我国民营上市公司终极控制权特征的统计分析  

Statistical Analysis of the Characteristics of Ultimate Control Rights in Chinese Private Listed Companies

作　　者：王育晓[1,2] 董广茂[1] 张江涛[1] 

机构地区：[1]西安工业大学经济管理学院,西安710032 [2]西安理工大学经济与管理学院,西安710053

出　　处：《西安工业大学学报》2012年第9期733-738,共6页Journal of Xi’an Technological University

基　　金：国家自然科学基金资助项目(71172201)

摘　　要：为准确把握我国民营上市公司终极控制权特征,文中运用统计分析方法,对终极控制人类型、控制方式下的控制权、现金流权及两权分离度进行了分析.结果表明终极控制股东类型及方式对控制权、现金流权及两权分离有显著影响;家族控制与非家族控制公司中控制权与两权分离度的均值存在显著差异;金字塔式持股与非金字塔式持股下,终极控制股东的控制权、现金流权与两权分流度的均值均存在显著差异.因此,民营上市公司应加强对家族控制公司中终极控制股东控制权比例、两权分离度情况与金字塔式控股方式的研究,以削弱其掏空侵害行为.To accurately master the characteristics of ultimate control rights in Chinese private listed companies, this paper makes a statistical analysis of the characteristics of control rights, cash flow rights and their separation from the perspective of the type of controller and control ways of the ultimate control shareholder. The results show that the types and ways of the ultimate control shareholder have a significant impact on the control rights, cash flow rights and their separation. There is a significant difference in the means of control rights and the separation of the two rights between family controlled and non-family controlled companies; there is a significant difference in the means of control rights, cash flow rights and the separation of the two rights between the ultimate control share holders under the pyramidal and non-pyramidal ownership structure. Therefore, private listing companies should make much more study on the control rights, separation of the two rights in the family controlled companies and on the pyramidal ownership structure to weaken their tunneled activities.

关 键 词：终极控制权 现金流权 两权分离度 终极控制股东 

分 类 号：F275[经济管理—企业管理]