民营上市公司实际控制人股权结构分析

发布时间：2018-11-25 10:42

【摘要】：现有文献对民营上市公司股权结构进行了有益探索,但是缺乏对当前我国民营上市公司实际控制人股权结构现状的全面把握和深入分析。本文通过描述性统计和非参数检验对此进行研究后发现:(1)民营上市公司实际控制人控制方式包括直接控制、金字塔控制和交叉持股控制三类,其中以金字塔控制为主;(2)2002-2012年民营上市公司金字塔股权结构下实际控制人的现金流量权和控制权总体呈上升趋势,两权偏离度却缓慢下降,指定管理层的上市公司的现金流量权和控制权均高于未指定管理层的公司;(3)市场化程度、经济发展水平和开放程度相对高的区域,实际控制人的控制权、现金流量权和两权偏离度总体更大,对上市公司的控制程度更高;(4)门类行业间及三大区域间民营上市公司金字塔股权结构差异显著,但门类行业间控制权、现金流量权和两权偏离度的结构差异不同。
[Abstract]:The existing literature has carried on the beneficial exploration to the private listed company's equity structure, but lacks the comprehensive grasp and the thorough analysis to our country's private listed company actual control person's equity structure present situation. Through descriptive statistics and non-parametric tests, this paper finds that: (1) the actual control methods of private listed companies include direct control, pyramid control and cross-shareholding control, among which pyramid control is the main control; (2) under the pyramid equity structure of private listed companies, the cash flow rights and control rights of the actual controllers showed an overall upward trend from 2002 to 2012, but the deviation degree of the two rights decreased slowly. The cash flow rights and control rights of listed companies with designated management are higher than those of companies without designated management; (3) the degree of marketization, the relatively high level of economic development and the degree of openness, the degree of deviation of the control right, cash flow right and two rights of the actual controller is greater, and the degree of control over the listed company is higher; (4) there are significant differences in pyramid equity structure of private listed companies among industry and three regions, but the structural differences of control right, cash flow right and biases of two rights are different.
【作者单位】：西南交通大学经济管理学院;四川理工学院经济与管理学院;
【基金】：国家自然科学基金项目(2012),项目名称:终极控制股东、投资者保护与会计稳性,项目编号:71272140 四川理工学院学科建设项目资助(2013)
【分类号】：F832.51;F276.5;F224

【参考文献】