终极控制人性质、两权分离与多元化经营

The Character of Ultimate Controlling Shareholder,Divergence of Control Rights and Ownership and Corporate Diversification

本文基于终极控制人的视角,从控制权与现金流权的分离、产权性质、政府控制级别等层面来验证两权分离激励对上市公司多元化经营程度的影响。结果发现,控制权与现金流权分离程度越高,多元化经营程度也越高,而且这种关系在地方政府控制的公司以及低级别地方政府控制公司中更为显著;同时,我们还发现现金流权对代理冲突有一定的抑制效应。

Based on the character of ultimate controlling shareholder＇ ownership structure, this paper analyzes how incentives by the divergence of control rights and ownership and government control rank and so on effect on corporate diversification of listed companies. The results indicate that the higher the degree of divergence of control rights and ownership is, the higher corporate diversification is; the relation between them is more obvious in the corporate controlled by local government and in the corporate controlled by the inferior government. Moreover, we find the cash right can restrain agency conflict .