3

D 1

1 2 3 4 1 2 3 4 5 2

1 1.1 1.2 1.3 2 2.1 2.2 2.3 3 3.1 3.2 4 4.1 4.2 4.3 5 5.1 5.2 1

1 1.1 1.2 2

1.2.1 La orta 1998 27 Neubauer (1998) Lucian 1999 OECD controlling minority structure separation of control and cash flow rights 1.2.2 3

La orta 1998 controlling shareholder minority shareholder La orta 1998Claessens 2000 Lemmon 2001 Claessens 2002 Q Jon 2001 Mitton2002Lins2003 2003 83 1.3 4

1 2 3 1 1 2 MBO 3 1 5

2 2.1 2980 13 5232 9.7% 48.4% 48.2% 67.2% 1 5 10 15 15 GD 1 4.09 2 1.04 1 1/6 10 50% 5 26% 1/4 6

15 GD 84.2% 76.2%48.3%46.7% 39.3% 21.5% 17% 12.9% 2.1% 1 15 61.7 2.8 38.4 28.3 55.1 29.9 53.3 34.3 20.1 3.0 % 10 57.7 2.4 36.8 24.8 52.5 26.6 46.2 32.1 18.4 2.4 % 5 40.7 1.8 29.7 17.3 42.8 19.5 32.2 26.2 14.4 1.7 % 1 16.6 0.5 11.4 7.4 17.1 6.4 9.4 6.5 4.0 0.7 % 15 21.5 2.1 12.9 76.2 46.7 48.3 39.3 84.2 17.0 1.3 GD % 4.09 1.04 2.07 1.97 2.68 1.26 1.68 2.36 1.17 1.07 7

2002 8 2.2 2002 5 190.01 1.52% 10 3.86% 2001 0.7%2.4%1 1 1 42 127 99 1290 7.67% 3.02 2.36 7 2 190.01 1.52% 1 2003 12 20 8

64.18 0.51% 38.24 0.31% 35.11 0.28% 32.95 0.26% 31.41 0.25% 28.57 0.23% 24.22 0.19% 19.12 0.15% 18.57 0.15% 482.38 3.86% 2.3 2.3.1 2 9

1080 32.62% 1/4 2 50% 25% 51% 51% 5% 10% 10% 1% 100% 51% D C B F G A Michael Backman1999 10

2.3.2 13 5232 54% 2/3 De Angelo(1985) 24% 56.9% 2.3.3 50 4 11

25% 11.16% 21.97% 2.3.4 2 1 A B C D D 6.63% 51% 51% 51% 50% 50% 2 F D 3 G 4 C D 25%C 1 3 C D 50% 25% 3/[25% 3+1-25%]= 50%5 D 3 3 1 F A α 12

2A F c B β B c 3B i r r > i B 3 F F A B A B B A F c B F B αc B F B x F B B η F d d = ( f 1 x) k η = f 2 ( d, k) F B max x( 1 d) r + ( d η)r d [ 0,1] B NV ( x) = r i ηr NV ( x) 13

B 3.1 3.1.1 F B β H 1 β H B RH αc + ( 1 β H )(1 d( β H )) r = (, ) R H F B U H ( β ) r = αc NV ( β ) = α c + r i η + H H β H R ( β H H ) = i 3.1.2 F c B F B β 1 β B R = c + ( 1 β )(1 d( αβ )) r F B U = = = αβ αc + α αc + β R ( β (1 d( αβ )) r + d( αβ ) r η( αβ ) r [( 1 d( αβ ) r i] + [ d( αβ ) η( αβ )] NV ( αβ ) (1 α) [( 1 d( αβ ) r i] ) = i r 14

3.1.3 β = V ( 1 d ( = αβ )) r H αβ B B 3 4 3 F αβ α c A ( α ) β B β 1 ( 1 α )c 1 ( 1 β )V 4 F αβ α c B 1 αβ ( 1 αβ ) V 1 β (1 α) β (1 β ) V (1 α) β V 3.2 3.2.1 U = αc + NV ( αβ ) (1 α) [( 1 d( αβ ) r i] U r i d F 1 B r 2 B 3 i 15

d 3.2.2 R c β d r i ( β ) = + (1 )(1 ( αβ )) = d (αβ r c d β r i (1 )) = + (1 ( αβ )) R H β )) (1 d( αβ r c ( αβ ) = αc + (1 αβ )(1 d( αβ )) r R = αc + (1 β )(1 d( αβ )) r + (1 α) β (1 d( αβ )) r αc + (1 β )(1 d( αβ )) r + (1 α) c = R ( β ) = i ( R ) H αβ ( β ) R H ( β H R H β H > αβ U H ) ( d 1 ( αβ r i )) ( β ) U ( β ) = NV ( β ) NV ( αβ ) + (1 α) 1 d αβ H H [( ( ) r i] NV d r i U H (1 ( αβ )) ( β H ) > U ( β ) F (1 d( αβ )) r < i B B 3.2.3 r r r 16

