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终极控制人两权安排与其自身利益获取息息相关,控制权越高其对上市公司的剥夺动机越强。企业生命周期理论认为,生命周期不同阶段的企业规模、资金需求、成长机会、盈利水平等存在较大差异。实证研究表明,终极控制人的现金流权与控制权在成熟期内显著增加,衰退期则显著下降;两权分离程度在成长期内显著提高,成熟期内逐渐降低。研究证实,无论是国有还是非国有性质的终极控制人都存在通过两权特征安排谋取私利的行为。对上市公司终极控制人现代企业制度改革的建议:深化改革促进终极控制人的权力配置在阳光下运行;发展混合所有制完善终极控制人的法人治理结构;完善产权制度加强对终极控制人权力配置的监督。
Ultimate control of the two rights arrangements and its own interests are closely related to the acquisition, the higher the control of its deprivation of listed companies the stronger the motivation. According to the theory of enterprise life cycle, there are big differences in the scale of enterprises, capital needs, growth opportunities and profitability at different stages of the life cycle. Empirical studies show that the ultimate controller of cash flow rights and control increased significantly during the maturity period, while the recession period decreased significantly. The degree of separation of the two rights increased significantly during the growth period and gradually decreased during the maturity period. The research confirms that there exists the act of seeking personal gain through the two-power feature arrangement, whether state-owned or non-state-owned ultimate controllers. Suggestions on the Reform of the Ultimate Controlling Enterprise System of Listed Companies by Deepening the Reform: Promoting the Ultimate Controlling of Power Allocation in the Sunlight; Developing Mixed Ownership; Improving the Corporate Governance Structure of the Ultimate Controlling Personnel; Perfecting the System of Property Rights; Strengthening the Allocation of the Power of Ultimate Controllers Supervision.