金字塔控制结构的经济后果研究:一个综述  

Economic Consequences of Pyramidal Control Structure:A Review

作　　者：裘益政[1] 董陈萍 

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：《会计与经济研究》2013年第6期51-59,共9页Accounting and Economics Research

基　　金：国家自然科学基金项目(71072137);浙江省哲学社会科学重点课题(11JDZS01Z)

摘　　要：金字塔控制结构是一种重要的公司治理机制,能产生显著的经济后果:负面经济后果包括控股股东的资源掠夺、过度投资以及融资成本增加;正面经济后果包括构建集团内部市场、缓解融资约束、控股股东的反向支撑及抑制政府干预等。制度环境和最终控制人的股权性质对金字塔结构的经济效果产生了显著的调节作用,投资者保护、政府治理越好,越能缓解企业代理问题,金字塔结构所产生的负面经济效果越小;不同性质最终控制人效用目标的不同也会导致金字塔结构经济后果的差异。未来研究应关注金字塔结构的形成机理以及金字塔结构发挥正面经济效果的约束条件及其经验证据。The pyramidal control structure is an important corporate governance mechanism that can generate significant economic consequences. The possible negative economic consequences include resource expropriation,overinvestment and increase of financing cost;and positive economic consequences include constructing internal market,relieving financial constraints,stockholders＆#39; reverse support,and inhibiting government interference.The economic consequences of pyramidal control structure depend on the state of institution environment and nature of controlling shareholders.If the institution environment highlights investor protection and the government is well managed,the agency cost would be relatively lower and the negative economic consequence would be less serious.Also,the nature of the ultimate shareholder could lead to various utility function which could result in different economic consequences of pyramidal control structure.Future research should focus on the formation mechanism of pyramidal control structure and find the conditions and empirical evidence that lead to positive economic consequences.

关 键 词：金字塔控制结构 经济后果 制度环境 最终控制人性质 

分 类 号：F271.5[经济管理—企业管理]