经济与管理Issue(5)：66-74,9.
制度环境、行业周期效应与控制权和现金流权
Institutional Environment, Industry Cycle Effects and Control Rights and Cash Flow Rights
摘要
Abstract
Control rights and cash flow rights is generally considered to be exogenous, however, the different stages of industry cycles exist heterogeneity effect on it in our particular environment. Through fixed effects model we find that: (1)the proportion of control rights and cash flow rights is higher in growing industries; the proportion of control rights and cash flow rights is lower in maturity and fading industries. The proportion of control rights and cash flow rights is higher in state-owned enterprises, central control and local control enterprises. The proportion of control rights and cash flow rights is lower in higher degree of market areas. (2) The separation is smaller in growing industries; the separation is greater in growing maturity and fading industries. The separation is smaller in state-owned enterprises, central control and local control enterprises. The separation is smaller in higher degree of market areas. (3) The industry cycle system of environmental groups have different effects on the control rights and cash flow rights, the industry cycle in the higher degree of market area can produce effect of separation of two rights.关键词
制度环境/行业周期/控制权/现金流权/内在效应Key words
Institutional environment/Industry cycle/Control rights/Cash flow rights/Internal effect分类
管理科学引用本文复制引用
梅波..制度环境、行业周期效应与控制权和现金流权[J].经济与管理,2013,(5):66-74,9.基金项目
国家自然科学基金项目（71262006）；教育部人文社会科学研究青年项目（12YJC790141）；教育部人文社会科学研究青年项目 （）
