家族金字塔控股结构存在原因探析
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外国经济与管理 2006 年 第 28 卷第 02 期, 页码：38 - 43
摘要
参考文献
摘要
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。
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引用本文
王明琳, 周生春. 家族金字塔控股结构存在原因探析[J]. 外国经济与管理, 2006, 28(2): 38–43.
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