【企业管理】the separation of ownership and

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1、JournalofFinancialEconomics58(2000)81}112TheseparationofownershipandcontrolinqEastAsianCorporationsStijnClaessens!,SimeonDjankov!,*,LarryH.P.Lang"!WorldBank,Washington,DC,20433USA"ChineseUniversityofHongKong,Shatin,NT,HongKongReceived4February1999;receivedinrevi

2、sedform1December1999AbstractWeexaminetheseparationofownershipandcontrolfor2,980corporationsinnineEastAsiancountries.Inallcountries,votingrightsfrequentlyexceedcash-#owrightsviapyramidstructuresandcross-holdings.Theseparationofownershipandcontrolismostpronounceda

3、mongfamily-controlled"rmsandsmall"rms.Morethantwo-thirdsof"rmsarecontrolledbyasingleshareholder.Managersofcloselyheld"rmstendtoberelativesofthecontrollingshareholder'sfamily.Older"rmsaregenerallyfamily-control-led,dispellingthenotionthatownershipbecomesdispersed

4、overtime.Finally,signi"cantcorporatewealthinEastAsiaisconcentratedamongafewfamilies.(2000ElsevierScienceS.A.Allrightsreserved.JELclassixcation:G32;L22Keywords:Ownership;Control;EastAsiancorporationsqTheopinionsexpresseddonotnecessarilyre#ectthoseoftheWorldBank.L

5、arryH.P.LanggratefullyacknowledgestheHongKongUGCearmarkedgrantforresearchsupport.WethankMagdiAmin,JerryCaprio,ChadLeechor,RapoelLaPorta(thereferee),seminarparticipantsattheWorldBank,theInternationalMonetaryFund,VanderbiltUniversity,theThaiFederationofIndustries,

6、theKoreaInstituteofFinance,andespeciallyTatianaNenovaandAndreiShleiferforhelpfulsuggestions.*Correspondingauthor.Tel.:#1-202-473-4748;fax:#1-202-522-0308.E-mailaddress:sdjankov@worldbank.org(S.Djankov).0304-405X/00/$-seefrontmatter(2000ElsevierScienceS.A.Allrigh

7、tsreserved.PII:S0304-405X(00)00067-282S.Claessensetal./JournalofFinancialEconomics58(2000)81}1121.IntroductionMuchoftheliteratureontheroleandfunctioningofthemodern"rmisbasedontheassumptionofwidelydispersedownership.ThisnotionoriginallyderivesfromBerleandMeans(19

8、32)andhasbeenpropagatedbyBaumol(1959),JensenandMeckling(1976),andGrossmanandHart(1980).Amorerecentlineoftheliteratureshows,however,thatsomeconcentrationofownershipexi