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《Journal of Beijing University of Aeronautics and Astronautics(Social Sciences Edition)》 2012-06
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Financial Constraint,Private Benefits of Control and Pyramidal Structure

Zhang Wenlong(Faculty of Finance and Economics,Shanxi University of Finance and Economics,Taiyuan 030006,China)  
Under the assumption of rational investors,the paper constructs the decision model about the corporate controlling structure choice by the ultimate controlling shareholders.The model results show that the structure of corporate control is a state-dependent selection(depending on the specific parameters),and the more severe the company's financial constraint,the more likely it will be controlled by the ultimate controlling shareholders with pyramidal structure.The other shareholders of the old corporate may be benefitted or suffer losses when the ultimate controlling shareholders control the new company with Horizontal structure,whereas they may be sure to be benefited when the ultimate controlling shareholders control the new company with pyramidal structure.
【Fund】: 山西省高等学校哲学社会科学研究资助项目(2011233)
【CateGory Index】: F272;F224
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【Citations】
Chinese Journal Full-text Database 3 Hits
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【Co-citations】
Chinese Journal Full-text Database 10 Hits
1 YE Chang-bing1,GUO Ping2(1.School of Economics and Management,Zhengzhou University of Light Industry,Zhengzhou 410002,China;2.School of Economics and Management,South China Agricultural University,Guangzhou 510642,China);Analysis of Characteristics of Pyramidal Holding Structure in China's Familycontrolled Firms[J];Collected Essays on Finance and Economics;2010-06
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1 Sha Hao-wei,Li Qiang,Zeng Yong(School of Economics and Management,University of Electronic Science and Technology of China,Chengdu,610054);The Empirical Research of Operating Performance of Listed Firms Affiliating Business Groups[A];[C];2012
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6 YuanLing (College of Economicis & Managenment,Shehezi University,Xinjiang Shihezi 832003);The State-holding listed companies、Diversification and Corporate Value[A];[C];2011
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Chinese Journal Full-text Database 7 Hits
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