β H ( r) β () r F B r B β H () r β ( r) U (r ) = U H ( r ) r NV ( β H ( r )) = NV ( αβ ( r )) ( 1 α ) 1 d αβ ( r ) [( 1 ( r ))) r i ] d αβ 0 ( NV ( r ) H ( ) NV ( β αβ ( r )) [( ( ) r i] NV ( ) β r ( r ) H αβ i r i F B 4 1998 17

4.1 127 99 132 48 1 77 2 5 99 48 132 77 18

4.2 4.2.1 99 1 2 3 4 4 21.90% ST 33.10% 92.00.% 7.35% 90.00% 15.15% 22.30% 29.69% 29.42% 19

4.2.2 Lucian Bebchuk 1999 5 5 α 1 2 C 1 α C 2 αn C n CON = min( α1, α 2, L, α n ) 1 2 D min(51%,51%,51%,50)+1% 7.63% 4 ST CON A = min( 33.10%,92%,22.30%) = 22.30% CON B CON C CON D = 21.90% = 29.69% = [ min( 33.10%,92%,7.35%) + min(33.10%,92%,15.15%) ] = 22.50% 2 CON E = min( 22.50%,29.42%) = 22.50% 2 2003 22.50% 15.15% 100% 20

6 6 % % 10.00 1 1.01 10-19.99 11 11.11 20-29.99 53 53.54 30-39.99 9 9.09 40-49.99 10 10.10 50 15 15.15 99 100.00 6 2003 1 2 65.66% 30% 30% 4.2.2 α i 1 / 2, i = 1,2LL n CASH = n i= 1 α i 2 21

CASH A CASH B CASH C CASH D CASH E = 33.10% 92% 22.30% = 6.79% = 6.67% = 8.14% = 33.10% 92% 7.35% + 33.10% 92% 15.15% = 6.39% = 22.50% 29.42% = 6.62% 78 7 % % 10 19 39.58 10-19.99 12 25.00 20-29.99 12 25.00 30-39.99 1 2.08 40-49.99 2 4.17 50 2 4.17 48 100.00 8 % % 10 11 14.29 10-19.99 27 35.06 22

20-29.99 25 32.47 30-39.99 7 9.09 40-49.99 5 6.49 50 2 2.60 77 100.00 78 10% 39.58% 20% 64.48% 30% 89.58% 10% 14.29%20% 49.35%30% 82.82% 10% 4.2.3 SQ 3 min( α1, α 2... α n ) = n i= 1 α n SQ A SQ B SQ C = CON A A = 3.2834 = 3.6474 / CASH = 3.2842 23

SQ D = 3.5211 SQ E = 3.3988 1 2 48 77 9 10 9 % [01] 2 4.17 12] 23 47.92 23] 6 12.50 34] 9 18.75 4+ 8 16.66 48 100.00 10 % [01] 9 11.69 12] 47 61.04 23] 12 15.58 34] 3 3.90 4+ 6 7.79 77 100.00 24

910 1 4.17% 1 11.69% 95.83% 88.31% 2 47.92% 1 2 61.04% 3 35.41% 3 22 11.69% 3 6 4.2.4 1 2 3 = = n i c i i v V 1 ) 1 ( α 4 4 c i α i La orta 1998 Claessens 2000 Lemmon 2001 25

95.83% 16.66% 4.3 Q Q Yeh 2001 Q Bai 2002 Q La orta 1998Claessens 2000 Lemmon 2001 Q 3 4.3.1 99 T 132 ST 2002 12 31 2002 2003 1 3 Q Mithchell Lehn 1990 Q ++ / 26

2003 2001 2003 Q Q 2002 110.71% 4 4.3.2 1 Q 2 4.3.2 1 Q 3.1 4 2003 8 27

1.69 1 2 11 11 Between Groups Within Groups Total Sum of Squares df Mean Square F Sig. 105.215 1 105.215 38.839.000 617.651 228 2.709 722.866 229 Q Q 3 2 1.82 4 12 12 Between Groups Within Groups Total Sum of Squares df Mean Square F Sig. 26.617 1 26.617 5.725.018 543.922 117 4.649 570.539 118 4 6 28

