金字塔结构、过度投资与财务风险——基于民营上市公司的实证研究  

The Pyramid Structure,overinvestment and financial risk:Empirical Research of Private Listed Companies

作　　者：竺素娥[1] 庄晓霞[1] 柴斌锋[1] 

机构地区：[1]浙江工商大学财务与会计学院,浙江杭州310018

出　　处：《兰州商学院学报》2013年第5期121-126,共6页Journal of Lanzhou Commercial College

基　　金：教育部人文社会科学研究规划基金项目"实际控制人异质性与民营企业过度扩张过程的财务风险控制研究"(12YJA630204);浙江省自然科学基金青年项目"实际控制人异质性;企业扩张与财务风险的实证研究--来自浙江民营企业的经验证据"(Q12G020050);浙江工商大学青年人才基金项目资助

摘　　要：文章基于我国转型时期特殊的制度背景,以民营上市公司2007—2011年财务数据为样本,研究金字塔股权结构如何影响公司的投资决策的经济后果,考察其是否会加剧公司过度投资带来的财务风险。研究发现:企业的过度投资会导致财务风险的增加;随着现金流权与控制权两权分离度的增加,过度投资带来的财务风险更大。本文的研究结论能够帮助理解民营企业中大股东通过金字塔持股对过度投资的作用,并对通过合理安排股权结构来降低过度投资带来的财务风险有一定的参考意义。Based on the period of our country transition special system background, using data spanning the 2007 - 2011 years of private listed Companies, we investigate how the pyramid equity structure influence the economic consequences of overinvestment, and analyze whether it will aggravate financial risks brought by over - investment. We find that the overinvestment will lead to financial risk ; the separation of cash flow rights and control rights will increase financial risk caused by overinvestment. This study can help us to understand the role of big shareholders to overinvestment by pyramid structure in private companies, and offer a reference through reasonable arrangement of ownership structure to reduce the overinvestment and financial risk caused by overinvestment.

关 键 词：金字塔结构 过度投资 财务风险 

分 类 号：F275[经济管理—企业管理]