CAJ | 학술논문

本文基于最终产权的观点，追溯我国上市公司的控制链．研究发现我国大多数的上市公司的投票权和现金流量权并没有发生分离。考虑权力制衡对公司价值的影响，发现当控股股东的控制力和其现金流量权分离越大时，公司价值越低。股权制衡和控制权竞争程度越高时，公司价值越高。说明在目前我国对小股东保护不完善的情况下，合理安排股权和控制权结构非常重要。
본문기우최종산권적관점，추소아국상시공사적공제련．연구발현아국대다수적상시공사적투표권화현금류량권병몰유발생분리。고필권력제형대공사개치적영향，발현당공고고동적공제력화기현금류량권분리월대시，공사개치월저。고권제형화공제권경쟁정도월고시，공사개치월고。설명재목전아국대소고동보호불완선적정황하，합리안배고권화공제권결구비상중요。
Based on the issue of ultimate ownership, this paper retraces the control-chaln of listed companies, it shows that most listed companies do not separate the control rights from the cash flow rights. Consider the effect of the balance power of shareholder, it shows the higher degree of the separation, the lower the company value it gets. The higher degree of the competition of the balance power and the controlling power the company has the higher company value it achieves. The conclusions show that it is important to arrange ownership and control rights better under the minority shareholders are less protected in our country.