金字塔控股结构与掏空——基于中国家族上市公司的实证研究

本文构建了一个简单的金字塔控股(PH)结构和水平结构模型,创造性地将控制性家族的掏空路径分为四种类型进行对比论证,在此基础上提出若干命题和假设,并以2004～2007年1704家A股家族上市公司为样本进行实证检验。结果发现,较多的PH结构控制层级增加了控制性家族对上市公司的掏空程度,而最终控制权与现金流权的分离程度对控制性家族的掏空行为没有系统的影响,最终现金流权则与掏空呈现"U"型曲线关系。本文结论与已有研究存在较大差异,原因是本文在理论上充分考虑了中国代表性家族PH结构的特征,在实证模型引入了控制层级以及一些关键的控制变量。

Pyramidal Holding Structure and Tunneling:Evidence from Family-Controlled Listed Firms in China

The article built a simple model with pyramidal holding and horizontal structures,and divided the tunneling paths of controlling family into four types.Based on the model,several propositions and hypotheses were proposed and tested by the samples of 1704 A share family-controlled listed firms in 2004to 2007in China.The results show that more PH structure control layers result in more serious tunneling,while the separation of ultimate control and cash flow right impacts no systemic influence on tunneling,the ultimate cash flow right and tunneling show a U-curve relationship.The reason for the deviation between the conclusions and existing researches was that the paper fully put the features of Chinese typical PH structure into consideration and introduced controlling layers and some important control variables into the empirical model.