制度环境、行业周期效应与控制权和现金流权

控制权和现金流权普遍被认为是外生的,然而不同的制度环境、不同的行业周期阶段对其是存在异质性效应的。通过固定效应等模型发现:(1)越是成长期行业,控制权比例和现金流权比例均越高;越是成熟期和衰退期行业,控制权比例和现金流权比例均越低;越是国有企业,中央控制和地方控制国企其控制权比例和现金流权比例均越高。市场化程度越高的地区,控制权比例和现金流权比例均越低。(2)越是成长期行业,两权分离度越小;越是成熟期和衰退期行业,两权分离度越大;越是国有企业,无论是中央控制还是地方控制国有企业其两权分离度越小;市场化程度越高的地区,两权分离度越大。(3)制度环境分组下行业周期对控制权和现金流权具有差异性效应,行业周期在市场化程度更高的地区更能对两权分离度产生效应。

Institutional Environment, Industry Cycle Effects and Control Rights and Cash Flow Rights

Control rights and cash flow rights is generally considered to be exogenous, however, the different stages of industry cycles exist heterogeneity effect on it in our particular environment. Through fixed effects model we find that： （1）the proportion of control rights and cash flow rights is higher in growing industries; the proportion of control rights and cash flow rights is lower in maturity and fading industries. The proportion of control rights and cash flow rights is higher in state-owned enterprises, central control and local control enterprises. The proportion of control rights and cash flow rights is lower in higher degree of market areas. （2） The separation is smaller in growing industries; the separation is greater in growing maturity and fading industries. The separation is smaller in state-owned enterprises, central control and local control enterprises. The separation is smaller in higher degree of market areas. （3） The industry cycle system of environmental groups have different effects on the control rights and cash flow rights, the industry cycle in the higher degree of market area can produce effect of separation of two rights.