基于我国企业股权集中度高且控股股东不能充分分散特质风险的现实背景，本文从市场非完备的视角研究控股股东控制权、现金流权以及两权分离程度对公司价值和资本结构选择的影响，进而探析控股股东侵占行为的内在作用机制。数值分析表明：控股股东侵占行为导致企业负债融资保守并提前违约；相对于完备市场，非完备市场下控股股东扭曲资本结构决策进行价值侵占的程度更高；控股股东的现金流权产生了公司治理的激励负效应，这为相关实证发现提供了理论支撑；加强投资者保护以及积极改善公司内部治理结构，如降低控股股东财富的风险暴露，是减轻控股股东侵占行为的有效途径。
The existing theoretical researches of the controlling shareholder's occupation behavior are almost based on the assumption of complete markets. However, numerous empirical studies have documented that controlling shareholders often face undiversifiable idiosyncratic risks because active businesses account for a large fraction of their total wealth. Especially, the lack of investor protection and highly concentrated ownership structure entrench under-diversified controlling shareholders are fundamental characteristics in Chinese corporations. On the other hand, there are few theoretical researches pay close attention to the influential mechanism between controlling shareholder's occupation behavior and capital structure choice. Motivated by both the realistic background and micro-theory, this paper aims to study the impact of controlling shareholder's control rights, cash-flow rights, and the deviation of these two rights on firm value and capital structure decisions from the perspective of incomplete markets. Then the inherent influential mechanism of controlling shareholder's occupation behavior is explored. This objective is achieved by using numerical simulation and static comparative analysis. The results show that, controlling shareholder's occupation behavior results in conservative debt financing but default earlier relative to the first best benchmark. Compared to the case of complete markets, controlling shareholder's occupation behavior leads to more distortions on capital structure decisions, and thus lower firm value and larger social welfare loss under incomplete markets. In particular, It is found that cash flow rights have a negative effect on firm value. It means that higher cash-flow rights are not a natural way to provide proper incentives for the controlling shareholder. This predicted result differs from the case of complete markets, but provides theoretical basis for the related empirical evidence. Finally, according to the effective conclusions in this paper, it is argued that there are effective approaches to reduce inefficient decision-making (conservative debt and default earlier) arising from controlling shareholder's occupation behavior, and the approaches include improving the legal protection of investors, reducing controlling shareholder's total wealth risk exposure and the deviation of two rights. Therefore, our analysis provides theoretical and practical guiding significance for the governance problem of the firms with highly concentrated ownership.
[1] La Porta R, Lopez F, Shleifer A. Corporate ownership around the world[J]. The Journal of Finance, 1999, 54(2): 471-517.
[2] La Porta R, Lopez F, Shleifer A, et al. Investor protection and corporate valuation[J]. The Journal of Finance, 2002, 57(3): 1147-1170.
[3] Cheung Y L, Rau P R, Stouraitis A. Tunneling, propping, and expropriation: evidence from connected party transactions in Hong Kong[J]. Journal of Financial Economics, 2006, 82(2): 343-386.
[4] Albuquerue R, Wang Neng. Agency conflicts, investment, and asset pricing[J]. The Journal of Finance, 2008, 63(1): 1-40.
[5] Lin Chen, Ma Yue, Malatesta P, et al. Corporate ownership structure and the choice between bank debt and public debt[J]. Journal of Financial Economics, 2013, 109(2): 517-534.
[6] Díaz-Díaz N L, García-Teruel P J, Martínez-Solano P. Debt maturity structure in private firms: Does the family control matter?[J]. Journal of Corporate Finance, 2016, 37: 393-411.
[7] 肖作平. 终极所有权结构对权益资本成本的影响——来自中国上市公司的经验证据[J]. 管理科学学报, 2016, 19(1): 72-86.
[8] 宋小保, 刘星, 陈其安. 控股股东代理的激励与侵占效应分析[J]. 管理工程学报, 2009, 23(1): 53-58.
