金字塔型股权结构是否具有企业成长效应?——基于最终控制人性质的分析  

Does the Pyramid Ownership Structure Have Effect on Firm Growth? —— An Analysis Based on the Nature of Ultimate Controller

作　　者：杨洋[1] 吴应宇[1,2] 韩静[1] YANG YANG WU YINGYU HAN JING(School of Economics ＆ Management, Southeast University, Nanjing 210096,China School of International Pharmaceutical Business, China Pharmaceutical University, Nanjing 211198, China)

机构地区：[1]东南大学经济管理学院,江苏南京210096 [2]中国药科大学国际医药商学院,江苏南京211198

出　　处：《西安电子科技大学学报（社会科学版）》2016年第2期1-12,共12页Journal of Xidian University：Social Science Edition

基　　金：江苏高校哲学社会科学研究重点项目(2014ZDIXM007)

摘　　要：在以往的企业成长研究中,股权结构等制度因素被忽视,不同性质的最终控制人下股权结构的企业成长效应更是缺少实证支持。本文以具备金字塔型股权结构的上市公司为样本,按最终控制人的性质对股权结构的企业成长效应进行了分组分析。研究结果表明:民营上市公司的终极股东制衡度具有显著的负向效应,直接股权制衡度对控制层级的负向效应具有显著的强化作用。地方控制的上市公司的控制权比例具有显著的正向效应,控制权与现金流权的分离程度具有显著的负向效应;直接股权制衡度对控制层级的正向效应具有显著的抑制作用,直接股权制衡度和终极股东制衡度对控制链条数量的负向效应具有显著的强化作用。中央控制的上市公司的控制权与现金流权的分离程度具有显著的负向效应,直接股权制衡度对控制层级的正向效应具有显著的强化作用。这为针对不同产权性质的企业从股权结构的角度寻求企业成长提供了重要的启示。The system factors such as ownership structure are ignored in the past researches on firm growth, however, there is even lack of empirical support for ownership structure＇s effect on firm growth under ultimate controllers with different nature. Using listed companies with pyramid ownership structure as samples, the ownership structure＇s effect on firm growth is empirically tested respectively according to the nature of ultimate controllers. The results indicate that private listed companies＇ ultimate shareholders balance has significantly negative effect, but direct equity balance has significantly strengthening effect on control layers＇ negative effect. State-owned listed companies＇ control ratio has significantly positive effect, but the separation of ultimate control and cash flow rights has significantly negative effect; direct equity balance has significantly inhibiting effect on control layers＇ positive effect, but direct equity balance and ultimate shareholders balance have significantly strengthening effect on the number of control chains＇ negative effect. Central listed companies＇ separation of ultimate control and cash flow rights has significantly negative effect, but direct equity balance has significantly strengthening effect on control layers＇ positive effect. It is helpful for firms with different property natures to achieve growth from the standpoint of ownership structure.

关 键 词：企业成长 金字塔型股权结构 最终控制人性质 

分 类 号：F272[经济管理—企业管理]