民营企业选择金字塔结构的影响因素研究——理论模型与经验证据  

Study on Determinants of Pyramidal Structure Chosen by Private Firms:Theoretical Model and Empirical Evidence

作　　者：韩志丽[1] 史浩江[2] 

机构地区：[1]上海立信会计学院会计与财务学院,上海201600 [2]上海立信会计学院经贸学院,上海201600

出　　处：《管理工程学报》2009年第2期26-31,共6页Journal of Industrial Engineering and Engineering Management

基　　金：国家自然科学基金资助项目(70672054);上海市教育委员会重点学科建设项目资助(J51701)

摘　　要：在投资者保护有限的环境下,从终极所有者效用最大化的角度出发,构建了其在金字塔结构与水平结构间进行选择时的选择效应模型,并以2001年至2005年815个民营金字塔企业观测值和141个民营水平企业观测值为样本,运用Logistic分析方法进行了检验。结果表明,当该企业的投资规模较大、预期收益较低、投资者保护较差时终极所有者会选择金字塔结构,反之则会选择水平结构。我国金字塔企业的举债能力并没有显著低于水平企业,这可能是源于金字塔企业的投资规模效应或声誉动机。Under the circumstance of limited investor protection, the paper presents a selection effect model from the sight of the maximal utility of ultimate owner and tests the model using 815 private pyramidal firm-year observations and 141 private horizontal firm-year observations during 2001 - 2005. The result suggests that ultimate owner will choose the pyramidal structure when the investment scale is larger, revenues is lower and investor protection is poor. The debt financing level in pyramidal firms isn＇t significant lower than that in horizontal firms, which is caused by the investment scale effect or reputation motivation.

关 键 词：金字塔结构 选择效应模型 Logistic检验 

分 类 号：F830[经济管理—金融学]