摘要
金字塔式股权结构已成为上市公司中普遍存在的一个现象,通过对民营上市公司与国有上市公司中金字塔结构的形成原因以及两类公司金字塔层级对公司经营绩效的影响进行实证分析后发现:民营上市公司与国有上市公司中金字塔结构形成的制度背景不同,金字塔层级对公司经营绩效的影响在两类公司中截然相反。在民营上市公司中,金字塔层级的延长加剧了终极控制人的代理问题,金字塔层级越长,终极控制人的"掏空"行为就越严重,进而会降低公司的经营绩效。在国有上市公司中,金字塔结构是政府"放权"的产物,金字塔层级的延长降低了政府干预程度,促使国有公司进行市场化经营,进而提高了公司的经营绩效。
Pyramid ownership structure of listed companies has become a prevalent phenomenon.This paper analyzed the formation of pyramid structure in the private and state-owned listed companies,as well as the impact of pyramid level on the company's operating performance.The results show that since the pyramid structure formation background in the private and state-owned listed companies is different,the effects of pyramid layers on corporate operating performance is different in the two types of listed companies.In private companies,pyramid layers extend the ultimate controller's agency problem and its expropriating behaviors,thereby reducing the company's operating performance.In state-owned listed companies,pyramid structure is the decentralization product of government.The pyramid layers can reduce the government's intervention and promote the company's market-oriented operaton,thereby improving the company's operating performance.
出处
《南京审计学院学报》
2013年第5期81-87,共7页
journal of nanjing audit university
基金
西北工业大学人文社科与管理振兴基金(RW201203)
西北工业大学科研启动项目(11GH0313)
关键词
金字塔式股权结构
上市公司经营绩效
终极控制人
现金流权
产权性质
pyramid structure
operating performance of listed companies
the ultimate controller
cash flow rights
nature of property rights
