终极控制人、金字塔结构与企业风险承担  

Ultimate Controller,Pyramid Structure and Corporate Risk-taking

作　　者：刘志远[1] 高佳旭 LIU Zhiyuan;GAO Jiaxu(Business School,Nankai University,Tianjin 300071,China)

机构地区：[1]南开大学商学院,天津300071

出　　处：《管理科学》2019年第6期149-163,共15页Journal of Management Science

基　　金：国家自然科学基金(71472096);财政部会计名家培养工程。

摘　　要：企业承担风险是获得更高投资回报的基础,也是实现国家经济长期增长的重要保证。终极控制人通过金字塔结构控制下层企业并影响其重大决策是一种普遍现象,已有研究针对终极控制人利用金字塔结构进行利益攫取等负面效应进行了大量研究,但很少涉及其正面效应。针对金字塔结构是否影响终极控制人的风险偏好,进而对企业经营产生积极作用的问题进行研究,以期更为全面地认识金字塔结构的影响。基于投资组合理论、委托代理理论、资产替代理论和资源基础理论,对终极控制人通过金字塔结构影响上市企业风险承担决策的作用机理进行理论和实证分析,提出财富分散化效应、控制权私利效应、风险转移效应和资源优势效应。利用手工整理的2004年至2013年中国上市企业金字塔结构数据,采用多元线性回归方法,检验金字塔结构对企业风险承担的影响以及所有权性质和投资者保护对二者关系的调节作用,并且通过一系列稳健性检验保证研究结论的可靠性。研究结果表明,上市企业金字塔股权结构的层级越多、结构越复杂,企业风险承担水平越高。进一步分析发现,金字塔层级和复杂度对企业风险承担水平的正向作用在非国有企业中更明显,但随着企业所在地区投资者保护水平的提高,金字塔层级和复杂度对企业风险承担水平的影响被削弱。金字塔结构促使终极控制人提高了上市企业的风险承担水平,弱化了大小股东在风险承担方面的利益不一致,从而有利于提升企业价值。研究结论支持金字塔结构对企业风险承担具有正面影响,这对全面认识金字塔结构的利弊提供了新的视角。此外,研究结果丰富了企业风险承担领域的文献,并为相关政策制定者完善监管机制提供一定的借鉴,建议在防范终极控制人可能的隧道挖掘行为的同时,也应充分发挥金字塔结�Risk-taking enables companies to obtain higher returns on their investments,and facilitates the long-term growth of the national economy.It is common for the ultimate controller to exert decisive influence over important decisions of the controlled enterprise through a pyramid structure.Existing studies have mainly focused on tunneling by the ultimate controller to analyze the adverse consequences of the pyramid structure.However,there has been little interest shown in the positive effects of this practice.This study examines whether the pyramid structure affects the risk preferences of the ultimate controller in a way that has a positive effect on the operations of the enterprise.The findings enhance our understanding of the impact of the pyramid structure.Using portfolio theory,principal-agent theory,asset substitution theory,and resource-based theory,this study theoretically and empirically analyzes the mechanism by which the ultimate controller influences corporate risk-taking through the pyramid structure.We identify the wealth diversification effect,private benefits of control effect,risk transfer effect,and resource superiority effect.Using manually collected data on the pyramid structure of Chinese listed companies from 2004 to 2013,we apply multiple regression analysis to systematically investigate the relationship between the pyramid structure and corporate risk-taking,as well as the moderating effects of ownership property and investor protection on that relationship.In addition,we conduct a series of robustness tests to confirm the validity and reliability of our findings.The empirical results show that the greater the number of levels and complexity of the pyramid structure,the higher the degree of corporate risk-taking.In addition,the promotional effect of the pyramid structure in relation to corporate risk-taking is greater in non-state-owned enterprises than in state-owned enterprises.Meanwhile,investor protection can help to weaken the relationship between the pyramid structure and corporate risk

关 键 词：终极控制人 金字塔结构 企业风险承担 投资者保护 产权性质 

分 类 号：F272.3[经济管理—企业管理]