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运用多种控制权强化机制实现现金流权与控制权分离是终极控制权配置的重要特征,按照所使用的控制权强化机制计算和分解两权分离度是比较不同控制权强化机制的经济后果的重要依据。按照终极控制权配置的控制层次划分,文章在直接控制层次计算了超权股、投票权协议和单一控制等强化机制导致的两权分离度,在间接控制层次计算了金字塔结构和董事会席位超额控制等强化机制导致的两权分离度,并在此基础上构建了多种控制权强化机制运用下的终极控制权两权分离度计量方法。
The use of a variety of control rights to strengthen the mechanism to achieve the separation of cash flow rights and control is an important feature of the configuration of the ultimate control, according to the use of the control of the strengthening mechanism to calculate and decompose the separation of powers is to compare the economic consequences of strengthening mechanisms of different control Important reference. According to the control level allocation of the ultimate control, the article calculates the separation of powers caused by the super-rights stock, the voting rights agreement and the single control and other strengthening mechanisms at the direct control level, and calculates the pyramid structure and excess control of the board seats at the indirect control level Such as strengthening the mechanism led to the separation of powers, and on this basis, the establishment of a variety of control to strengthen the mechanism of the ultimate control of the power of ownership under the separation of ownership and measurement methods.