两权分离与企业价值:支持效应还是掏空效应

The Separation of the Two Powers and the Enterprise Value:Propping or Tunneling

企业实际控制人的两权分离对企业价值产生的效应会因研究样本、市场环境的不同而不同。笔者利用2008-2015年中国上市企业的数据,通过考察两权分离度对企业价值的总体影响以及非线性影响、对不同所有制类型企业价值的影响等角度检验了两权分离对企业价值是支持效应还是掏空效应。研究发现,当两权分离度较小时,两权分离对企业价值更多的是支持效应;当两权分离度较大时,两权分离对企业价值更多的是掏空效应。区分企业所有制类型,则两权分离对国有企业价值的掏空效应要大于对民营企业价值的掏空效应。研究还发现,两权分离度对企业第一类代理成本的影响是显著的。而由于掏空效应和支持效应的存在,两权分离度对企业第二类代理成本的影响不显著。基于本文的研究结论,笔者认为:中国一方面应该加大对于企业实际控制人掏空行为的处罚力度以及制定更加完备的保护中小股东权益的制度;另一方面,还需要加快进行国有企业改革,包括进行监管体制改革以及公司治理改革等。

The effect of the separation of the two powers of the actual controllers on the enterprise value varies with the research sample and the market environment.Based on the data of Listed Companies in China from 2008 to 2015,this paper examines whether the separation of powers has a supporting effect or a tunneling effect on enterprise value by examining the overall and non-linear effects,and the effect on the enterprises of different ownership types.The article finds that when the separation of the two powers is small,it has more propping effect on the enterprise value.When the separation of the two powers is larger,it has more tunneling effect on the enterprise value.Distinguishing the types of ownership,the tunneling effect of the separation of powers on state-owned enterprises is greater than that on private enterprises.The article also finds that the separation of the two powers has a significant impact on the first kind of agency cost.However,due to the existence of tunneling effect and propping effect,the separation of the two powers has no significant impact on the second kind of agency cost.Based on the conclusion of this study,on the one hand,China should increase the punishment for the actual controllers’ tunneling behaviors and formulate a more complete system to protect the rights and interests of small and medium-sized shareholders;on the other hand,it should accelerate the reform of state-owned enterprises,including the reform of regulatory system and corporate governance.