金字塔控股结构与公司透明度被引量：8

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摘要运用深圳证券交易所公布的上市公司信息披露考评结果作为衡量公司透明度的指标,在对金字塔控股模式下控制权和现金流权的分离对公司透明度的影响进行实证研究发现,总体来说,控制权和现金流权的分离程度越大,公司的透明度越低;相对于国有控股公司,控制权和现金流权的分离对于民营上市公司的信息披露影响更为明显。在控制了内生性问题后,上述结果仍然成立。在经济后果方面,投资者对于国有控股上市公司的信息披露行为给予了较高的认可,而对于民营上市公司,可能是出于代理成本的考虑,投资者虽然对于透明度较高的公司给予了较高的定价,但这种效应并不显著。

作者李丹蒙

机构地区上海财经大学会计学院

出处《经济评论》 CSSCI 北大核心 2008年第3期71-77,共7页 Economic Review

关键词公司信息透明度金字塔控股控制权现金流权

分类号 F276.6 [经济管理—企业管理] F224 [经济管理—国民经济]

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参考文献18

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