工业技术经济
工業技術經濟
공업기술경제
Industrial Technology & Economy
2013年
5期
33~40
,共null页
控制权 现金流权 经营杠杆系数 经营风险
控製權 現金流權 經營槓桿繫數 經營風險
공제권 현금류권 경영강간계수 경영풍험
control right; cash flow right; operating leverage; operation risk
本文从理论上研究了控制权与现金流权分离、控制股东目标函数和企业经营风险之间的内在关系,研究发现在两权分离的情况下,逐利本性会使控制股东谋求控制权私有收益的动机更为强烈,由此带来成本的增加和利润的减少,使得企业经营风险增大。本文采用2007~2011年间中国上市公司面板数据进行了实证检验,证实了现金流权与经营风险负相关,控制权和两权分离度与经营风险正相关。
本文從理論上研究瞭控製權與現金流權分離、控製股東目標函數和企業經營風險之間的內在關繫,研究髮現在兩權分離的情況下,逐利本性會使控製股東謀求控製權私有收益的動機更為彊烈,由此帶來成本的增加和利潤的減少,使得企業經營風險增大。本文採用2007~2011年間中國上市公司麵闆數據進行瞭實證檢驗,證實瞭現金流權與經營風險負相關,控製權和兩權分離度與經營風險正相關。
본문종이론상연구료공제권여현금류권분리、공제고동목표함수화기업경영풍험지간적내재관계,연구발현재량권분리적정황하,축리본성회사공제고동모구공제권사유수익적동궤경위강렬,유차대래성본적증가화리윤적감소,사득기업경영풍험증대。본문채용2007~2011년간중국상시공사면판수거진행료실증검험,증실료현금류권여경영풍험부상관,공제권화량권분리도여경영풍험정상관。
This paper analyses the intrinsic relationship between the separation of control right and cash flow right,the target function of the controlling shareholders and the operation risk theoretically.We found that in the case of two right separation,the profit-driven nature let the controlling shareholders seeking the motion of private income more strongly,with this the cost will be increased and the profit will be reduced,and then enhanced operation risk.In this paper,we use the panel data between 2007 and 2011 of the listed companies in China to make an empirical test,the result confirm that cash flow rights is negatively related to the operation risk,control rights and the rights separation is positively related to the operation risk.
