作　　者： ; ;

机构地区： 北京大学光华管理学院

出　　处： 《管理世界》 2010年第5期150-158,171,共10页

摘　　要： 本文在控制业务经营需要、公司总体战略等因素的基础上,考察所有权安排对现金在上市公司及其子公司之间分布的影响,以揭示子公司少数股东、上市公司控股股东、上市公司管理层持股比例等因素对子公司管理层寻租空间造成的影响。实证结果表明,子公司持现比率与子公司少数股权占比显著正相关,与上市公司第一大股东持股比例、上市公司高管持股比例显著负相关,表明子公司中少数股东的力量客观上为子公司管理层创造了更大的寻租空间,而控股大股东和上市公司持股的高管成为监控子公司管理层寻租行为的有效力量。在不同控制权性质的上市公司中,上述3种力量的影响具有一致性。 Based on the control over the demand for business operation and on companies' overall strategy,we have,in this article,explored the impact of the arrangement of ownership on the cash distribution between listed firms and their subsidiaries,in order to uncover the effect of factors such as the proportions of the share holding of subsidiaries' minority shareholders,the listed companies' controlling shareholders and the listed companies' senior managers on the rent-seeking opportunities for subsidiaries' managers.The results of our case study have shown that the ratio of subsidiaries' cash holding significantly and positively relates to subsidiaries' minority shareholding and significantly and negatively relates to the proportion of shareholding of listed companies' biggest shareholder and to that of high-ranking managers,that the minority shareholders have objectively created rent-seeking space for their senior managers,and that the controlling shareholders and senior managers have become the effective power for the supervision of the behavior of subsidiaries' managers.Moreover,the three parties mentioned above have the same kind of influence.

关 键 词： 所有权安排 内部资本市场 寻租 现金分布

领　　域： [经济管理] [经济管理]