法律环境、金字塔结构与家族企业的“掏空”行为

Legal Environment,Pyramid Group Structure and the Tunneling of Family Controlled Companies

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,论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。

The ultimate controllers of family listed companies in our country usually adopt a pyramid group structure to maintain control with lower interest. The separation of cash flow rights and voting rights is severe. Using family listed companies in 2002- 2004 as the research sample, this paper investigates the relationship among legal environment, pyramidal group structure and the controlling family＇s tunneling. It finds that the probabihty 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. The paper holds that setting up effective shareholder rights protection and improving the structure of cash flow and voting rights for the family listed companies will have important significance to good corporate governance.