CAJ | 학술논문

理论界普遍认为，金字塔结构建立存在利益攫取行为和融资优势两种理论解释．但两者孰轻孰重，难有定论。本文采用中国民营制造业上市公司2004--2010年共7年的非平衡面板数据．利用“行业间竞争”、“行业内竞争”两个维度的产品市场竞争变量和金字塔结构层级和复杂度两个衡量指标．实证考察了中国民营制造业上市公司金字塔结构与产品市场竞争之间的相互关系和变化规律，并揭示了金字塔结构产生的主要根源。实证结果显示．对于中国民营制造业上市公司来说，产品市场竞争程度与金字塔结构层级和复杂度呈显著的负相关关系．表明金字塔结构的建立更偏好于控股股东利益攫取行为。在进一步考虑公司利益攫取和融资约束分类的情况下．高利益攫取公司和低融资约束公司表现为显著的利益攫取动机：低利益攫取公司和高融资约束公司则表现为显著的融资优势效应．进一步验证了金字塔结构建立的两种理论学说。这些研究结论不仅丰富和补充了中国民营企业集团金字塔结构建立根源的相关研究．也为企业正确有效利用金字塔结构和健康发展提供了实践支持。
이론계보편인위，금자탑결구건립존재이익확취행위화융자우세량충이론해석．단량자숙경숙중，난유정론。본문채용중국민영제조업상시공사2004--2010년공7년적비평형면판수거．이용“행업간경쟁”、“행업내경쟁”량개유도적산품시장경쟁변량화금자탑결구층급화복잡도량개형량지표．실증고찰료중국민영제조업상시공사금자탑결구여산품시장경쟁지간적상호관계화변화규률，병게시료금자탑결구산생적주요근원。실증결과현시．대우중국민영제조업상시공사래설，산품시장경쟁정도여금자탑결구층급화복잡도정현저적부상관관계．표명금자탑결구적건립경편호우공고고동이익확취행위。재진일보고필공사이익확취화융자약속분류적정황하．고이익확취공사화저융자약속공사표현위현저적이익확취동궤：저이익확취공사화고융자약속공사칙표현위현저적융자우세효응．진일보험증료금자탑결구건립적량충이론학설。저사연구결론불부봉부화보충료중국민영기업집단금자탑결구건립근원적상관연구．야위기업정학유효이용금자탑결구화건강발전제공료실천지지。
Theorists generally believe that two theories of the establishment of the pyramid structure are the tunneling and financing advantage. However, it is difficult to determine which theory is important. Using a total of 1390 firm-year balanced panel data of China＇s private listed manufacturing companies in the 2004--2010 period, and the two pyramids variables of the level and complexity of the pyramids structure, and the two dimensions of product market competition variables of ＂inter-industry competition＂ and ＂competition within the industry＂, using multi-year panel regression method, this paper empirically analyzes the interrelationship and variation between product market competition and pyramids structure, and reveal the main causes of the pyramid structure. The empirical results show that product market competition and the level and complexity of the pyramid structure was a significant negative correlation, indicating that the reason of the pyramid structure to build is more preferred in grabbing behavior of controlling shareholders. Furthermore, firms of higher tunneling and lower financing showed a significant grabbing behavior of the pyramid structure, firms of lower tunneling and higher financing showed its significant financing advantage effect. These findings not only enrich and supplement the studying of the pyramid structure of China＇s private enterprise group, but also provide the firms empirical support for correct and effective use of corporate pyramid structure and the healthy development.