关键词: 管理层持股 , 利益趋同 , 盈余持续性 , 沟壕防御

Abstract: Alignment effect and entrenchment effect were two hypotheses of corporation's earnings persistence.This paper selected A-share listed companies after the equity division reform in 2007—2010, from the perspective of earnings persistence, and studied the convergence of interest effect of management ownership.This paper found that managerial ownership could significantly improve the listed companies'earnings persistence.Board of directors, supervisors and senior managers'shareholding played different roles on earnings persistence.The board of directors and senior management shareholding had more significant positive effects than the board of supervisors.This paper had not only enriched the study of managerial ownership on earnings persistence, but also obtained the supportive evidence of alignment effect.The insider control was no longer the restriction factor of managerial ownership system after the equity division reform.According to this paper, listed companies and regulators should take up a positive attitude towards managerial ownership, make specific equity incentive plans, and constantly improve the capital market and the corporate governance structure.

Key words: managerial ownership , alignment effect , earnings persistence , entrenchment effect