A Theory of Pyramidal Ownership and Family Business Groups
为家族企业集团中的金字塔所有权结构提供了新解释：家族可利用已有企业的留存收益设立新公司，并与原股东分享新公司的非转移收益。该模型与近期关于金字塔中所有权与控制权分离较小的证据一致，并能区分金字塔与双重股权结构。
ABSTRACT We provide a new rationale for pyramidal ownership in family business groups. A pyramid allows a family to access all retained earnings of a firm it already controls to set up a new firm, and to share the new firm's nondiverted payoff with shareholders of the original firm. Our model is consistent with recent evidence of a small separation between ownership and control in some pyramids, and can differentiate between pyramids and dual‐class shares, even when either method can achieve the same deviation from one share–one vote. Other predictions of the model are consistent with both systematic and anecdotal evidence.