我国上市公司控制权与现金流权分离——理论研究与实证检验

在集中的股权结构下,上市公司控股股东享有的控制权可能超过其持有的现金流权,造成控制权和现金流权的"两权分离"。两权分离致使股权结构更加复杂,为控股股东关联交易、淘空上市公司和利润转移等行为提供了便利。文章从理论角度考察了控制权与现金流权分离对企业价值及资本结构的影响,并运用面板数据分析方法进行了实证研究,试图为我国上市公司治理结构的完善以及中小股东利益保护提供一些有益的思考。

The Discrepancy between Control Right and Cash Flow Right of State-owned Listed Companies: Theoretical Analysis and Empirical Study

In concentrated ownership structure,the control right held by controlling holders of listed companies may exceed their cash flow right,which leads to the deviation of the two rights.The deviation complicates the ownership structure,and provides convenience for affiliated transactions,tunneling and profit transfer.This paper theoretically studies the effect of the discrepancy between control right and cash flow right on corporate value and corporate structure.Then,through panel data,it tries to test the theoretical results using state-owned listed companies' sample.Finally,it gives some suggestions on the improvement of corporate governance structure and the protection of minority shareholders' interests in China.