| 控制权、现金流权与公司业绩——来自中国民营上市公司的经验研究 |
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| 引用本文： | 许永斌,彭白颖.控制权、现金流权与公司业绩——来自中国民营上市公司的经验研究[J].商业经济与管理,2007(4):74-79. |
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| 作者姓名： | 许永斌 彭白颖 |
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| 作者单位： | 浙江工商大学,财务与会计学院,浙江,杭州,310018 |
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| 摘 要： | 本文选取了2004年底在深市和沪市上市交易的238家民营公司作为样本,通过层层追溯控制链辨认了我国民营上市公司的最终控制股东,考察了最终控制股东拥有的控制权与现金流权及其偏离的程度,并进行了实证分析。结果发现在我国民营上市公司中,最终控制股东控制权的集中程度较高,并且其现金流权与控制权存在着偏离。最终控制股东的现金流权与公司业绩显著正相关,控制权与现金流权的偏离程度与公司业绩显著负相关。
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| 关 键 词： | 控制权 现金流权 公司业绩 投资者保护 |
| 文章编号： | 1000-2154(2007)04-0074-06 |
| 修稿时间： | 12 7 2006 12:00AM |
Control Rights, Cash Flow Rights and Corporate Performance: Evidence from Family - Controlled Publicly Traded Firms in China |
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| XU Yong-bin,PENG Bai-ying.Control Rights, Cash Flow Rights and Corporate Performance: Evidence from Family - Controlled Publicly Traded Firms in China[J].Business Economics and Administration,2007(4):74-79. |
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| Authors: | XU Yong-bin PENG Bai-ying |
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| Institution: | Accounting School, Zhejiang Gongshang University, Hangzhou 310018, China |
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| Abstract: | The paper presents an empirical study based on a database of 238 family-controlled publicly traded firms in China.The paper investigates the ultimate controller by tracing the control chain to find who has the most voting rights and discusses the deviation of control rights and cash flow rights in family-controlled publicly traded firms.Main conclusions are as follows: Ultimate controlling shareholders' control rights are highly concentrated and deviate from their cash flow rights;Ultimate controlling shareholders' cash flow rights are significantly associated with higher corporate performances;Firms in which ultimate controlling shareholders' control rights exceed their cash flow rights have significantly lower corporate performance. |
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| Keywords: | control rights cash flow rights corporate performance investor protection |
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