中国家族上市公司最终所有权、控制权及其分离--基于不同上市方式的比较分析  

The Ultimate Ownership and Control of Listed Family Business in China——Comparison of IPO and Non-IPO Listed Family Business

作　　者：陈凌[1,2,3] 叶长兵[1] 鲁莉劼[1] 

机构地区：[1]浙江大学经济学院 [2]浙江大学民营经济研究中心 [3]浙江大学城市学院家族企业研究所

出　　处：《浙江社会科学》2009年第5期8-15,47,共9页Zhejiang Social Sciences

基　　金：浙江省社科重点规划课题(07JDLB001ZD);教育部人文社科基金资助项目(08JC790092)

摘　　要：自LaPorta等人首创追溯公司终极所有者研究方法以来,国际上涌现出大量研究各国大公司最终所有权结构的文献。中国作为全球最大的转轨经济体和新兴市场,家族上市公司的最终所有权结构却被国内外研究者不同程度地忽视。本研究发现,总体上中国家族上市公司的控制权高度集中且最终控制权与现金流权严重分离,但不同样本之间存在较大差异。分类比较进一步表明,直接和间接上市家族企业具有不同的所有权和控制权演变路径;在控股家族财富、控制意图以及相关法律制度等因素的制约下,间接上市家族企业具有较低的最终所有权和控制权,并倾向于构建复杂的金字塔控股结构,因而最终控制权与现金流权分离程度较高。Following the pioneering work of La Porta et al,considerable literature has emerged to investigate the ultimate ownership of large corporations around the world.However,neither international nor domestic researchers attach importance to the ultimate ownership of listed family business in China,which is the world's largest transitional economy and emerging markets.Our research finds that ownership concentration as well as the separation of ownership and control is highly pronounced among China's listed family business on the whole,but they vary greatly among different samples.Further analysis based on the comparison between IPO-and non-IPO family business been listed reveals that owing to a number of factors including the evolution path of ownership,the wealth scale and intent of controlling family,related legal system etc.,ownership concentration is less pronounced among non-IPO family business been listed,which tend to have more complicated pyramidal controlling structure and thus report more severe separation of ultimate ownership and control.

关 键 词：最终所有权 最终控制权 现金流权 金字塔控股结构 

分 类 号：F272[经济管理—企业管理]