中国家族上市公司金字塔控股结构特征分析

Analysis of Characteristics of Pyramidal Holding Structure in China's Familycontrolled Firms

中国家族上市公司具有代表性的最终所有权结构是一种宽泛意义上的金字塔控股结构,在这种结构中,中间层持股中介基本都是股权较为封闭的非上市公司,最终控制者的家族和泛家族成员对其持股具有普遍性、隐蔽性和模糊性,使得控制性家族最终控制权与现金流权的分离程度较低但容易被实证研究高估。剖析中国家族PH结构的特征能够为相关研究提供更为合理的前提假设,同时也可供政策制定者和监管当局参考。

The most representative ultimate ownership structure of the Chinese family-owned public firms is a generalized and Chinese-styled family-controlled stock pyramids which is quite different from the narrow-sensed one in foreign literatures.The actual controller altogether with his family or extensive-family members holds the great majority interest of the intermediate companies in the Chinese family-controlled stock pyramids,with the result that the deviations between ownership and control are relatively small but often over-estimated.Analysis of the characteristics of the Chinese family-controlled stock pyramids can provide more reasonable hypothesis for related research,reference for policy makers and regulatory authorities.