7 13 13 Mean Difference 95% Confidence Interval (I) (J) (I-J) Std. Error Sig. Lower Bound Upper Bound 1 2-7.2941E-02.4754.878-1.0149.8690 5 -.9242.5887.119-2.0907.2423 7-4.5568.7742.000-6.0907-3.0229 2 1 7.294E-02.4754.878 -.8690 1.0149 5 -.8512.6849.216-2.2082.5057 7-4.4839.8496.000-6.1672-2.8006 5 1.9242.5887.119 -.2423 2.0907 2.8512.6849.216 -.5057 2.2082 7-3.6326.9178.000-5.4511-1.8141 7 1 4.5568.7742.000 3.0229 6.0907 2 4.4839.8496.000 2.8006 6.1672 5 3.6326.9178.000 1.8141 5.4511. The mean difference is significant at the.05 level. 3 Q 6 [ 2,3) 4 2 [ 3,4) 29

[ 1,2) Q 2 Q [1,2] 6 Q Q 10 8 6 4 2 0 0 2 4 6 8 10 12 14 16 18 20 22 5 5.1 5.1.1 1 42 127 1290 7.67% 3.02 30

2.36 7 2 5.1.2 1 2 3 7 5.1.3 1 31

Q 1.693.1 2 5.1.4 1 2 95.83% 16.66% 5.2 5.2.1 1 32

2 3 4 5.2.2 1 IO 2 5.2.3 33

5.2.4 1 2 3 5.2.5 1 2 34

1. Claessens, S., S. Djankov, J. Fan, and L. Lang, (2002), Disentangling the incentive and entrenchment effects of large shareholdings, Journal of Finance 57 2. European Corporate Governance Network (1997), The Separation of Ownership and Control: a Survey of 7 European Countries, Report repared for the European Commission 3. La orta, Rafael, Florencio Lopez-de-Silanes and Andrei Shleifer, (1999), Corporate Ownership around the world, Journal of Finance 54 4. Lucian Bebchuk, Reinier Kraakman and George Triantis, (1999), Stock yramids, Cross-ownership, and Dual Class Equity: The Creation and Agency Costs of Separating Control From Cash Flow Rights, NBER working paper 6951 5. Wolfenzohn, Daniel (1998), A Theory of yramidal Ownership, Harvard University Mimeo 6. 1998 7. 2003 8 8. 2001 1 9. 2001 8 10. 2003 1 11. 2002 8 12. 100 2002 8 35

1 % % 600380 44.06 48.96 1.1112 000513 19.04 25.66 1.3477 000633 6.79 22.30 3.2842 000549 6.67 21.90 3.2834 600737 6.39 22.50 3.5211 ST 600763 8.14 29.69 3.6474 000877 6.62 29.42 3.3988 600196 20.88 58.34 2.7941 600655 7.16 20.00 2.7933 600282 15.24 70.95 4.6555 600285 2.84 15.04 5.2958 600827 4.47 26.04 5.8255 600488 3.08 67.12 21.7922 0980 2.28 51.00 22.3684 600659 17.40 17.40 1.0000 ST 000592 17.50 20.00 1.1429 000627 24.03 28.97 1.2056 600298 12.00 14.40 1.2000 000989 9.40 60.74 6.4617 000799 29.04 A 000547 24.95 000622 27.30 T 000556 18.20 26.70 1.4670 000805 20.60 29.50 1.4320 000583 6.60 35.00 5.3030 000667 8.20 29.38 3.5829 ST 600743 5.40 19.20 3.5556 000876 39.67 53.61 1.3514 600016 2.35 7.91 3.3660 0067 1104 600844 29.20 600634 26.00 000795 44.61 000739 40.00 600673 42.52 600159 71.10 36

600385 26.99 0493 74.50 000637 29.50 000615 29.00 600265 38.10 B 900953 29.50 600116 21.16 000156 20.90 29.85 1.4282 000430 12.50 30.83 2.4664 600286 11.64 28.42 2.4416 000799 4.09 10.00 2.4450 B 900957 19.54 0992 0861 600803 44.09 2688 600275 40.50 8165 600635 25.54 600611 23.38 000921 18.60 20.64 1.1097 000521 18.05 20.03 1.1097 8056 600213 54.60 60.67 1.1111 1168 8132 0622 600608 16.98 21.98 1.2945 600610 29.00 600280 13.20 ST A 000418 21.51 27.84 1.2943 600422 29.00 000607 24.80 600097 28.58 FSY 000816 61.95 62.64 1.0111 600565 47.47 48.00 1.0111 000518 14.96 600220 48.36 600338 41.03 000510 14.64 000415 20.00 29.99 1.4995 000835 33.73 37

