关键词: 管理防御, 管理者特征, 管理者激励, 管理者监督, 公司业绩

Abstract: In the circumstances of information asymmetry and incomplete contracts,the interest conflicts between self-benefit managers and shareholders lead to the managerial entrenchment behaviors,in which the managers strengthen their position and maximize their own effectiveness.This paper,based on the panel data of a sample of 6-year listed A-share companies(from 2003 to 2008),estimates the degree of managerial entrenchment and studies the relationship of managerial entrenchment and corporate performance by analyzing the eight factors selected from the manager's individual characteristics,the manager's incentive and the monitoring characteristics of manager.The research result indicates that the degree of managerial entrenchment may have a negative impact on corporate performance.The manager's age,education level,compensation and the independence of the board of directors may have a positive correlation with corporate performance;while the management tenure and the managerial ownership may have a negative impact on corporate performance.It also concludes that there is a U-shape relationship between the ownership concentration degree and corporate performance.

Key words: managerial entrenchment, manager’s characteristics, management incentive, management restraint, corporate performance