金字塔结构特征、政治关联及关联担保行为——基于我国民营制造业上市公司实证证据.docxVIP

重庆大学硕士学位论文英文摘要ABSTRACTPyramid structure is widely used in private listed companies, the scholars pay closeattention to the phenomena of the ultimate controller obtain interests by tunneling. Thereis abundance of research in academia about the problem that how pyramid structure affectthe behavior of tunneling of controlling shareholders, however, in these research,separation factor of control right and cash right is always used to measure pyramidstructure, less literature analysis layers quantity and layer quality. In the paper, affiliatedguarantee is used to substitute for tunneling, in the purpose of observing how eachcharacteristics of pyramid structure affects affiliated guarantee.Based on literature review about pyramid structure, affiliated guarantee and politicalconnection both in China and abroad, the paper analyzed the influence of pyramidstructure characteristics on affiliated guarantee behavior, and the differences of theinfluence under different political connection situation and economic environment. Thenused private manufacturing listed companies from 2006 to 2011 as research samples tomake empirical confirmation, measuring the characteristics of pyramid structure inpyramid layers, the separation of control right and cash right and layer quality, then foundthe impact of pyramid structure on ultimate controller behavior. Then, this dissertationstudied that will political connection and economic environment have significantinfluence on the relevance between the characteristics of pyramid structure and affiliatedguarantee?This research mainly reached the following conclusion: (1) the three characteristicsof pyramid structure have significant influence on affiliated guarantee. There is a positivecorrelation between layers and affiliated guarantee, a positive correlation betweenseparation degree of control right and cash right and affiliated guarantee. There is anegative correlation between layer quality and affiliated guarantee. (2) The degree ofaffiliated