作为“资本家”禀赋的体现,实际控制人普遍设计出复杂而又艺术化的控制权结构,其内在动机包括提高资本杠杆效应?减轻信息披露压力?构建关联交易平台和适应中国证券市场IPO 上市需要?进一步通过实证研究沪深两市A 股市场的民营上市公司,可以得出结论:上市公司实际控制人越年轻?教育程度越好,尤其是具有经管类教育背景者,其“资本家”禀赋越高,而特殊的政治身份会促使实际控制人谨慎应用“资本家”禀赋,回避使用复杂的控制权结构设计?

Due to “capitalist” endowment, actual controllers often make corporate control structure sophisticated with the intent to raise capital leverage, relief information disclosure pressure, establish platform for related transaction and satisfy the requirement for IPOs in China’s securities market. Via the empirical research on the A shares of private-owned listed companies in both Shanghai and Shenzhen markets, this paper finds that the younger and better educated the corporate actual controllers are, the higher their “capitalist” endowment would be, and this is especially true for controllers who own the business and management education background. However, special political identity will make actual controllers more cautious in exerting “capitalist” endowment and avoid intricate structure design of control right.