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对“金字塔”式股权结构的讨论起始于上世纪九十年代末,发现在对中小股东利益保护较弱的国家,“金字塔”结构广泛存在,因为通过“金字塔”结构最终控股股东可以控制数倍于自己的资源,且为侵占中小股东利益提供了便利。本文从“金字塔”结构的视角分析了中国股市具有代表性的德隆系,发现中小股东利益在我国并不能得到很好的保护是导致股市的持久低迷的重要原因。
The discussion on the structure of “pyramid” ownership started in the late 1990s and found that the “pyramid” structure is widespread in countries with weaker protection for minority shareholders because of the “pyramid” structure Ultimate controlling shareholders can control several times their own resources, and to facilitate the occupation of the interests of minority shareholders. This paper analyzes the typical Derong system of Chinese stock market from the perspective of “Pyramid ” structure and finds that the small and medium shareholders’ interests can not be well protected in our country, which is the important reason leading to the lasting stock market downturn.