1) Cash Flow Rights
![点击朗读](/dictall/images/read.gif)
现金流权利
1.
On Control Right,Private benefits,Reputation and Cash Flow Rights in Venture Capital;
![点击朗读](/dictall/images/read.gif)
风险投资中控制权、私人利益、声誉以及现金流权利的研究
2) cash flow rights
![点击朗读](/dictall/images/read.gif)
现金流权
1.
Cash Flow Rights,Excess Control and Corporate Operating Performance;
![点击朗读](/dictall/images/read.gif)
现金流权、超额控制与公司经营绩效
2.
The Excess Control、Cash Flow Rights of Ultimate Controlling Shareholder and Corporate Transparency
终极控制股东超额控制、现金流权与公司透明度——来自深市民营上市公司的证据
3.
The paper investigates the ultimate controller by tracing the control chain to find who has the most voting rights and discusses the deviation of control rights and cash flow rights in family-controlled publicly traded firms.
本文选取了2004年底在深市和沪市上市交易的238家民营公司作为样本,通过层层追溯控制链辨认了我国民营上市公司的最终控制股东,考察了最终控制股东拥有的控制权与现金流权及其偏离的程度,并进行了实证分析。
3) cash-flow rights
![点击朗读](/dictall/images/read.gif)
现金流权
1.
The Separation of Control Rights and Cash-Flow Rights among Listed Family Firms-Empirical Evidence from China;
上市家族企业控制权与现金流权分离研究
2.
This paper investigates the embedded effect of investor relations management on corporate value,especially researches how investor relations management affect the cash-flow rights value effects in family-owned listed companies in China.
本文以2005年中国家族上市公司为样本,研究了金字塔结构控制下投资者关系管理的嵌入效应,尤其是在现金流权和控制权分离的股权结构中,投资者关系管理对现金流权公司价值效应的调节机理。
3.
Some important results are: rights departure of ultimate controlling has a significant negative impact on the firm′s performance,and the effect declines with the rising of cash-flow rights.
研究结果显示,终极控制股东两权偏离对公司价值具有显著的负向效应,其负向效应随终极控制股东现金流权比例的提高而趋于降低;终极控制股东两权偏离对公司治理具有显著的负向效应,其负向效应随终极控制股东现金流权比例的提高而趋于降低;公司治理对公司价值具有显著的正向效应,其在终极控制对公司价值的作用机制中具有显著的中介效应,中介效应占总效应的比例超过50%,终极控制股东现金流权比例的提高会降低公司治理的中介效应。
4) Cash Flow Right
![点击朗读](/dictall/images/read.gif)
现金流权
1.
In concentrated ownership structure,the control right held by controlling holders of listed companies may exceed their cash flow right,which leads to the deviation of the two rights.
在集中的股权结构下,上市公司控股股东享有的控制权可能超过其持有的现金流权,造成控制权和现金流权的"两权分离"。
2.
In this paper,we will take Limited Group Corporations of Youngor as an example to tell you how to analyze its direct ownership structure,how to recognize its ultimate owner,and how to calculate the separation between cash flow right and control right.
以雅戈尔集团股份有限公司为例,介绍公司的直接所有权结构、最终控制人的识别以及最终控制人现金流权与控制权的分离情况。
3.
We establish a balanced panel data model and use the empirical data of Chinese listed manufacturing companies from 2003 to 2007 to study the influence of ultimate control right and cash flow right on firm\'s total factor productivity.
建立平衡面板数据模型,使用2003年~2007年中国制造业上市公司的实证数据,研究终极控制权、终极控制权与现金流权分离程度、终极控制股东类型对公司全要素生产率的影响。
5) cash flow
![点击朗读](/dictall/images/read.gif)
现金流量权
1.
Ultimate control rights,cash flow rights and firm value—Empirical research of Chinese publicly listed companies based on recessive ultimate control rights;
终极控制权、现金流量权与企业价值——基于隐性终极控制论的中国上市公司治理实证研究
2.
The paper finds that the cash flow invested by shareholders is less than controlling rights they obtained.
运用La Porta等的终极产权论对上市公司的控制主体进行分类,通过追踪上市公司终极控制股东发现,控制股东投入的现金流显著小于其获得的控制权,通过对中国上市公司与其他国家和地区上市公司进行比较分析可知,不同法系国家和地区上市公司的平均现金流量权、控制权及现金流量权与控制权的偏离是有较大区别的,且反董事权利指数较高的国家和地区上市公司的控制股东控制该公司的控制权要远低于反董事权利指数低的国家和地区。
6) cash flow rights
![点击朗读](/dictall/images/read.gif)
现金流量权
1.
The study adopts the method developed by La Porta,Lopez-de-Silanes and Shleifer(1999),which traces the chain of ownership to find who is the controlling shareholders of firm,analyze the influence to the value of corporation because of controlling shareholders control rights deviating from cash flow rights,then examine the evidence on expropriation of minority shareholders.
本研究运用La Porta et al追踪公司“最终控制权”的方法,通过分析终极控制股东的控制权与现金流量权偏离对公司价值的影响程度,来衡量控制股东对于小股东财富剥夺的程度。
2.
The separation of cash flow rights and voting rights is severe.
![点击朗读](/dictall/images/read.gif)
我国家族上市公司的最终控制人多数采用金字塔结构实现对上市公司的超额控制,现金流量权和控制权的分离程度较为严重。
3.
Based on the issue of ultimate ownership,this paper retraces the control-chain of listed companies,it shows that most listed companies do not separate the control rights from the cash flow rights.
本文基于最终产权的观点,追溯我国上市公司的控制链,研究发现我国大多数的上市公司的投票权和现金流量权并没有发生分离。
补充资料:股价与现金流比率
股价与现金流比率 Price To Cash Flow Ratio
定义:
衡量市场对公司未来财务健全状况期望的指标。
计算方法:
每股股价
‾‾‾‾‾‾‾‾
每股现金流