控制权、现金流权及其分离度对公司业绩的影响.docVIP

控制权、现金流权及其分离度对公司价值的影响 PAGE 9 X X 大 学 毕 业 论 文（设计） 题 目：控制权、现金流权及其分离度对公 司业绩的影响 学 号： 20090606310063 姓 名： daisy 年 级： 09级（2）班 学 院： 经济与管理学院 系 别： 会计学系 专 业： 财务管理 指导教师： GL 完成日期： 2013年5月7日 控制权、现金流权及其分离度对公司价值的影响 PAGE 1 摘 要 近年来，控股股东和中小股东的利益冲突一直是公司治理的研究重点。权力配置和利益关系是公司治理的核心。本文以2008-2010年深沪两市仅发行A股的非金融类上市公司为样本，分析了股权集中型上市公司控制权和现金流权对股东间利益冲突的影响。研究表明，现金流权可以抑制控股股东的利益侵占行为，控制权与利益侵占程度成正相关。然后从权力配置角度探求了公司治理的可行途径：规范控股股东控制权行为；优化控制权配置；调控现金流权和控制权的分离度。本文为我国公司治理问题在控制权和现金流权方面的研究增加了理论分析和实证数据，并提出了相应的可行途径，具有一定的现实意义。 关键词：控制权；现金流权；控股股东；利益冲突 Abstract In recent years, the conflict of interest between controlling shareholders and minority shareholders has been the research focus on corporate governance. Power configuration and the interest relationship is the core of corporate governance. Based on the deep Shanghai two cities only issued in 2008-2010 a-share non-financial listed companies as samples, analyzes the ownership concentration in listed companies cash flow right and control effects on conflict of interest between shareholders. Studies show that cash flow rights can inhibit the benefit expropriation behavior of controlling shareholders, control and benefit expropriation level are positively related. Then from the Angle of power allocation to explore a feasible way of corporate governance: regulating the behavior of the controlling shareholder control; Optimization control configuration; Control the degree of separation of cash flow right and control. In this paper, for our country corporate governance issues in the study of control and cash flow rights increase the theoretical analysis and empirical data, and proposed the corresponding feasible way, has a certain practical significance. Key words：Control power；Cash flow rights；The controlling shareholder；Conflict of interest 目 录 HYPERLINK \l _Toc355860449 一、