摘要
单纯的掏空行为无法解释家族控制的金字塔结构的持续存在,除非社会投资者都是“短视”的或者缺乏足够信息。如果社会投资者是理性的,只有控制性家族的掏空行为和支持行为同时发生,并且在法律对社会投资者保护薄弱以及金字塔结构比水平结构更好地实施掏空行为的条件下,金字塔结构才可能长期存在。金字塔结构本质上是一种中性的股权控制方式,既可能侵害外部股东的权益,也可能在特定情况下保护其权益。
Pure tunneling can not explain the long existence of pyramid structure controlled by family, except that the outer stockholder is myopic or short of information. If the outer stockholders are rational, only if the interweaving of tunneling and propping with weak legal to the outer stockholder, pyramid- controlling structure can exist permanently. Pyramid- controlling structure is a netural way of controlling rights, which could intrude the interests of the outer stockholder and also could protect its own interests under certain condition.
出处
《财经论丛》
CSSCI
北大核心
2007年第1期97-102,共6页
Collected Essays on Finance and Economics
关键词
控制性家族
金字塔结构
水平结构
法律保护
controlling family
pyramid - controlling structure
horizon - controlling structure
legal protection
