and superior alpha generation, by taking into account the global equity funds of the investment management firms. This paper further investigates whether such employee ownership structure of investment management firms perform better in different periods of cyclical events. In section 2 of this paper, I review the empirical literature related to the topic. For this purpose, I divide the discussion into two parts i.e on employee ownership and measures of fund performance. In section 3, I present data used in my analysis and explain methodologies by showing construction of variables and performance measurement techniques used. In section 4, I discuss the results. In section 5, I conclude by providing summary of the paper.

 

文献综述-Literature review

 

This chapter is discussed into two parts. In the first part, I discuss the published academic research of different types of ownership structures. In particular, I show ownership structure of portfolio manager, directors, management, equity and employee. Further, I try to relate these structures with the performance. Since this paper mainly focus on employee ownership, I further extend my literature in regard to relationship between employee ownership and agency problems, performance and portfolio risk. In the second part of literature review, I discuss different techniques in fund performance measurement including those which are used in this paper for calculating performance metrics.

 

所有权结构-Ownership Structures
 

投资组合经理所有权-Portfolio Manager Ownership

The survival of investment management firms is directly related to the portfolio manager performance. It has become the prime research interest among the academicians and practitioners to understand the relationship between the portfolio manager ownership and performance. Khorana, Servaes and Wedge (2007) show that portfolio or a fund manager who have a significant share of ownership in the funds perform better than the others. They also check for the effect of such ownership on the fund governance. They did not find any relationship between governance mechanisms (such as board size and board compensation) and performance. But they find that boards having more independent directors are less tolerant of inferior performance, particularly decisions relating to fund mergers. Tufano and Sevick, 1997; Del Guercio, Dann and Partch, 2003 found that governance mechanisms like board structure has an impact on fees. They add that funds having a smaller board structure and more number of independent directors will result in lower expense ratios. Zitzewitz (2003) demonstrate that preventive actions are taken by independent boards in regards to market timing. Ding and Wermers (2005) show the positive correlation between independent board and performance.

 

There have been a few literature reviews on the board compensation and ownership. For instance, Tufano and Sevick (1997) show that board directors with greater incentives charge higher fund cost, resulting in lowering the performance of the fund. Cremers et.al. (2006) illustrate that fund performance is positively influenced by the independent board of directors. Since the responsibility of the fund returns lies with the fund manager, their incentives have an effect on the performance. Additionally, the fund manager would increase his ownership stake in the fund when he is more likely informed about the better performance of the fund. Khorana, Servaes and Wedge (2007) suggest a few incentive mechanisms to the fund manager. First, the bonus and salary of the fund manager is related to the fund performance. Second, the fund manager is dismissed for poor performance. This view is also supported by the Chevalier and Ellison, 1999 and Ding and Wermers (2005). Third, board should dissolve the fund management company which leads to removal of fund manager for bad performance. However, Kuhnen 2005 and Khorana, Tufano and Wedge, 2007 say that this mechanism is applied only in a very few cases. Khorana, Servaes and Wedge (2007) discover that the fund performance is also explained by the other characteristics and not only on the ownership. They find that fund managers who hold a significant stake in minor funds, have performed better and hence they hold such stake for longer time period.

 

Overall, Khorana, Servaes and Wedge (2007) study the research in three areas. Firstly, the investigation on the fund manager ownership and fund performance is very limited apart from the Chevalier and Ellison, 1999; who have mixed evidence in forecasting returns on fund. Second, the governance mechanisms would help align fund manager’s interest in the better performance of the fund. Third, they study relationship between the performance and ownership but there exists lot of arguments on whether the same theory applies if the fund changes its value by altering its ownership structure (e.g. Morck, Shleifer and Vishny, 1988 and McConnell and Servaes 1990).

 

员工所有制-Employee ownership:

 

Employee ownership is common and varies across different investment management firms. It is the amount invested in the firm by employees of such firm to acquire a share of ownership. This is different from the assets under management held by the firm. In some countries, mainly US where employee stock ownership plans (ESOP’s) are set up by the companies. It is presumed that employee ownership increases productivity and profitability of the firm. The key benefit is that there are tax benefits for the employee owned companies. Dimmock, Gerken and Westberg (2009) explain that employee ownership reduces the need for external monitoring. On the other hand, employee ownership creates a moral hazard problem as it rewards the collective effort and diversifies the responsibilities among all the employees.

本文标签: THEORIESOwnershipBusiness F

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