虚拟经济与实体经济分离发展研究——来自中国上市公司2006-2013年的证据  

Research on Separating Development of Virtual and Substantial Economy——Evidence from China's Listed Firms from 2006 to 2013

作　　者：文春晖[1,2] 任国良 

机构地区：[1]上海财经大学金融学院,上海200433 [2]湖南农业大学经济学院,湖南长沙410128 [3]中华联合保险控股股份有限公司研究所,北京100032

出　　处：《中国工业经济》2015年第12期115-129,共15页China Industrial Economics

基　　金：国家社会科学基金青年项目"虚拟经济与实体经济耦合发展研究"(批准号13CJY008);湖南省社会科学基金一般项目"长株潭自主创新示范区智能制造协同发展机制与对策研究"(批准号15YBA206)

摘　　要：本文构建基于终极控股股东、中小股东和管理层的两期动态博弈模型,分析了终极控制人由于金字塔持股导致的两权分离度对两类代理成本和企业价值的不同经济效应,从微观层面探究了上市公司终极控制所导致的虚拟经济和实体经济分离发展的机理,并利用中国上市公司2006—2013年的面板数据进行实证检验。研究结果表明:两权分离度对管理权私利存在抑制效应,对控制权私利存在助长效应,对企业价值存在侵蚀效应:由于上市公司终极控制人在金字塔持股下的两类代理成本与两权分离对企业价值经济效应的差异,导致由虚拟终极控制人控制上市公司的代理成本水准比实体终极控制人控制的上市公司高,虚拟终极控制人因金字塔持股导致的两权分离度对管理权私利的抑制效应、控制权私利的助长效应和企业价值的侵蚀效应均较实体终极控制人控制的上市公司高。此外,本文基于上市公司终极控制权分工视角,对中国虚拟经济和实体经济分离发展的原因进行了探讨。The paper is based on the trilateral game theoretical model of ultimate controlling shareholders, small and medium-sized shareholders and managers, which aims to analyze different economic effects of two kinds of agency cost and enterprise value caused by separating extent of ownership and controlling right which results from the pyramid shareholding of the ultimate controller. It probes at micro-level into the separating development mechanism of virtual and substantial economy caused by the two kinds of ultimate controlling of listed companies. It also carries out empirical test with the panel data based on the listed companies from 2006 to 2013. The results prove that the separating extent produces inhibit effect on private interests of administration authority, fostering effect on private interests of control power and erosion effect on enterprise value. Due to the difference of economic effects between agency cost and enterprise value caused by the two kinds of agency cost and seperation of the two powers under the pyramid shareholding of ＂virtual ultimate shareholder＂ and ＂substantial ultimate shareholder＂ in the listed company, it is proved that the two kinds of agency cost level, the inhibiting effect and erosion effect are higher than substantial controlling entities. From the point of view of ultimate controlling division, the paper also probes into the reasons of the separating developments between virtual economy and substantial economy, and offers some suggestions accordingly.

关 键 词：虚拟经济 实体经济 金字塔持股 控制权私利 两权分离 

分 类 号：F270[经济管理—企业管理]