The Relationship between Managerial Ownership Motivation and Enterprise Performance: The Evidence from Chinese Business Groups

Based on the preceding studies, after setting up study frame and theory hypotheses, this paper analyzed the data of 651 business groups from Shanghai and Shenzhen stock market. 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 convergence effect 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. 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.