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运用深圳证券交易所公布的上市公司信息披露考评结果作为衡量公司透明度的指标,在对金字塔控股模式下控制权和现金流权的分离对公司透明度的影响进行实证研究发现,总体来说,控制权和现金流权的分离程度越大,公司的透明度越低;相对于国有控股公司,控制权和现金流权的分离对于民营上市公司的信息披露影响更为明显。在控制了内生性问题后,上述结果仍然成立。在经济后果方面,投资者对于国有控股上市公司的信息披露行为给予了较高的认可,而对于民营上市公司,可能是出于代理成本的考虑,投资者虽然对于透明度较高的公司给予了较高的定价,但这种效应并不显著。
Using the information disclosure evaluation results of listed companies promulgated by Shenzhen Stock Exchange as an index to measure the transparency of the company, an empirical study on the impact of the separation of control rights and cash flow rights on the transparency of the company under the pyramid holding model shows that on the whole, The greater the degree of separation from the cash flow right, the lower the transparency of the company. The separation of control and cash flow right from the state-owned holding company has a more obvious effect on the information disclosure of the private listed company. After controlling for endogeneity, the above result still holds. In terms of economic consequences, investors have given higher recognition of the information disclosure of state-controlled listed companies, while for private listed companies, it may be out of consideration of agency costs. Although investors give more transparency to companies with higher transparency High pricing, but this effect is not significant.