金字塔结构、投资者保护与关联担保——基于控制权和现金流权的分析  

Corporate Pyramids,Investor Protection and Related Guarantees----The Analysis Based on Control Rights and Cash-flow Rights

作　　者：孟祥展[1] 张俊瑞[1] 程子健[1] 

机构地区：[1]西安交通大学管理学院,陕西西安710049

出　　处：《山西财经大学学报》2015年第4期11-20,共10页Journal of Shanxi University of Finance and Economics

基　　金：国家自然科学基金项目(71172186);国家自然科学基金项目(71472148);教育部新世纪人才支持计划项目(NCET-07-0309);陕西省知识产权战略研究课题项目(ZL2011-09)

摘　　要：以2007~2011年的A股上市公司为样本,在分析了控制权和现金流权对关联担保影响的基础上,研究了控制权与现金流权分离度、金字塔股权结构对关联担保的影响。研究结果表明,上市公司提供关联担保与公司的控制权、现金流权负相关,与两权分离度正相关。将样本分为金字塔股权结构和非金字塔股权结构后的结果显示,投资者保护水平仅在非金字塔股权结构中能够有效降低两权分离度对关联担保的影响,而在金字塔股权结构的公司样本中,投资者保护对两权分离度和关联担保的调节作用并不显著,说明金字塔股权结构对上市公司发生关联担保起到了一定的＂防护＂作用,抑制了外部投资者保护作用的发挥。Using A-share listed companies from 2007 to 2011 as samples,based on the analysis of the influence of control rights and cash-flow rights on related guarantees,this paper studies the effect of separation of control rights and cash-flow rights pyramidal shareholding structure on related guarantees. Research results show that the higher control rights and cash-flow rights of the listed companies,the lower probability of related guarantees,the likelihood of related guarantees is positively related with the separation of control rights and cash-flow rights. In addition,samples are divided into companies with pyramidal structure and companies with non-pyramidal structure.Empirical results show that investor protection effectively reduce the effects of separation of control rights and cash-flow rights on related guarantees in samples with pyramidal structure,while has no significant effect on companies with non-pyramidal structure. The results indicate that pyramidal structure of listed companies play ＂protective＂role and curb the effect of external investor protection on related guarantees.

关 键 词：金字塔结构 关联担保 投资者保护 

分 类 号：F270[经济管理—企业管理]