企業(yè)集團所有權結構.pdf

1、碩士學位論文企業(yè)集團所有權結構:基于金字塔結構普遍性的理論分析TheownershiPStruc加reofBusinessGrouP:TheAnalysisonthePrevalenceofPyramidalownershiPStrueture作者姓名:指導教師:西南政法大學SouthwestUniversityofPolitiealSeieneeandLaw多rAbstractPyr田舊ldalownershiPstrUeturesa

2、rePrevalentaroundtheworld.Howev代thelitera奴甘eeoneemed15rare.AstothecurrentsituationthatthereexistsnoPeri免ettheorywhicheanexPlainuniversalityofthePyramidalstructureinbusinessgrouP，oneofthetyPiealthcories15adOPtedde印enedwit

3、himProvedmodelwhoseobjeet15familybusinessgrouPtoProvideanswerstotheuniversalityofthePyr出刀idalstrue奴ire.ThistheoryholdsthatPyr田nldalstructr獷earisesnotoulyfs即肛atingeashflowfromvotingrights.InthefhatPlaee，thePaPersystematie

4、allyreviewsthefeignanddomesticrese別℃hesonPyr田刀ldalownershiPstructure，whichinvolvestheconeePtofthePyral肚ldalown日rshiPstfucte，thePrevalencearoundtheworidofthePyr出nldalownershiPs枉uctt獷e，thechal傲cteristiesofthePyr田嘰idalowner

5、shiPstlucture，theinflueneeofthePyral叭idalo叨，.rshiPsttucttireandreasonanalysisonthePrevaleneeofthePyramidalownershiPstruch獷e.Then，onthebasisofliteraturereview，anPresenttyPicalmodelwithrelaxedeonditionsaredex，efoPed，which1

6、5onthechoieeoftheow嘰e比hiPsttuc饑雙einv01vingthePyr田樸idaiownershiPstrUcturethethehorizonialownershiPstrUeture，withthetargetofconc】udingthefaetorsinflueneingthechoiee.Themodelshowsthattheessentialreason15thatiteanbringas丫mme

7、tryofcostandbenefittotheeontrollingsharcholder.Theas丫mmetryofeost叨dbenefit15eausedbytheseParationofeashflowrightseontr01rightswhichisthefean獷eofthePyr田爪idalownershiPstructure.Theextenttotheas丫rnmetry15decid記bythechal傲cte

8、ristieofthefirminvolvinginvestmentcostandrevenueandinvestlnentProtection朋derthelawframe.Inanotherword，thedeteninantsofthePrevaleneeareitsownfeature，thenewfinnfe川衛(wèi)reandexternallawenviron們nent.InthefollowingPlace，esPeeiall

9、y，thefocus15ontheanalysisofthePrevalenceofthePyr別盯idalownershiPstructureinbusinessgrouPofourcountry.Aeedingtothefeatureoftheeontrollingthareholder，thebusinessgrouP15dividediniostateeontrolledbusinessgrouPand州vatecontroll

10、ingbusinessgrouP.Theanalysiscondudesthat，astothestatecon仃’OlledbusinessgrouP，listedeomPany15PI碩ngtheroleofbothfinaneingtoolstategovernrnent，5Performanee，whilewiththePyr別叮idalownershiPs加cture，thetwooPpositeObjectseanbesim

11、ultaneouslyachieved.AstothePrivatecontrollingbusinessgrouP，11stedcomPanyispl碩ngtheroleofintemalexternalfinaneechanelthechalmelingtoolftheeontrollingshareholder.Besides，ontheinflueneingfactorsofthePyr田舊ldalownershiPstrUct