ST B 200057 29.98 000672 27.15 ST 000603 19.66 000602 18.11 ST 600109 38.74 000559 58.52 600371 23.75 000848 26.00 UAI 21.00 ST 600646 28.61 600208 8.80 11.00 1.2500 600733 22.77 A 000040 20.15 0376 50.50 8180 59.70 600730 28.24 600069 25.00 000043 32.84 000050 59.85 000026 52.24 0346 68.00 600101 25.33 28.14 1.1109 600811 32.46 600190 27.13 0467 600016 7.45 600823 26.43 26.43 1.0000 0649 75.00 FOOD 0708 ST 600766 15.04 27.35 1.8185 0835 0202 1215 600771 21.04 53.04 2.5209 600568 21.47 29.51 1.3745 600770 45.64 8045 ST 600715 53.08 0988 29.90 0433 000688 26.24 30.13 1.1482 600505 7.12 27.13 3.8104 38

600466 58.79 600828 65.38 600110 29.74 600884 36.66 600208 18.18 600840 29.00 2 % % 000010 000035 000046 000055 17.20 20.20 1.1744 000078 ST 000150 000407 000408 22.80 28.40 1.2456 ST 000409 5.60 13.40 2.3929 ST 000411 000415 000416 16.10 24.70 1.5342 000502 000509 16.20 18.00 1.1111 000511 000526 14.10 20.10 1.4255 000527 12.20 22.20 1.8197 ST 000533 000540 8.60 33.70 3.9186 000545 12.70 21.10 1.6614 ST 000555 000558 22.07 29.43 1.3335 ST 000566 21.84 26.30 1.2042 ST 000567 24.20 26.90 1.1116 000578 25.50 29.70 1.1647 000587 23.60 41.00 1.7373 000593 000605 15.80 68.00 4.3038 ST 000620 ST 000621 ST 000656 28.50 28.50 1.0000 39

000662 000659 12.00 52.60 4.3833 000669 5.80 31.00 5.3448 000676 45.00 57.40 1.2756 ST 000689 16.00 17.80 1.1125 000693 18.90 19.50 1.0317 000700 000711 22.50 26.60 1.1822 000712 12.40 29.80 2.4032 000732 000736 13.80 18.20 1.3188 000757 11.40 29.50 2.5877 000769 20.90 29.80 1.4258 000780 000782 000787 8.90 17.80 2.0000 ST 000788 ST 000801 000806 6.70 11.00 1.6418 000863 000889 000892 000918 16.30 20.60 1.2638 000929 000979 000996 15.80 28.00 1.7722 000997 23.40 57.70 2.4658 ST 001696 26.00 29.80 1.1462 200160 39.60 39.60 1.0000 200168 37.00 37.00 1.0000 600052 600066 600074 14.60 29.20 2.0000 600078 600079 5.98 25.81 4.3161 600080 26.70 44.60 1.6704 ST 600090 6.60 26.60 4.0303 600093 40.60 52.10 1.2833 600105 600130 11.90 33.00 2.7731 600133 40

600152 600162 600177 5.30 29.70 5.6038 600185 30.20 31.80 1.0530 600209 33.80 44.60 1.3195 600210 600233 26.70 54.50 2.0412 ST 600234 19.20 29.00 1.5104 600256 31.60 45.10 1.4272 600260 38.50 38.50 1.0000 600261 600266 600289 600312 600321 29.10 52.90 1.8179 600330 21.50 21.50 1.0000 600331 20.70 21.40 1.0338 600337 23.60 32.80 1.3898 600355 22.70 22.70 1.0000 600366 600388 9.00 27.00 3.0000 600398 600400 600408 600503 18.00 18.00 1.0000 600512 600518 52.40 58.20 1.1107 600535 600555 23.74 30.82 1.2982 600580 30.20 65.40 2.1656 600588 41.30 41.30 1.0000 600589 28.10 37.50 1.3345 600612 13.00 20.00 1.5385 600620 29.90 29.90 1.0000 600660 600662 23.50 32.90 1.4000 600671 29.30 30.20 1.0307 ST 600672 8.20 29.80 3.6341 600683 600687 21.20 26.50 1.2500 600693 17.00 20.00 1.1765 41

