金字塔结构、所有制与中小股东利益保护——来自中国上市公司的经验证据

Pyramid Structure、 Ownership and Small Shareholders' Interest Protection——Evidence from Listed Companies in China

通过追溯2003-2004年度上市公司的金字塔控股资料,文章系统研究了不同所有权性质的中国上市公司在金字塔控股方式下,公司的所有权分离度、层级结构对中小股东利益侵害的影响。结果发现,虽然上市公司的金字塔控股结构十分普遍,但对不同所有权性质的公司,其所有权分离度及层级结构对中小股东利益侵害却呈现了很大的差异。只有在民营控制的上市公司,金字塔控股结构中的所有权分离度、控制层级高低对中小股东利益的侵害产生了显著的影响,而在国有控股上市公司中没有观察到这种显著的影响。其原因可能与不同所有制下,金字塔的形成动因不同有关。

Using the data of pyramid structure of listed companies from 2003 to 2004, this paper systematically studies the impacts of separation of ownership and layer structure on interest losses of small shareholders. The results indicate that, although pyramid structures among listed companies are popular, the influences of separation of ownership and layer structure on interest losses of small shareholders differ a lot, owing to different nature of ownership. Only in those private-owned listed companies, the separation of control right and cash flow right, and the lever of control layers have significant influences on interest losses of small shareholders, which is not common in those state-owned listed companies. This could be due to the different forming causes of pyramid structures under different ownership.