The Inner Structure of Pyramid and Capital Structure: Evidence from China [Dataset]

This paper examines the effects of the pyramid inner ownership structure of companies on capital structure in an emerging market economy country. The author uses firm-level panel data of Chinese listed companies to analyze the effects of the inner structure of pyramid on capital structure, and the differences in those effects between regions with different institutional environments. The results indicate that the longer the layers of a pyramid structure, the stronger its leverage effect, as well as the ultimate owner’s motivation to expand debt financing. Thus the layers of pyramid structure have a significantly positive effect on capital structure. However, the chains within a pyramid structure have no significant effect on capital structure. Compared with regions with poor institutional environment, in regions with a better institutional environment the effect of the layers of pyramid structure on capital structure becomes smaller.

本文考察了企业金字塔式内部股权结构对新兴市场经济体中公司资本结构的影响。作者采用中国上市公司的企业层面面板数据，分析金字塔式内部股权结构对资本结构的作用效应，以及不同制度环境区域间该效应的差异。研究结果显示，金字塔结构的层级越长，其杠杆效应以及终极控股股东扩大债务融资的动机便越强。据此，金字塔结构层级数对企业资本结构具有显著的正向影响。然而，金字塔结构内部的控股链条数对资本结构并无显著影响。相较于制度环境薄弱的地区，在制度环境更为完善的地区，金字塔结构层级数对资本结构的影响会有所减弱。