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笔者从金字塔结构与市场化进程角度分析终极股东股权结构动态调整的影响因素,结果发现:(1)金字塔结构对上市公司股权结构调整的影响呈现不对称的抑制效应。金字塔层级与股权稀释呈负相关关系,金字塔层级抑制了公司终极控制权的减少,金字塔层级越长,终极股东越不愿意减少其持股比例,金字塔链条对股权稀释的影响不显著。金字塔结构抑制股权稀释效应发挥作用的机制主要是依靠金字塔层级而不是金字塔链条。金字塔层级和金字塔链条都对终极股东增加持股比例的影响有限。(2)市场化进程有助于公司股权结构的减少。随着市场化进程的加快,越来越多公司的终极股东减持股份,市场化进程对金字塔层级抑制公司终极股权减少的调节作用有效。
The author analyzes the influencing factors of the dynamic adjustment of the ultimate shareholder’s equity structure from the perspective of pyramid structure and marketization process. The results show that: (1) Pyramid structure has an asymmetric inhibitory effect on the adjustment of the ownership structure of listed companies. The pyramid level is negatively correlated with the dilution of equity. The pyramid level restrains the reduction of ultimate control of the company. The longer the pyramid level, the less reluctant the ultimate shareholders are to reduce their shareholdings. The pyramid chain has no significant effect on the dilution of equity. The Pyramid Structure The mechanism by which the dilution effect of equity plays a role depends mainly on the pyramid level rather than the pyramid chain. Both the pyramid level and the pyramid chain have limited impact on the ultimate shareholders’ shareholding increase. (2) The process of marketization helps to reduce the shareholding structure of the company. With the acceleration of marketization, more and more companies reduce their shareholdings in the ultimate shareholders, and the marketization process is effective in regulating the ultimate equity reduction of the company at the pyramid level.