层级结构设置动因及对企业融资的影响

Hierarchy-Structuring Motivation and Its Effect on Enterprise’s Financing

在公司股权结构由分散走向集中的过程中,终极控股股东越来越多的利用复杂的层级结构实现对下层企业的控制。那么终极控股股东为什么要设置复杂的层级结构,其设置又会对企业产生什么样的影响。文章从分离现金流权与控制权、大股东的支持与掏空以及组建企业集团的融资优势等方面分析了其设置的动因,并从融资的角度探讨了层级结构对企业融资的影响。

In the process of a shift from a separated shareholding structure to a concentrated one, the ultimate controlling shareholder tends to control the company at the lower layer by making use of the complicated hierarchical structures. Why does the ultimate controlling shareholder set up a complicated structure？ What is the impact of the structuring on an enterprise？ This paper analyzes the motivation of the structuring in light of the separation between cash flow rights and control rights, the propping and tunneling of the large shareholder, and the financing advantage of the enterprise group. It also analyzes the effect of hierarchy structuring on enterprise＇s financing from the perspective of financing.