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| 论文编号： | 903 | |
| 作者编号： | 2120071962 | |
| 上传时间： | 2009/5/24 23:52:06 | |
| 中文题目： | 控制权、现金流权及其偏离对公司 | |
| 英文题目： | The impact of control right an | |
| 指导老师： | 张晓农 | |
| 中文关键字： | 国有上市公司;控制权;现金流权;< | |
| 英文关键字： | Chinese State-owned Listed Com | |
| 中文摘要： | 自1999年拉波特(La Porta)等人对终极控制权的研究取得开创性成果后，对终极控制权的相关研究成为近年来国内外研究的热点问题。终极控制权是中国证券市场许多不规范行为的重要症结所在。当上市公司终极控股股东以较小的现金投资而获得较大的控制权时，控制权和现金流权发生偏离。这时，控股股东就容易产生利用控制地位获得超过现金流权的控制权私人利益的驱动，出现侵占公司资源，损害中小股东利益的行为。 本文首先对相关概念进行了界定，回顾了国内外学者对有关终极控股股东控制权和现金流权偏离的研究及相关成果，然后结合中国国有上市公司的制度背景，运用规范分析和实证分析相结合的研究方法，对我国国有上市公司的终极控制权和现金流权及其偏离对公司价值的影响进行较为全面、系统的研究。 本文选取了来自沪深两市的362家国有上市公司为原始样本，并整理和统计了其2005-2007年的相关财务数据，组成1086个混合研究样本，作为研究对象。通过研究发现，中国国有上市公司存在控制权和现金流权偏离的现象。随后，选取了被解释变量、解释变量、控制变量，进行了描述性统计和相关性分析，并设计了回归模型，研究了国有上市公司两权偏离对公司价值的影响，得出实证研究结论，并提出了相关建议。 | |
| 英文摘要： | Since La Porta et al. made groundbreaking achievement in ultimate control right, the relevant researches on ultimate control right have become hot issues at home and abroad in recent years. Ultimate control right is the crux that Chinese securities market has many irregularities. When the ultimate controlling shareholder acquires greater control right with smaller cash investment, control right and cash flow right diverge. At this time, controlling shareholder is likely to have the private benefit incentive to take advantage of controlling position in order to attain control right which exceeds cash flow right, it may also expropriate the company’s resources and undermine the interests of minority shareholders. After defining the related variables, reviewing the theories and research achievement of control right and cash-flow right’s divergence, and considering the institutional background in Chinese state-owned listed company, the author study on the relationship between control right and cash flow right’s divergence and corporate value thoroughly with the method of theoretical and empirical research. The author selects 362 Chinese state-owned listed companies’ data, which covers 3 years from 2005 to 2007, to form a mixed data. The author finds that divergence between control right and cash flow right is common in Chinese state-owned listed companies. After selecting dependent variables, independent variables and controlled variables, the author does descriptive statistics and correlation analysis, and designs the regression model to research the impact of control right and cash flow right’s divergence on corporate value. At last, the author gives some advices. | |
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