不同所有权下金字塔股权结构与股价同步性间关系的实证分析

Empirical Study on Relationships between Pyramid Equity Structure under Different Ownerships and Stock Price Synchronicity

采用2004—2014年中国A股上市公司的数据,从实际控制人到上市公司的控制链条层级和两权分离度两个维度,分析了不同所有权下实际控制人建立金字塔股权结构与上市公司股价同步性的关系。结果显示,不同所有权下金字塔股权结构与股价同步性的关系不同。具体而言:从层级角度看,国有企业的层级增加减少了政府对企业的干预,提高了会计信息透明度,其与股价同步性负相关;民营企业的层级增加未必降低实际控制人对企业的干预能力,因此对股价同步性的影响不显著;两权分离度的增大,意味着实际控制人对企业的控制能力变强、获得控制权收益的成本变少,无论是国有企业还是民营企业,两权分离度的增大都与股价同步性正相关。

Based on the data of A-share companies from 2004 to 2014,this paper investigates the relationship between pyramid equity structure and stock price synchronicity of listed firms with different ownership from two aspects of pyramidal layers and the separation of ownership and control.The result shows as follows：in state-controlled firms,the increasing of layer,making difficulty for state-owners to intervene firms′management,has the positive relation with the transparency of accounting information,and has the negative relation with the stock price synchronicity;in private-controlled firms,the changing of layers does not affect the intervention of ultimate controllers,so that the stock price synchronicity does not change;the increasing of separation of ownership and control,which enhances the controlling interests of ultimate controllers and reduces their cost,has the positive relation with stock price synchronicity.