导　　师： 杜沔

学科专业： 120202

授予学位： 硕士

作　　者： ;

机构地区： 汕头大学

摘　　要： 本文以2006～2009年我国A股上市公司为样本,采用非平衡面板数据分析方法建立计量经济模型,以实际控制人为研究主体,详细考察了金字塔结构、实际控制人与资金占用之间的关系。研究结果表明：第一,实际控制人的现金流权与资金占用呈显著的负相关关系,表现出强烈的“激励效应”。第二,实际控制人的控制权与资金占用呈负相关关系,表现出“激励效应”而非“侵占效应”；第三,实际控制人的控制权与现金流权的分离程度与资金占用呈正相关关系,统计上不显著,没有表现出强烈的“侵占效应”。而在国有控制的分样本中,两权分离与资金占用显著正相关,而在非国有控制的分样本中,两权分离却与资金占用显著负相关,由此我们认为两权分离不是侵占的诱因。第四,控制链层级、金字塔结构的复杂性与资金占用显著负相关,表明金字塔结构发挥了其内部资本市场作用。第五,各个类型的实际控制人都有侵占动机。但实证结果表明,相对于实际控制人为国家控制的,实际控制人为非国家控制的侵占动机更强,资金占用规模更大。第六,相对于分离型金字塔结构,非分离型金字塔结构的层级较少,结构相对简单。同时,实证结果表明,分离型金字塔结构对实际控制人的侵占行为有积极影响,而非分离型金字塔结构则对实际控制人的侵占行为有负向影响。 Using the data of pyramid structure of listed companies from 2006 to 2009, this paper systematically studies the impacts of pyramid ownership structure on the actual controller's fund appropriation. The results could be summed up as follows:Firstly, the Actual Controller's cash flow rights have a significantly negatively correlation with fund appropriation, which shows a strong 'incentive effect'. Secondly, the Actual Controller's control rights have a significantly negatively correlation with fund appropriation, which shows a strong 'incentive effect', rather than 'entrenchment effect'. Thirdly, the degree of deviation is positively correlated with fund appropriation, but not significant statistically. In the sample of the state-owned companies, they are significantly positively correlated, while, in the non-state-owned ones, they are negatively correlated remarkably. Therefore, we infer that the separation of the two rights is not the incentive of the appropriation. Fourthly, the control chain levels and the complexity of pyramid equity structure both have a significantly negative correlation with fund, appropriation, which indicates that the pyramid structure has played the role of the internal capital market. Fifth, all different types of actual controllers have entrenchment motivations. Compared to the state-owned listed companies, the fund of the non-state-owned ones is occupied in a higher level. Finally, the separate pyramid structure is more complex than the non-separate pyramid structure, and its fund appropriation degree is also higher than the non-separate pyramid structure.

关 键 词： 金字塔结构 实际控制人 资金占用 控制链层级

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