The Control Rights，Cash Flow Rights and Corporate Performance of the Private Listed Companies in China

摘要：

Substantial researches have revealed that divergence of control rights and cash flow rights of the listed companies has significant impact on the corporate performances.This paper uses sample of 246 private companies listed in Shenzhen and Shanghai Stock Exchanges.Through tracing the control chains to identify the ultimate controlling shareholders of the listed companies,the paper has examined the control rights and cash flow rights of the ultimate controlling shareholders and divergence degree of the two rights；and through empirical analysis,we found in the result as follows：in a private listed firm,the cash flow rights owned by the ultimate controlling shareholder have positive relations to corporate performance while divergence of control rights and cash flow rights is negatively related to significance of corporation performance.

关键词： control rights cash flow rights corporate performance

作者: Xu Yongbin Hu Zuguang

作者单位: Zhejiang Gongshang University,P.R.China,310018

会议类型: 国际会议

会议名称: 2006 International Conference on Management Science and Engineering(2006管理科学与工程国际学术研讨会)

会议地点: 武汉

会议语种:英文

页码: 280-284

在线出版日期: 2006-11-08（万方平台首次上网日期，不代表论文的发表时间）