终极所有权结构研究综述  

A Survey of the Ultimate Ownership Structure

作　　者：梁利辉[1] 

机构地区：[1]四川理工学院经济与管理学院,四川自贡643000

出　　处：《四川理工学院学报（社会科学版）》2015年第1期87-102,共16页Journal of Sichuan University of Science & Engineering(Social Sciences Edition)

基　　金：四川省科技厅项目(20132R0125);四川理工学院学科建设项目资助(2013)

摘　　要：公司终极所有权是指通过追塑层层所有权关系链而确定的终极所有者拥有的公司投票权。透过公司终极所有权视角,可以更深入地分析公司终极所有者的动机与行为,丰富和完善现代公司财务治理理论,有助于更好地进行公司治理。文章对公司终极所有权结构研究进行回顾,从公司终极所有权结构分布、终极所有者两权偏离状况和终极控制股东加强控制的方式三个方面进行综述。国内外研究发现,除英国、美国和日本等少数国家终极股权相对分散外,其他无论是经济发达国家还是经济欠发达国家,终极股权都在一定程度上集中。股权集中使得控股股东掠夺中小股东的合法利益成为可能。现有研究推翻了Berle和Means等提出的股权广泛分散的观点,为现代公司治理和研究指明了方向。研究还发现,终极控制股权不仅在一定程度上集中,而且通过层层金字塔股权结构,以较少的现金流量权获得更大的控制权,实现两权偏离。两权偏离易于产生掠夺外部投资者(中小股东/债权人)的机会主义行为。同时,现有文献还研究发现,终极控制股东通过同股不同权、交叉持股、成为公司唯一控制者和参与公司管理等手段加强对公司的控制,获得超额控制利益。已有文献对进一步深入研究中国上市公司终极所有权结构提供了理论参考和实证证据。Ultimate ownership means the right of the ultimate owner owning the company to vote determined by tracing the ownership relations chain level by level. Through the ultimate perspective, a more in-depth analysis of ultimate owner＇s motivation and behavior can be made, a modern corporation financial governance theory can be expanded, and a better corporate governance can be achieved. This paper sorts out literature research on the ultimate ownership structure and summarizes from three aspects, i.e. the global distribution of ultimate ownership structure, ultimate owner deviation status of the two rights of ultimate control shareholder and the way of the ultimate shareholder strengthening the control in order to provide a theory reference and empirical evidence for China ultimate ownership structure theory and experience research. The existing research overthrows the view of equity widely dispersed put forward by Berle and Means. The study also finds out that the ultimate controlling equity not only focuses on a certain extent, but also gains greater control with less cash flow rights and realizes the two right deviation through the hierarchy pyramid ownership structure. Deviation of the two rights is prone to cause the plunder behavior to external investors（minority shareholders/creditors）. At the same time, the existing literature research also finds out that the ultimate controlling shareholder, through the same shares with different rights, cross shareholding, the only controller and participating in the company management, strengthens the control of the company and accesses to the excess benefits of control. The existing literature provides a theoretical reference and empirical evidence for the further research of ultimate ownership structure of Chinese listed corporations.

关 键 词：终极所有权 金字塔结构 现金流量权 控制权 两权偏离度 终极所有者 

分 类 号：F271[经济管理—企业管理] F276[经济管理—国民经济]