CAJ | 학술논문

文章基于我国转型时期特殊的制度背景，以民营上市公司2007-2011年财务数据为样本，研究金字塔股权结构如何影响公司的投资决策的经济后果，考察其是否会加剧公司过度投资带来的财务风险。研究发现：企业的过度投资会导致财务风险的增加；随着现金流权与控制权两权分离度的增加，过度投资带来的财务风险更大。本文的研究结论能够帮助理解民营企业中大股东通过金字塔持股对过度投资的作用，并对通过合理安排股权结构来降低过度投资带来的财务风险有一定的参考意义。
문장기우아국전형시기특수적제도배경，이민영상시공사2007-2011년재무수거위양본，연구금자탑고권결구여하영향공사적투자결책적경제후과，고찰기시부회가극공사과도투자대래적재무풍험。연구발현：기업적과도투자회도치재무풍험적증가；수착현금류권여공제권량권분리도적증가，과도투자대래적재무풍험경대。본문적연구결론능구방조리해민영기업중대고동통과금자탑지고대과도투자적작용，병대통과합리안배고권결구래강저과도투자대래적재무풍험유일정적삼고의의。
Based on the period of our country transition special system background , using data spanning the 2007-2011 years of private listed Companies , we investigate how the pyramid equity structure influ-ence the economic consequences of overinvestment , and analyze whether it will aggravate financial risks brought by over -investment.We find that the overinvestment will lead to financial risk;the separation of cash flow rights and control rights will increase financial risk caused by overinvestment .This study can help us to understand the role of big shareholders to overinvestment by pyramid structure in private com -panies, and offer a reference through reasonable arrangement of ownership structure to reduce the overin-vestment and financial risk caused by overinvestment .