投资者保护、金字塔结构与控制权私有收益

摘要

In view of the Central Asian countries highlight the competitive position in world energy markets, duster analysis, to selected 12 major economies as a sample of the new century, the Central Asian countries energy production, consumption and ex- ports in world energy marketsposition be. Analysis obtained ： production status from the point of view, the Central Asian countries and the world＇s major energy producing countries in the same category; status from the consumer point of view, the Central Asian countries do not belong to the world＇s major energy consuming countries; from export status, production status, and consumption status joindy determine the export of Central Asian countries in the world energy market is becoming increasingly important; inte- grated energy production, consumption and export status point of view, the competitive position of the Central Asian countries in the world energy market highlights, and the United States, Russia, Iran, Egypt and India in the same category. At the same time, the analysis also shows that the cooperation with Central Asian countries with rich energy resources should help solve our energy shortage.%本文以沪深两市A股2004年-2007年度非流通股交易发生控制权转移公司为样本，基于投资者保护角度研究金字塔结构与控制权私有收益的关系。研究发现，两权分离度、金字塔结构控制层级、控制链条及其复杂程度与控制权私有收益显著正相关，金字塔结构实质上成为控股股东获取控制权私有收益的传送带；进一步检验发现，投资者保护环境的改善在降低控制权私有收益的同时，还能抑制金字塔结构与控制权私有收益的正相关性。