本文利用2003—2008年我国民营企业上市公司的数据研究影响民营企业两权分离度的因素。研究发现,实际控制人和次大股东的性质对两权分离度没有影响;金字塔控股结构与两权分离度显著正相关,控股股东是否参与管理、股权制衡度与两权分离度显著正相关。 This article uses the data of 2003-2008 listed companies in China’s private enterprises to study the factors that affect the separation of ownership of private enterprises. The study found that the nature of the actual controller and the second largest shareholder has no effect on the separation of the two rights; the controlling structure of the pyramid has a significant positive correlation with the separation of the two rights; whether the controlling shareholder is involved in the management; the balance of ownership and the separation of the two rights are significantly and positively correlated.