基于法系差异的终极控制权、现金流量权比较研究

Comparative Study of Ultimate Controlling Right and Cash Flow Based on Law System Defference

运用La Porta等的终极产权论对上市公司的控制主体进行分类,通过追踪上市公司终极控制股东发现,控制股东投入的现金流显著小于其获得的控制权,通过对中国上市公司与其他国家和地区上市公司进行比较分析可知,不同法系国家和地区上市公司的平均现金流量权、控制权及现金流量权与控制权的偏离是有较大区别的,且反董事权利指数较高的国家和地区上市公司的控制股东控制该公司的控制权要远低于反董事权利指数低的国家和地区。

The study adopts ultimate controlling right theory to class ultimate controlling shareholders of listed companies. The paper finds that the cash flow invested by shareholders is less than controlling rights they obtained. The paper processes comparative research among listed companies of China and other countries and regions. The results show that average cash flow, controlling right and departure between them have obvious differences in 4 different law systems countries and regions, and that controlling rights of controlling shareholders of listed companies in higher anti-board director right index countries and regions is lower than in lower antibeard director right index countries and regions.