600696 19.80 47.20 2.3838 600706 7.20 16.40 2.7778 600711 31.30 39.80 1.2716 ST 600715 600719 600728 18.00 27.20 1.5111 600732 600752 44.30 48.00 1.0909 ST 600758 600762 21.70 45.20 2.0829 ST 600799 22.40 28.00 1.2500 600804 14.80 25.00 1.6892 600817 18.20 45.30 2.4890 ST 600818 52.20 54.10 1.0364 600867 14.60 48.80 3.3425 600885 ST 600899 900950 26.40 29.40 1.1136 900957 42

7.00 6.50 6.00 5.50 5.00 4.50 4.00 3.50 3.00 2.50 2.00 1.50 1.00 1 60 50 40 30 20 10 Std. Dev = 2.01 Mean = 3.1 0 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 10.0 12.0 14.0 9.0 11.0 13.0 15.0 N = 132.00 2 40 30 20 10 0 Std. Dev =.95 Mean = 1.69 N = 98.00 43

3 Multiple Comparisons Dependent Variable: AQ LSD (I) GROU 1 2 3 4 5 6 7 (J) GROU 2 3 4 5 6 7 1 3 4 5 6 7 1 2 4 5 6 7 1 2 3 5 6 7 1 2 3 4 6 7 1 2 3 4 5 7 1 2 3 4 5 6 Mean Difference 95% Confidence Interval (I-J) Std. Error Sig. Lower Bound Upper Bound 1.4252.3157.000.8030 2.0474 1.1133.5721.053-1.4181E-02 2.2408 1.6641.5212.002.6370 2.6911 1.3447.3563.000.6425 2.0469.8931.8429.290 -.7679 2.5541 1.3305.4828.006.3792 2.2819-1.4252.3157.000-2.0474 -.8030 -.3119.6207.616-1.5351.9113.2389.5741.678 -.8924 1.3701-8.0519E-02.4300.852 -.9279.7668 -.5321.8765.544-2.2595 1.1952-9.4672E-02.5394.861-1.1577.9683-1.1133.5721.053-2.2408 1.418E-02.3119.6207.616 -.9113 1.5351.5508.7465.461 -.9202 2.0218.2314.6423.719-1.0344 1.4971 -.2202.9980.826-2.1869 1.7465.2172.7201.763-1.2020 1.6364-1.6641.5212.002-2.6911 -.6370 -.2389.5741.678-1.3701.8924 -.5508.7465.461-2.0218.9202 -.3194.5973.593-1.4965.8578 -.7710.9697.427-2.6819 1.1399 -.3335.6804.624-1.6743 1.0072-1.3447.3563.000-2.0469 -.6425 8.052E-02.4300.852 -.7668.9279 -.2314.6423.719-1.4971 1.0344.3194.5973.593 -.8578 1.4965 -.4516.8920.613-2.2094 1.3062-1.4153E-02.5641.980-1.1259 1.0976 -.8931.8429.290-2.5541.7679.5321.8765.544-1.1952 2.2595.2202.9980.826-1.7465 2.1869.7710.9697.427-1.1399 2.6819.4516.8920.613-1.3062 2.2094.4374.9496.645-1.4338 2.3087-1.3305.4828.006-2.2819 -.3792 9.467E-02.5394.861 -.9683 1.1577 -.2172.7201.763-1.6364 1.2020.3335.6804.624-1.0072 1.6743 1.415E-02.5641.980-1.0976 1.1259 -.4374.9496.645-2.3087 1.4338. The mean difference is significant at the.05 level. 44

4 Descriptives 1 2 4 5 6 7 Total 95% Confidence Interval Std. for Mean N Mean Deviation Std. Error Lower BoundUpper Bound Minimum Maximum 74 1.8226 1.0476.1218 1.5799 2.0653 1.00 5.60 22 1.8956 1.2221.2605 1.3537 2.4374 1.00 5.30 2 1.2944 1.414E-04 1.000E-04 1.2931 1.2957 1.29 1.29 13 2.7468 1.4790.4102 1.8530 3.6406 1.11 6.46 1 1.2500.... 1.25 1.25 7 6.3794 6.9706 2.6346 6.7311E-02 12.8261 1.50 21.79 119 2.1914 2.1989.2016 1.7922 2.5906 1.00 21.79 45