An Empirical Study on the Relationship between Businesses Pyramidal Structures and the Ezcessive Benefits of Control

摘要：

Based on the control transactions of listed companies during 2005 and 2007, this paper tests the relationship between the layers of business pyramidal structures and the excessive benefits of control and finds they are positively related. In other words, the lower level the listed company situates in a pyramidal structure, the more expropriation the controlling shareholder extracts. The further analysis shows that non-state-owned ultimate controllers’ expropriation incentive through pyramidal structures is more definitive. The enlightenment to us is that shortening control chain and simplify the control structure can curb the extraction of ultimate controllers. And it is in alignment with the refocusing strategy and the group listed as a whole policy. And we also find the presence of other block shareholders can reduce the excessive benefits of control.

关键词： Ezcessive Benefits Of Control Pyramidal Structure Control Chain Refocusing Strategy

作者: Liyan Liu

作者单位: School of Business，Jianghan University, Wuhan, 430056, China

会议类型: 国际会议

会议名称: The Ninth Wuhan International Conference on E-Business(第九届武汉电子商务国际会议)

会议地点: 武汉

会议语种:英文

页码: 1137-1143

在线出版日期: 2010-05-29（万方平台首次上网日期，不代表论文的发表时间）