我国企业实际控制人的特征异质性探究

Research on the characteristics heterogeneity of the actual controllers of Chinese enterprises

文章首先分析了实际控制人特征差异的形成原因,指出特征差异是由实际控制人的控制层级差异、类型差异、所有权与控制权差异等造成的。其次指出了三类实际控制人的特征异质性具体表现与相关经济后果,剖析了谦卑型实际控制人与自信型实际控制人、风险偏好型实际控制人与风险厌恶型实际控制人、集权型实际控制人与放权型实际控制人的相关表现及对企业造成的经济后果。最后提出消除实际控制人异质性不利后果的解决措施。

Firstly,the paper analyzes the causes of the differences in the characteristics of the actual controller,pointing out that the differences in characteristics are caused by the differences in the control levels,types,ownership and control rights of the actual controller.Then it points out the specific performance and relevant economic consequences of the research on the characteristics heterogeneity of the three types of actual controllers,analyzes the relevant performance and economic consequences of the humility type actual controller and the confidence type actual controller,the risk preference type actual controller and the risk aversion type actual controller,the centralized type actual controller and the decentralized type actual controller.Finally,propose solutions to eliminate the adverse consequences of the heterogeneity of actual controllers.