大股东所有权、控制权与公司治理绩效的灰色关联分析——基于三一重工的案例研究

以中国"股权分置改革第一股"——三一重工为研究对象,采用案例研究的方法,对三一重工的公司治理绩效和控制性大股东的所有权、控制权以及两权分离度进行灰色关联度分析。实证研究结果表明:三一重工的最终控制大股东所持有的的所有权(现金流量权)在一定程度上抑制了其进行"隧道挖掘"的行为,起到了利益汇聚的激励效应,并且随着其所有权比例的上升,公司治理绩效随之提高。同时,三一重工的最终控制大股东虽然通过采用金字塔控股结构分离所有权与控制权,用较少的所有权掌握大部分的控制权,但是两权分离并没有降低上市公司的治理绩效,即两权分离并未产生隧道挖掘的防御效应。但是激励效应和防御效应均不显著。

Grey Relevance Analysis on the Relationship between Corporate Governance,Ownership and Control of Large Shareholder: Case Study Based on Sany Corp.

On the basis of case study,by making grey relevancy analysis between the corporate governance performance,ownership,control and the separation of ownership and control of the large shareholder,the paper points out the influence pattern of concentrated ownership and control on corporate governance performance. The empirical results suggest that the ownership of the final controlling large shareholder of Sany Corp. can generate the incentive effects and the performance of corporate governance rises with the enhancement of ownership of the final controlling large shareholder. Meanwhile,the separation of ownership and control do not generate the entrenchment effects although the controlling shareholder separate the ownership and control by the use of pyramid controlling structure. However,both the incentive effects and entrenchment effects are not notable.