Show simple item record

dc.contributor.author陈炜
dc.date.accessioned2016-07-01T08:13:04Z
dc.date.available2016-07-01T08:13:04Z
dc.date.issued2009
dc.identifier.citation证券市场导报,2009,(11):66-73
dc.identifier.issn1005-1589
dc.identifier.otherZQDB200911011
dc.identifier.urihttps://dspace.xmu.edu.cn/handle/2288/125844
dc.description.abstract本文研究了我国资本市场上市公司金字塔式结构是否影响了中小投资者保护效率。研究结果显示:(1)金字塔结构侵害假说被证实,结果支持了大股东掏空理论,表明我国资本市场金字塔式系族企业集团形成与大股东行为密切相关;(2)掏空假说被证实,金字塔控股结构的系族企业通过现金流权与所有权分离攫取利益,侵害着中小股东的利益;(3)实证表明金字塔式系族企业不论所有权性质,其对中小投资者都存在损害,但是我国民营系族企业的现金流权与所有权的高度分离使得其对中小股东的掠夺可能性更大。
dc.description.abstractThis paper studies if pyramid structure impacts the protection of minority investors in China's capital market on the basis of new index of the dollar profit.Firstly, the results support the hypothesis of pyramid structure entrenchment and the theory of major shareholders tunneling, which show that there exits a close relationship between the formation of pyramid private enterprise group and major shareholders' behaviors.Secondly, the results support tunneling hypothesis because private enterprises with pyramid structure invade and occupy the interests of minority shareholders through separate cash flow rights and ownerships.Finally, the results suggest that private enterprises with pyramid structure damage the interest of small and medium investors regardless of ownership nature.There is more possibilities in China if these private enterprises have high separation between cash flow rights and ownerships.
dc.description.sponsorship国家自然科学基金资助项目(项目编号:70502007)
dc.language.isozh_CN
dc.subject投资者保护
dc.subject中小投资者
dc.subject金字塔结构
dc.subjectInvestor Protection
dc.subjectMinority Shareholder
dc.subjectCorporate Pyramid structure
dc.title上市公司“金字塔结构”损害中小投资者利益吗——基于投资收益的实证研究
dc.title.alternativeThe Empirical Test of the Impact of Pyramid Structure of Efficiency on Minority Investor Protection
dc.typeArticle


Files in this item

Thumbnail

This item appears in the following Collection(s)

Show simple item record