国有上市公司金字塔股权结构与公司价值

金字塔结构能一定程度减少政治目标的束缚,寻求高回报的投资项目。但如果控制性股东在上市公司中现金流权比例较少,则会倾向于选择收益不高的项目,从而导致上市公司的价值损失增加。

State-owned listed companies,pyramid ownership structure and corporate value

Pyramid structure can reduce the shackles of political objectives in some extent,to seek high-return investment projects.However,if proportion of cash flow rights of the controlling shareholders in listed companies is small,it will tend to choose the project benefit is not high,resulting in value loss of listed companies increased.