最终控制人的现金流权 控制权对公司绩效的影响——基于我国上市公司的实证研究-the influence of cash flow right control of final controller on corporate performance an empirical study based on listed companies in china.docxVIP

II II Abstract In modern enterprises, the ultimate controller of cash flow right and control right separation phenomenon widely exists, they use their control power to seize private benefits which lead to the decline in corporate performance phenomenon that it is often seen. Since 2005 listed companies in China has implemented the reforming non-tradable shares. China has successively promulgated a number of constraints between the laws and regulations of listed companies, thus, the ultimate controllers’ cash flow rights, control rights becomes corporate governance and China Securities Regulatory Commission the focus. Therefore, this paper selects the Pyramid ownership structure and after the split share structure reform of listed companies as samples, from the nature of ultimate ownership and free cash flow angle, makes a positive analysis of the relation which is the ultimate controllers’ cash flow rights, control rights, the separation of two rights and corporate performance. First of all, the theory part, based on the principal-agent theory, private benefits of control hypothesis, free cash flow theory, investor protection theory, elaborated the cash flow rights, control rights and the separation of two rights influencing on company performance; secondly, the empirical part, In Shenzhen, Shanghai Two city A motherboard 1002 listed company 2008-2010 years of panel data as sample, according to expound the theory to put forward research hypothesis, and the construction of multivariate regression model; Then, using Excel, Stata11.0 statistical software for each variable were descriptive statistical analysis; finally, apply fixed effect model of panel data to do the empirical analysis, and conclude the study. The empirical results show that: (1) Ultimate controlling shareholders’ cash flow rights and corporate performance has a significant positive correlation. the controller has the cash flow rights more and more, the more he has the power to make the company operate