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论文编号：	2578
作者编号：	2120082119
上传时间：	2010/6/12 8:06:16
中文题目：	控制权对负债期限结构及公司价值的影响——中国民营上市公司的实证分析
英文题目：	Control Right’s Effect on Debt Maturity Structure and Company Value: Evidence from Chinese Private Listed Companies Value: Evidence from Chinese Private Listed Companies
指导老师：	张晓农
中文关键字：	控制权 终极控股人 控制权和现金流权的偏离 股权分置改革 负债期限结构
英文关键字：	Control rights Ultimate controller The deviation of Control rights and cash flow rights Split-share structure reform Debt maturity structure
中文摘要：	自从拉波特(La Porta)等学者首次提出“最终控制人”的概念，对控制权的相关研究成为近几年来公司治理领域研究的热点和前沿。上市公司的终极控股人通过金字塔结构，交叉持股，共同控制等方式和手段掌握公司的控制权，但其现金流权可能会远远小于控制权，从而造成控制权和现金流权的的偏离。这种偏离就使得终极控制人有侵占中小股东利益来获取私人收益的动机。 本文选取了2002-2008在深圳和上海上市的100家民营上市公司7年的数据为样本，以2006年作为股权分置改革前和股权分置改革后的分界线，研究股改前后民营上市公司的控制权和现金流权的分离对负债期限结构以及对公司价值的影响。 本文先对控制权、现金流权、控制权和现金流权的偏离以及负债期限结构进行了概念界定，接下来回顾了国内外学者对终极控股权以及负债期限结构的研究成果，在总结以前学者研究成果的基础上再进行实证研究。 在实证研究部分，先是以2002-2006以及2007-2008年100家民营上市公司的数据作为研究样本，对比分析了股改前后控制权和现金流权的偏离对负债期限结构的影响。然后，在此基础上，继续研究了两权的偏离，以及负债期限结构对公司价值的影响，同样也对比分析了股改前后的实证结果。最后，根据本文实证结果，提出了完善民营上市公司控制权治理和负债决策机制的相关建议和对策。
英文摘要：	Since La Porte et al. (La Porta) put forward "ultimate controller" concept for the first time, research on the ultimate control right of corporate governance has become a hot research area in recent years. The ultimate controller of the listed conpanies hold the control right by pyramid structures, cross-shareholdings, joint control, however, its cash flow rights may be much smaller than the control right, resulting in deviation of control rights and cash flow rights . Because of the deviation, the controlling shareholder is likely to have the motivation of take private benefits that can do great harm to the interest of minority shareholders. This paper selects the 100 private listed companies listed in Shenzhen and Shanghai from 2002 to 2008. And collected relevant data of 7 years for the samples. We choose 2006 as the line of before and after split-share structure reform. And do empirical research to find the how the deviation of control rights and Cush flow rights affect the debt maturity structure and the value of the company. After defining the ralatede concepts such as control rights, cash flow rights, the deviation of control rights and cash flow rights, debt maturity structure, the author gave a brief summary of the ralavent research on control rights and debt maturity structure both home and abroad. And did further research on the basis of the previous study. We first analyzed the date of 100 private listed companies in 2002-2006 and 2007-2008 in empirical studies, and compared the results of the impact of the deviation to the debt maturity structure before and after split-share structure reform. Then, on this basis, we continued to study how control right and debt maturity structure affect the value of the company, and also analyzed the empirical results before and after the split-share structure reform. Finally, based on empirical results, the autor gave some advice on how to improve the supervision of the control right and the debt financing decision mechanism.
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