金字塔结构、关联交易与公司绩效分析（The analysis of Pyramid structure, related party transactions and corporate performance）.docVIP

金字塔结构、关联交易与公司绩效分析（The analysis of Pyramid structure, related party transactions and corporate performance） Pyramid structure, related transaction and firm performance analysis Abstract: Chinas private listed companies generally exist ultimate controller, and the ultimate controller usually choose to build the separation of the two powers of Pyramid structure. From the perspective of the ultimate controller, according to the experience data of 2007-2010 China private listed companies, affecting the flow of right related transactions of control rights and cash in this paper under Pyramid structure, results show that the control right of the ultimate controller proportion is higher, the scale of related transactions relatively more; cash flow right of the ultimate controller is higher, the relative scale of related party transactions the smaller; with two power separation degree increase, the scale of related transactions will increase. I. Introduction La, Porta, Shleifer and many other scholars have found that most enterprises around the world use the structure controlled by the ultimate controlling shareholder [1-2]. This kind of enterprise controlled by family or individual is mostly family business groups, and most of the enterprises in the group form the structure of Pyramid. The Pyramid control structure is the ultimate controller through the control of A company, at the same time, A control group B, and so on, with a series of ownership chains to reach the group architecture control. The traditional corporate governance theory uses the proportion of shareholder direct ownership to measure ownership structure, and does not distinguish the two differences between control rights and cash flow rights. However, in concentrated ownership of the company, through the controller to construct the Pyramid control structure, cross shareholdings and offering double voting rights etc., so that the cash flow rights and control rights separate, not only control through less cas