作　　者： ; ;

机构地区： 对外经济贸易大学

出　　处： 《中国工业经济》 2010年第2期110-119,共10页

摘　　要： 企业集团在世界各国普遍存在,并以金字塔股权结构作为最主要的组织架构模式。本文从终极控制人的性质、现金流量权与控制权的分离、垂直层级、横向跨度、上市公司在金字塔结构中的身份这五个方面回顾和梳理了相关文献,发现金字塔控股对公司价值的影响具有双向性。控股股东的"隧道挖掘"和过度投资导致了金字塔控股的折价效应;而集团内部市场对不完全市场的替代,金字塔纵向组织分权的激励作用都会产生溢价效应。从"金字塔股权结构"到"金字塔控股集团"的变化,不仅把单纯的股权结构研究扩展到组织结构的研究,而且丰富了企业边界理论。市场化程度的提高和投资者保护的加强对金字塔控股集团折价或溢价效应的影响还有待进一步的研究。 Business groups are all around the world, except United States and Britain. Pyramidal structure is the main mode in which business groups are organized. We review the literature of pyramidal controlled groups and its influence on firm value from five areas： the type of the ultimate owner, the separation of cash flow rights and control rights, vertical levels, width and the status of the public company in the group. The pyramidal structure has two-way effect on firm value. Controlling shareholders＇ tunneling and over investment have discount effect on the value of pyramidal controlled companies, but internal market as the substitution of imperfect market and the incentive effect of decentralization have premium effect. Transform from the ＂pyramidal ownership structure＂ to the ＂pyramidal controlled group＂ not only extends the research from pure ownership structure to the organizational structure, but also enriches the theory of the boundary of the firm. The question need further study is how the more developed market and better investor protection would influence the discount or premium effect of pyramidal controlled groups.

关 键 词： 金字塔控股集团 公司价值 股权结构 隧道效应 公司治理

领　　域： [经济管理] [经济管理]