金字塔股权结构、股权制衡与终极股东侵占

Pyramids Ownership Structure,Balance Mechanism of Shareholders and Ultimate Shareholders'Expropriation Behavior

上市公司终极股东行为深受金字塔股权结构形态和内部权力配置及结构的影响。我国上市公司的经验数据表明上市公司终极股东侵占行为选择与金字塔股权结构形态特征正相关,与两权分离程度负相关。金字塔股权结构的内部制衡机制不仅直接影响股东侵占行为,并能够强化金字塔基本形态的影响作用。为保护中小股东的权益不受侵占,应完善公司治理结构,规范信息披露制度,并加强对上市公司大股东的监管。

The ultimate shareholders＇ behavior is affected by the form of pyramids structure and intemal power structure. The empirical results on the our listed companies show that there is a positive relationship between the expropriation behavior of ultimate shareholder and the external characteristics of pyramids ownership, and there is negative relationship between the separation of two right. Meanwhile, the internal balance mechanism of pyramids ownership structure not only directly has influence on expropriation, but also enhances the effect of pyramid structure on expropriation. We should improve the corporate gover- nance structure, standardize the information disclosure system, and strengthen the listed companies＇ major shareholders supervi- sion in order to protect the interests of minority shareholders.