study results show that, when listed companies managers will hold the shares of less 4.41 % in china, the managers align oneself with the external stockholders, managers " stockholding will be in direct proportion to corporation governance merits . if the managers " stockholding ratio range from 4.41 % to 32.88 %, mbo will intensively be interrelated to corporation governance merits 研究結(jié)果表明,當(dāng)我國上市公司管理層持股比例在0?4.41的范圍內(nèi),管理層與外部股東之間的利益趨同占主導(dǎo)地位,這時管理層持股比例與公司治理績效呈正相關(guān)關(guān)系;在管理層持股比率處于4.41與32.88之間時,公司治理績效與管理層持股比例的關(guān)聯(lián)程度還有所加強(qiáng)。