摘要
对于金字塔结构的经济后果主要存在两种对立的观点:利益侵占观和弥补制度缺失观。本文以2002-2007年的A股民营上市公司为研究对象,考虑民营上市公司实际控制人类型、所在地的市场化程度和公司盈利情况等因素,研究我国民营企业金字塔结构的经济后果并得出相关结论。
Taking type of ultimate controller, degree of marketization and earnings of private-owned listed companies into account, this paper aims at analyzing the economic consequence of pyramid structure. In this paper, we take 2002-2007 A-share listed companies as the object of study and by considering the actual controller type, location, degree of market factors, company earnings etc., study the economic consequences resulting from Chinese private enterprises＇ pyramid structure. Then we draw relevant conclusions.
出处
《管理评论》
CSSCI
北大核心
2011年第8期9-20,共12页
Management Review
关键词
实际控制人
市场化
金字塔结构
融资约束
掏空
ultimate controller, marketizationm, pyramid structure, financing constraints, tunneling
