民營上市公司金字塔式持股結(jié)構(gòu)研究.pdf

1、浙江大學碩士學位論文民營上市公司金字塔式持股結(jié)構(gòu)研究姓名：劉騰飛申請學位級別：碩士專業(yè)：技術(shù)經(jīng)濟及管理指導教師：董旭升20060401浙江大學碩士學位論文民營上市公司金字塔式持股結(jié)構(gòu)研究AbstractAstheprivatesectorofChinadevelopsrapidlymoreandmoreprivateenterprisessuccessfullycomeintosecufit)rmarketAfterexaminingt

2、heultimateownershipstructureofChineseprivatelistedcompanies，thepaperfindsthatthepyramidalshareholdingstructureisprevalentinChinesesecuritymarketSomeentrepreneurscontrolmorethanonelistedcompanyandforgethemintoseveralclust

3、ersinthemarketbypyramidalshareholdingstructureAlongwithsomescandalsofprivatelistedcompanyclustersarereportedrecentlymoreandmorescholarspayattentiontothepyramidalshareholdingstructureandinvestigateitInthefirstplace，thepap

4、ersystemicallyreviewstheforeignanddomesticresearchesonpyramidalshareholdingstructureThepaperintroducestheresearchresultsontheconceptandcharacteristicsofthepyramidalshareholdingstructure，theempiricalevidenceofthepyramidal

5、shareholdingstructure，theemergingconditionofthepyramidalshareholdingstructureandtheinfluenceofthepyramidalshareholdingInthesecondplace，thepaperdescribesthepresentconditionsandthedistributingcharacteristicsofthepyramidals

6、hareholdingstructureinChineseprivatelistedcompaniesBasingonthedescription，thepapertheoreticallyanalyzestheimpactofpyramidalshareholdingstructureonfinnvalue，aswellastherelationshipbetweentheratioofcash—flowfightovercontro

7、lfightandthespecificcharacteristicsofthecompanyBasedontheforgoingtheoreticalanalysis，theresearchhypothesesareputforwardIntheempiricalsection，thepaperresearchestheimpactofthecash—flowfightofultimateowneronfirmvalue，theimp

8、actofseparationbenⅣeencash—flowfightandcontrolrightonfirmvalue，andtherelationshipbetweentheratioofcash—flowrightovercontrolrightandtheparticularcharacteristicsofthefirm，usingtheempiricaldataofChineseprivatelistedcompanie

9、sin2004TheresultsoftheempiricalanalysisindicatethatthepyramidalshareholdingstructureisverycommoninChineseprivatelistedcompaniesComparedwithothertypeoflistedcompanies，evenwithotherlistedcompaniesaroundtheworld，theseparati

10、onbetweencash—flowrightandthecontrolrightisstrongerintheprivatelistedcompaniesTakingthepyramidalcompanyintoaccount，thepaperfindsthatthefnrnvalueincreaseswiththecash—flowrightoftheultimateownerconsistentwithapositiveincen