摘要
笔者考察了终极股东股权结构动态调整的影响因素,结果表明:终极股东控制权与所有权的两权分离度越大,终极股东的股权越不容易稀释,金字塔形式的股权结构限制了终极股东稀释股权。终极股东控制权比例越大,其越倾向于保持甚至集中股权,控制权比例越小越倾向于稀释股权。上市公司的股票回报率与终极股东股权稀释不存在显著的相关关系,股票波动率与终极股东股权稀释正相关。终极股东控制权和所有权的两权分离度与终极股东股权集中没有显著的相关关系,两权分离限制了终极股东稀释股权,但是并没有因此促使终极股东集中股权。
This paper analyzes determinants of dynamically adjustment of ownership structure from the perspective of ultimate shareholders. The results show that the separation of control and ownership right of ultimate shareholders is negatively associated with ownership dilution,and pyramid ownership structure limits ownership dilution. Control right is positively correlated with ownership dilution.There are no significant correlation between stock returns and ownership dilution which shows ultimate shareholders do not obviously choose market timing to adjust ownership structure. Stock volatility is positively correlated with ownership dilution.
出处
《经济经纬》
CSSCI
北大核心
2015年第5期114-119,共6页
Economic Survey
基金
国家社会科学基金一般项目(13BGL047)
河南省教育厅2013年度人文社会科学重点项目(2013-ZD-011)
2015年河南省高等学校哲学社会科学创新团队(2015-CXTD-09)
关键词
终极股东
股权结构
股权稀释
Ultimate Shareholder
Ownership Structure
Ownership Dilution
