摘要
投资者法律保护对合理所有权结构的形成和证券市场的发展具有重要的意义。在否定了投资者法律保护与所有权结构的替代关系之后,本文认为所有权的集中是大股东适应由投资者法律保护较弱产生的私人收益的结果。而且为最大化获取的私人收益,他们往往通过金字塔结构等分离现金流所有权和控制权的形式对公司实施控制。
Legal protections given investors have large influence on ownership structure and development of security market. The paper argues that ownership structure is an outcome of legal protections given investors to bring large private benefit after refusing the substitute relationship between legal protections given investors and ownership structure. To expropriate more private benefit, they always separate control from cash flow rights by cross - ownership and stock pyramids.
