金字塔控制、关联交易与公司价值——基于我国民营上市公司的实证研究

本文以我国证券市场2002～2004年329家民营上市公司为样本，考察了金字塔控制、关联交易与公司价值之间的关系。发现民营上市公司的金字塔控制不利干公司价值：民营上市公司的最终控制人主要通过关联方担保、关联方资金占用和上市公司与关联方的商品购销活动来侵占小股东的利益，其政策含义是应该鼓励自然人直接持股上市公司，加强对关联交易的监管。更为重要的是必须改营公司外部治理环境、尤其是法律对投资者权益的保护，从而从根本上杜绝民营上市公司及其最终控制人对小股东的侵害行为，改善公司治理，提高公司价值。

Pyramid Control,Related Party Transaction and Corporate Value

This paper is a survey on pyramid control, related party transactions and corporate value, using the sampte of 329 private companies listed in China 2002-2004.Pyramid control in private enterptises is not found in their interest as minority shareholder interests are harmed as a result of related party guarantee, capital appropriation by the related party and trading activities between listed company and related party.Thls indicates that natural persons should be encouraged to hold stake in listed companies so as to strengthen supervision over related party transactions,and what is more,to improve external environment for corporate governance and investor protection by the law.This is to ultimately ward against the misconduct of listed private companies and their ultimate controlling party,improve corporate governance and enhance corporate value.