Pyramidal Structure, the Separation of Two Rights and Capital Structure ——Empirical Analysis Based on the Listed Family Companies in China
This paper examines the relationship between the ultimate controllers’ separation of control right and cash flow right and capital structure using the data of 303 listed family firms covering the period from 2007-2009.We find that relative to the no-separate pyramid structures, the listed family businesses using the separated pyramid structures tend to choose higher capital structure; when the separation of control right and cash flow right covers the region of ”10％-20％”,the separation of the two rights is most negatively and significantly related to the capital structure, and between this region, the separation of the two rights is positively and significantly related to the rate of no-bank lending. This study makes implications for the deeply understand of the financing decisions of China’s privatized corporations controlled by the ultimate people, and makes reference for the supervise of financial institutions.
the Separation of Two Rights Capital Structure Pyramid 1
Zhou Ying Li Shouying
Dalian University of Technology, Faculty of Management and Economics, Dalian,116024 Dalian University of Technology, Faculty of Management and Economics, Dalian, 116024
国内会议
上海
英文
1-9
2012-08-01（万方平台首次上网日期，不代表论文的发表时间）