现金流权和控制权分离对上市中小板企业成长性的影响研究——基于托宾Q值指标

Study of Effect of Separation of Cash Flow and Control Rights on Growth of Small and Medium-Sized Board of Listed Companies—Based on the Tobin’s Q Value

本文以2014年我国上市中小板企业为样本,研究终极控股股东现金流权、控制权、两权分离度对企业成长性的影响。研究发现,现金流权与企业成长性正相关;控制权与企业成长性正相关;现金流权和控制权分离程度越大,终极控股股东对公司价值的侵蚀就越大,越会对企业的成长性造成负面影响。

This paper, based on a convenience sample of 2014 listed small and medium-sized enterprise board in China, studied the influence of cash flow rights, control power and two rights separation degree of the ultimate controlling shareholders on the enterprise growth. The findings show that cash flow rights and corporate growth are positive related;control power and enterprise growth are positive related;the greater the degree of separation of cash flow and control rights is, the greater the erosion of ultimate controlling shareholder to the company’s value is, resulting in the more negative impact on the growth of enterprises.