金字塔结构、在职消费与公司价值——来自中国上市公司的经验证据

发布时间：2018-06-13 14:54

本文选题：金字塔结构 + 终极产权　；参考：《山西财经大学学报》2012年11期

【摘要】：本文研究金字塔结构对在职消费程度的影响。运用我国上市公司2004～2009年的面板数据固定效应回归模型,研究发现:(1)金字塔结构的层级越多,在职消费程度越高,而金字塔结构控制链条数越多,在职消费越可以得到有效抑制,这一结论在非国有企业尤为显著,对国有企业在职消费的影响并不明显;(2)不论在非国有企业还是国有企业,当终极控制人对上市公司的金字塔控制层级多于控制链条数时,在职消费与公司业绩负相关,反之在职消费与公司业绩显著正相关。本文的研究结论,为上市公司终极控制链的改革以及控制策略的调整提供了重要的实证依据与理论启示。
[Abstract]:This paper studies the influence of pyramid structure on the degree of on-the-job consumption. Using the fixed effect regression model of panel data of Chinese listed companies from 2004 to 2009, it is found that the more levels of pyramid structure, the higher the degree of in-service consumption, and the more the number of control chains of pyramid structure. The more effective the suppression of in-service consumption, the more obvious this conclusion is in non-state-owned enterprises, and the impact on the in-service consumption of state-owned enterprises is not obvious.) whether in non-state-owned enterprises or state-owned enterprises, When the ultimate controller has more pyramid control levels than the control chain, the in-service consumption is negatively correlated with the corporate performance, whereas the in-service consumption is significantly positively correlated with the corporate performance. The conclusion of this paper provides an important empirical basis and theoretical enlightenment for the reform of the ultimate control chain and the adjustment of the control strategy of listed companies.
【作者单位】：华南理工大学工商管理学院;广东工业大学管理学院;
【基金】：教育部人文社会科学规划基金项目(11YJA630053) 广东省软科学研究计划项目(2010B070300022)
【分类号】：F275;F832.51;F224

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