文献类型：期刊文献

中文题名：法律环境、金字塔结构与家族企业的“掏空”行为

英文题名：Relationship between Legal Environment,Pyramid Structures and Tunneling of Family Controlled Companies

作者：王俊秋[1];张奇峰[2]

机构：[1]华东理工大学商学院,上海200237;[2]上海立信会计学院,上海201620

年份：2007

卷号：18

期号：5

起止页码：97

中文期刊名：财贸研究

外文期刊名：Finance and Trade Research

收录：国家哲学社会科学学术期刊数据库;北大核心:【北大核心2004】；

语种：中文

中文关键词：金字塔结构;法律环境;现金流量权;控制权;掏空

外文关键词：pyramid group structure; legal environment; cash flow rights; voting rights; tunneling

摘要：我国家族上市公司的最终控制人多数采用金字塔结构实现对上市公司的超额控制,现金流量权和控制权的分离程度较为严重。以2002-2004年家族上市公司为研究样本,本文实证考察了家族上市公司所处地区的法律环境及金字塔结构与"掏空"行为之间的关系。研究结果表明:控制性家族"掏空"上市公司的概率与其拥有的现金流量权显著负相关,与现金流量权和控制权的分离程度正相关;同时,较高的法治水平能够有效地遏制控制性家族的"掏空"行为。因此,建立一个有效的股东权利保护机制,同时完善家族上市公司的现金流量权和控制权结构,对于推进公司治理具有重要意义。
In our listed family companies the ultimate controller usually adopts a pyramid group structure to maintain its control with lower interest. The separation ＇of cash flow rights and voting rights is severe. With the data of listed family companies during 2002 - 2004, this paper investigates the relationship among legal environment, pyramidal group structure and the controlling family＇s tunneling. We find that the probability of tunneling is negative correlative with the cash flow rights of the controlling family and positive correlative with the separation of cash flow and voting rights. Also, good legal environment can effectively prevent the controlling family from tunneling. We think that setting up effective shareholder rights protection and improving the structure of cash flow and voting rights for the listed family companies will have important significance to good corporate governance.