论文部分内容阅读
从终极控制人角度出发,根据我国家族上市公司2010—2014年面板数据,实证研究了终极控制人所拥有的控制权、现金流权、两权偏离对公司绩效的影响,并在此基础上进一步考察了董事会对终极控制人侵占行为的约束作用。研究结果显示:控制权与公司绩效无显著相关关系;现金流权与公司绩效显著正相关;两权分离与公司绩效显著负相关;独立董事比例能有效约束两权分离引起的终极控制人侵占行为;董事会规模则会有效调增两权分离引起的侵占行为。
From the perspective of the ultimate controller, according to the 2010-2014 panel data of Chinese family-owned listed companies, this paper empirically studies the influence of the controlling shareholder, the cash flow right and the deviation of the two rights on the performance of the ultimate controller, and on the basis of this, Examines the board of directors of the ultimate controller of the encroachment of the binding role. The results show that there is no significant correlation between control rights and corporate performance; there is a significant positive correlation between cash flow rights and corporate performance; the relationship between ownership separation and corporate performance is significantly negatively correlated; the proportion of independent directors can effectively restrain the ultimate control agent encroachment caused by the separation of ownership ; The size of the board of directors will effectively increase the increase of seizures caused by the separation of powers.