“虚”“实”终极控制、金字塔组织演化与大股东掏空  

Fictitious and Substantive Ultimate Control,Pyramid-shaped Shareholding Structure and Tunneling of Controlling Shareholders

作　　者：刘玉龙[1] 任国良[2] 文春晖[2,3] 

机构地区：[1]浙江工商大学财会学院 [2]中国社科院研究生院工业经济系 [3]湖南农业大学经济学院

出　　处：《中国经济问题》2014年第3期40-49,共10页China Economic Studies

基　　金：国家社会科学基金"虚拟经济与实体经济耦合发展研究"(13CJY008)的项目资助

摘　　要：本文基于终极控制人的虚拟经济属性和实体经济属性差异,将上市公司终极控股的金字塔结构分为虚拟终极控制和实体终极控制两类,研究了我国上市公司终极控制人控股结构的演化以及金字塔持股结构对控制权私人收益的影响。利用中国2004—2011年A股上市公司的面板数据进行统计分析发现,我国金字塔持股结构呈现日益复杂和从实体终极控制向虚拟终极控制变迁的趋势,而且不同属性的终极控制人对上市公司的金字塔控制结构存在明显差异,呈现出虚拟"长窄"控制和实体"宽扁"控制的特征。另外,进一步的实证分析发现,金字塔持股复杂度可以抑制实体终极控股股东对上市公司的掏空,助长虚拟终极控制人对上市公司的掏空,具体到金字塔结构的长度和宽度两个方面,金字塔长度可以助长实体终极控制人对上市公司的掏空,抑制虚拟终极控制人对上市公司的掏空,而金字塔宽度可以抑制实体终极控制人的掏空,促进虚拟终极控制人对上市公司的掏空。文章最后探讨了对上市公司两类终极控股股东的监管对策。本文的理论贡献在于,同时拓展了虚拟经济和公司治理两个领域的研究视域。Based on differences between fictitious and substantive controlling shareholders, this paper studies the evolution of Chinese listed companies＇ controlling shareholders and the influence of such differences on the private interest of the controlling shareholders. Using panel data on A-share listed companies for the period 2004-2011, we find that the pyramid-shaped sharing-holding structure is becoming increasingly complex, with substantive ultimate control changing into fictitious. Specifically, the fictitious control mode is long and narrow in scope, while the substantive control mode tends to be wide and flat. In addition, we find that the pyramid structure can suppress the substantive ultimate controlling shareholders＇ tunneling from the listed companies but promote the fictitious ultimate controllers＇ tunneling. In particular, the length of the pyramid-shaped structure can encourage the substantive ultimate controllers＇ tunneling from the listed companies but suppress the the fictitious ultimate controllers＇ tunneling, whereas the width can suppress the substantive ultimate controllers＇ tunneling and promote the fictitious ultimate controllers＇ tunneling. In the last section of this paper, how to better monitor the two types of ultimate controlling shareholders of listed companies is discussed.

关 键 词：终极控制权 虚拟经济 实体经济 金字塔控股 控制权私利 

分 类 号：F272[经济管理—企业管理]