中国上市公司终极控制权及其与东亚、西欧上市公司的比较分析

本文运用终极产权论对上市公司的控股主体进行分类,通过追踪上市公司终极控制股东,发现在1260家样本公司中,终极控制股东拥有的控制权平均为43.67%,而其投入的现金流平均只有39.33%,就是说控制股东投入的现金流显著小于其获得的控制权,有4.34%的差异,两者的比值为0.890。在三种终极控制股东中,家族企业投入了相对较少的现金流量,却取得了相对较多的控制权,控制权和现金流量权的偏离达到了49.16%。同时,通过对中国上市公司和东亚、西欧国家的上市公司进行比较分析,得出了许多有意义的结论。

Ultimate Controlling Right of Chinese Listed Companies and Comparative Analyses among Listed Companies of China, Eastern Asian and Western Europe

The study adopts ultimate controlling right theory in clas- sifying ultimate controlling shareholders of listed companies. The research finds that ultimate controlling shareholders have average controlling rights 43.67 percent and cash flow 39.33 percent, among 1260 companies in the sample, that is to say, the cash flow devoted by the controlling shareholders is significantly lower or smaller than the controlling rights and their ratio is 0.890. Among three classes of ultimate controlling shareholders, families get more controlling rights than cash flow, the departure is 49.16 per cent between controlling rights and cash flow. Finally, the paper makes comparative research among listed companies of China, Eastern Asian and Western Europe.