终极控制权性质、市场化程度与公司层级

The Nature of Ultimate Ownership,the Degree of Market Development and the Corporate Hierarchy

中文关键词:  公司层级  终极控制权  市场化程度  金字塔控股结构

英文关键词:corporate hierarchy  ultimate ownership  degree of market development  pyramid ownership

中文摘要:

      市场失灵是“金字塔”式股权结构形成的重要因素之一,市场化程度尽管是影响“金字塔”式股权结构的因素,但并不是独立发生作用的,而是通过控制权性质对公司层级特征产生影响;国有上市公司“金字塔”型股权控制结构的控制层级与市场化程度呈正相关关系;非国有上市公司“金字塔”式股权结构的控制层级与市场化程度呈负相关关系;市场化程度对企业控制权与现金流权的分离度有显著的负向影响,非国有企业的两权分离度要高于国有企业。因此,市场化程度与控制权性质是影响公司层级进而影响“金字塔”结构的重要因素。为此,建议政府不断完善资本市场,加速市场化进程;完善信息披露,规范控股股东行为;控制权性质不同的企业行为特征与利益动机不同,应当强化分类监管,强化中小股东利益保护。

英文摘要:

      Market failure is one of important factors to form pyramid stocks.As a factor to influence pyramid ownership,the degree of market development does not play a stand-alone role while it has an impact on corporate hierarchy through the nature of ownership.Pyramid ownership on corporate hierarchy and the degree of market development are positively correlated in the state-owned listed companies while they are negatively correlated in the non-state-owned listed companies.The degree of market development has an obviously negative impact upon the separation of corporate ownership and cash holding,with a higher degree of separation in non-state-owned companies than in state-owned ones.Therefore,the degree of market development and the nature of ownership are important factors to influence the corporate hierarchy and pyramid ownership.Accordingly,the government should improve the capital market to accelerate the market development,promote the information disclosure to regulate the behaviors of holding shareholders,and strengthen the supervision by classification and the protection of small and medium-sized shareholders' interests on account of different corporate behaviors and different interest motivations under different nature of ownership.