论文部分内容阅读
传统的观点把家族金字塔控股(PUO)结构看作是控股家族为操纵控制权,使之与现金流权相偏离,达到侵占社会投资者利益的目的而采取的一种股权控制结构。随着研究的不断深入,此观点遭到了不少质疑。有学者认为,这种控制结构广泛存在的原因是内部特殊的融资优势;另有研究显示,PUO结构的内部隧道(tunneling)行为和支持行为是对等的,社会投资者以容忍控股家族一定程度的隧道行为为代价,换取后者对企业的支持。但上述论述都存在各自的局限性,难以对PUO在世界范围内普遍、长期存在做出令人信服的解释。
The traditional view regards the family pyramid holdings (PUO) structure as a kind of equity control structure adopted by the controlling family for the purpose of manipulating control rights and deviating from the cash flow rights so as to encroach on the interests of social investors. With the deepening of research, this view has been a lot of questions. Some scholars believe that this control structure is widespread because of the special internal financing superiority; another study shows that the internal tunnel tunneling (tunneling) behavior and supportive behavior of the PUO structure is the equivalent of social investors to tolerate a certain degree of control of the family Tunnel behavior at the expense of obtaining the latter’s support for the enterprise. However, the above discussion has its own limitations, it is difficult to make a convincing explanation for PUO’s universal and long-term existence in the world.