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本文以2005~2008年中国企业集团及其旗下上市公司的数据为样本,探讨了金字塔式持股结构的纵向层级、横向跨度与公司价值的关系。研究发现,不同类型控制人建立的金字塔持股结构有很大区别。对于央企和家族企业来说,随着金字塔纵向层级的增加,企业集团组织结构更复杂,企业透明度更低,公司价值降低。中央政府控股的公司,金字塔的横向跨度与公司价值负相关;而在家族控制的公司中,横向跨度对于公司价值的影响不显著。
Based on the data of Chinese conglomerates and their listed companies from 2005 to 2008, this paper explores the relationship between the vertical hierarchy, horizontal span and corporate value of the pyramid holding structure. The study found that different types of controllers to establish the pyramid holding structure is very different. For central enterprises and family-owned enterprises, as the vertical hierarchy of the pyramid increases, the organizational structure of enterprise groups is more complicated, the transparency of enterprises is lower, and the value of the company is reduced. The horizontal span of the companies controlled by the central government and the pyramid is negatively correlated with the company’s value. In the family-controlled companies, the horizontal span has no significant effect on the company’s value.