控制权 现金流权偏离对民营上市公司企业价值的影响分析-analysis of the influence of the deviation of control cash flow right on the enterprise value of private listed companies.docxVIP

ABSTRACTThe relationship between deviation of control right from cash flow right and the enterprise value has always remained as a hot research topic for both domestic and foreign academicians as well as a practical problem confronted by the medium and small shareholders. Large quantity of studies has indicated that the ultimate controllers of listed companies generally make use of such complex chain control ways as pyramidal share structure and cross-shareholding to deviate the control right from cash flow right, realize absolute control on the target companies, obtain personal gains from the control right and finally influence the enterprise value.With the continuous perfection of securities market in our country, the role of private listed enterprises in domestic economic society is increasingly significant. However, the private listed companies display also the shortcomings of other enterprise groups, sometimes even worse than other groups. Relevant studies have shown that among the private listed companies, such phenomena as deviation of control right from cash flow right is not uncommon and the deviation degree is relatively serious. Therefore, the research on the effect of deviation of control right from cash flow right on the enterprise value in private listed companies can effectively improve the ownership structure of private listed companies and promote their further development.This paper adopts the private companies listed in stock markets of Shanghai and Shenzhen from 2009 to 2011 as the research objects and analyzes the effect of deviation of control right from cash flow right. The paper firstly makes a systematic analysis of relevant references both at home and abroad, summarizes predecessors’ studies about the relationship between separation of two rights and enterprise value and focuses on the illustration of relevant ideas, implementing methods and calculating ways. Then, it carries out theoretical analysis of the effect of separation of two right