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中国管理科学

中国管理科学 ›› 2010, Vol. 18 ›› Issue (6): 147-154.

• 论文 • 上一篇    下一篇

控股股东现金流权、控制权与企业资本配置决策研究

刘星1, 刘理1, 豆中强2   

  1. 1. 重庆大学经济与工商管理学院, 重庆 400030;
    2. 国家开发银行重庆分行, 重庆 400030
  • 收稿日期:2009-11-17 修回日期:2010-07-21 出版日期:2010-12-30 发布日期:2010-12-30
  • 作者简介:刘星(1956- ),男(汉族),河南镇平人,重庆大学经济与工商管理学院院长,博士生导师,研究方向:公司财务
  • 基金资助:

    国家自然科学基金资助项目(70772100);教育部博士点基金资助项目(教技发中心函[2006]226号);广东省教育厅人文社科研究项目(WYM08043)

Cash Flow Rights,Control Rights and the Capital Allocation Strategy of Listed Companies

LIU Xing1, LIU Li1, DOU Zhong-qiang2   

  1. 1. School of Economics and Business Administration, Chongqing University, Chongqing 400030, China;
    2. China Development Bank Chongqing Branch, Chongqing 400030, China
  • Received:2009-11-17 Revised:2010-07-21 Online:2010-12-30 Published:2010-12-30

PDF (PC)

1151

被引次数

29

摘要： 基于企业内部资本配置的理论阐释,以无风险资产和风险性资产的组合投资为研究对象,从控股股东无偿占用上市公司内部资金的角度构建企业价值期权模型,探析控股股东的现金流权、现金流权与控制权分离度对资本配置决策和企业价值的影响。研究结果表明,控股股东的现金流权与企业资本配置效率正相关,与企业价值正相关;现金流权与控制权分离度与企业资本的配置效率负相关,也与企业价值负相关;并且发现,由大股东侵占而产生的对风险性资产的非效率"挤占"是导致上市企业资本配置行为扭曲的一个重要动因。

关键词: 大股东侵占, 资本配置, 组合投资, 现金流权与控制权分离

Abstract: Based on the theory of capital allocation and assignment in companies,from the perspective of risky assets and safe assets,this paper incorporates the factor of large shareholders into real option model to analyze the effect of cash-flow rights of the large shareholders and the separation of cash-flow rights from control on the capital allo cation and firm valuations.The conclusions show that,capital allocation efficiency is positive correlative with the cash-flow rights of the large shareholders,but negative correlative with the separation of cash-flow rights from control; the corporate value is positive correlative with the cash-flow rights of the large shareholders,and also negative correlative with the separation of cash-flow rights from control.Otherwise,we find the large shareholder's expropriation leads to listed companies inefficiently decrease risky asset investment.Moreover,it is also one of the most important reasons leading to distortion and inef ficiency of capital allocation.

Key words: large shareho lder’s expropriation, capital allocation, portfolio investment, separation of cash-flow rights from control

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