The Impacts of Separation of Ownership and Control of the Ultimate Controlling Shareholder on Firm Value——Based on the Perspective of Pyramidal Ownership Structure
Based on the heterogeneity of property rights,this paper explores the relationship among the separation of ownership and control of the ultimate controlling shareholder,pyramidal ownership structure,and firm value.Firstly,it constructs the measurement model of the separation of ownership and control of the ultimate controlling shareholder and gives a measure of the pyramidal ownership structure in three dimensions of chain length,width,and complexity,according to which an unbalanced panel fixed effects model is established.Secondly,taking the pyramidal ownership structure as the mediating variable,it empirically investigates the intrinsic path of the separation of ownership and control of the ultimate controlling shareholder acting on firm value and the heterogeneous characteristics of property rights and further discusses the moderating effect of the internal and external governance mechanisms in the impacts of the pyramidal ownership structure on firm value.This study finds that:(ⅰ)The improvement of the separation of ownership and control of ultimate controlling shareholders may increase firm value in both state-owned enterprises(SOEs)and non-state-owned enterprises(non-SOEs).(ⅱ)In non-SOEs,the longer and more complex chain of the pyramid ownership structure will contribute to an enhancement in firm value,and the chain length plays a fully mediating role in the relationship between the separation of ownership and control and firm value.(ⅲ)The size of the supervisory board,the institutional investors,and the auditor characteristics play moderating roles in the influence of the separation of ownership and control on firm value.
Separation of Ownership and ControlPyramidal Ownership Structureirm ValueHeterogeneity of Property Rights
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