终极控制权与现金流权偏离下的公司价值——基于我国民营上市公司的实证研究

Ultimate Controlling Right,Cash Flow Right and Corporate Value of Private Listed Companies in China

本文利用2005—2007年我国民营上市公司的数据检验终极控制股东控制权、现金流权、独立董事比例与公司价值的关系,并探讨了终极控制股东控制权与现金流权的偏离对公司价值的影响。研究发现,我国民营上市公司的价值与终极股东控制权显著正相关,与现金流权、独立董事比例的相关性不显著;终极控制股东控制权与现金流权的偏离度与公司价值呈U型关系,且U型关系顶点左侧的样本数占整个样本的84.384%,即大部分的民营上市公司终极控制股东将控制权与现金流权的偏离度控制在使其易获取控制权私人收益的范围内。

This paper uses the data about private listed companies in China during 2005-2007 to analyze the relationships between ultimate controlling shareholder＇s controlling right,cash flow right as well as the proportion of independent directors and corporate value and the effects of the separation degree of ultimate controlling shareholder＇s controlling right and cash flow right on corporate value.The result shows that：ultimate controlling shareholder＇s controlling right is negatively correlative with corporate value,but the correlations between cash flow right as well as the supervision and corporate value are all not significant;the separation rate of cash flow rights from control rights of ultimate shareholders is not significantly negatively related with corporate value,but significantly U-relations,and the samples on the left side of peak accounts for 84.384 percent of entire samples,that is,the majority ultimate shareholders of private listed companies keep the separation rate of cash flow rights from control rights of ultimate shareholders in the range which makes the ultimate shareholders can easilly obtain the private benefits of control.