金字塔结构、市场化进程与股权结构动态调整

Pyramid Structure,Marketization Process and Dynamics Adjustment of Ownership Structure

笔者从金字塔结构与市场化进程角度分析终极股东股权结构动态调整的影响因素,结果发现:(1)金字塔结构对上市公司股权结构调整的影响呈现不对称的抑制效应。金字塔层级与股权稀释呈负相关关系,金字塔层级抑制了公司终极控制权的减少,金字塔层级越长,终极股东越不愿意减少其持股比例,金字塔链条对股权稀释的影响不显著。金字塔结构抑制股权稀释效应发挥作用的机制主要是依靠金字塔层级而不是金字塔链条。金字塔层级和金字塔链条都对终极股东增加持股比例的影响有限。(2)市场化进程有助于公司股权结构的减少。随着市场化进程的加快,越来越多公司的终极股东减持股份,市场化进程对金字塔层级抑制公司终极股权减少的调节作用有效。

This paper analyses determinants of pyramid structure and marketization process on adjustment of ownership structure. The results show that： firstly,the influences of pyramid structure on ownership structure have asymmetric inhibitory effect. Pyramid level inhibits ultimate controllers to reduce share. When pyramid level is longer,ultimate shareholder is reluctant to reduce its stake. There are no significant correlation between pyramid chain and ownership dilution. Reduction effects of pyramid structure on ownership structure mainly rely on pyramid level rather than pyramid chain. Secondly,marketization process helps to ownership dilution. More and more ultimate shareholders reduce shares with the deepness of marketization.