[9] 吴育辉, 吴世农. 股权集中, 大股东掏空与管理层自利行为[J].管理科学学报, 2011, 14(8): 34-44.
[10] 宋小保. 股权集中, 投资决策与代理成本[J]. 中国管理科学, 2013, 21(4): 152-161.
[11] 顾乃康, 邓剑兰, 陈辉. 控股股东侵占与企业投融资决策研究[J]. 管理科学, 2015, 28(5): 54-66.
[12] 刘星, 付强, 郝颖. 终极控制人代理、两权分离模式与控制权私利[J]. 系统工程理论与实践, 2015, 35(1): 75-85.
[13] 邓建平, 曾勇. 上市公司家族控制与股利决策研究[J]. 管理世界, 2005, (7): 139-147.
[14] 谷祺, 邓德强, 路倩. 现金流权与控制权分离下的公司价值——基于我国家族上市公司的实证研究[J]. 会计研究, 2006, (4): 30-36.
[15] 曹裕, 陈晓红, 万光羽. 控制权, 现金流权与公司价值——基于企业生命周期的视角[J]. 中国管理科学, 2010, 18(3): 185-192.
[16] Miao Jianjun, Wang Neng. Investment, consumption and hedging under incomplete markets[J]. Journal of Financial Economics, 2007, 86(3): 608-642.
[17] Chen Hui, Miao Jianjun, Wang Neng. Entrepreneurial finance and non-diversifiable risk[J]. Review of Financial Studies, 2010, 23(12): 4348-4388.
[18] Wang Huamao, Yang Zhaojun, Zhang Hai. Entrepreneurial finance with equity-for-guarantee swap and idiosyncratic risk[J]. European Journal of Operational Research, 2015, 241(3): 863-871.
[19] Morellec E, Wang Neng. Capital structure, investment, and private benefits of control[R]. Working Paper, Simon Business School, 2004.
[20] 孙健. 终极控制权与资本结构的选择——来自沪市的经验证据[J]. 管理科学, 2008,21(2): 18-25.
[21] 肖作平. 终极所有权结构对资本结构选择的影响——来自中国上市公司的经验证据[J]. 中国管理科学, 2012, 20(4): 167-176.
[22] 阮素梅, 杨善林, 张莉. 公司治理与资本结构对上市公司价值创造能力综合影响的实证研究[J]. 中国管理科学, 2015, 23(5): 168-176.
[23] 郑祥风. 中国上市公司动态最优资本结构的理论模型[J]. 中国管理科学, 2015, 23(3): 47-55.
[24] Lan Yingcong, Wang Neng, Yang Jinqiang. Investor protection, diversification, investment, and Tobin's Q[J]. Working Paper, SSRN,2012.
[25] Leland H. Corporatedebt value, bond covenants, and optimal capital structure[J]. The Journal of Finance, 1994, 49(4): 1213-1252.
[26] 俞红海, 徐龙炳, 陈百助. 终极控股股东控制权与自由现金流过度投资[J]. 经济研究, 2010, 45(8): 103-114.
[27] 黄金波, 李仲飞, 周鸿涛. 期望效用视角下的风险对冲效率[J]. 中国管理科学, 2016, 24(3): 9-17.
[28] Merton R C. Optimum consumption and portfolio rules in a continuous-time model[J]. Journal of Economic Theory, 1971, 3(4): 373-414.
[29] Duffie D. Dynamic asset pricing theory[M]. Princeton: Princeton University Press, 2010.
[30] 王晓林, 杨招军. 基于效用的公司证券定价与资本结构选择[J]. 系统工程理论与实践, 2014, 32(1): 13-24.
[31] 宋小保. 最终控制人、负债融资与利益侵占: 来自中国民营上市公司的经验证据[J]. 系统工程理论与实践, 2014, 34(7): 1634-1647.
