Pyramidal Structure, the Separation of Two Rights and Capital Structure--Based on the Chinas Listed Family Companies

摘要：

　　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.

关键词： the Separation of Two Rights Capital Structure Pyramid

作者: Zhou Ying Li Shouying

作者单位: Faculty of Management and Economics,Dalian University of Technology,Dalin,China,116024

会议类型: 国际会议

会议名称: the 5th (2013)International Conference on Financial Risk and Corporate Finance Management(第五届(2013)金融风险与公司金融国际研讨会)

会议地点: 大连

会议语种:英文

页码: 396-401

在线出版日期: 2013-06-29（万方平台首次上网日期，不代表论文的发表时间）