To expropriate more private benefit, they always separate control from cash flow rights by cross - ownership and stock pyramids.
而且为最大化获取的私人收益，他们往往通过金字塔结构等分离现金流所有权和控制权的形式对公司实施控制。
Firms in which ultimate controlling shareholders' control rights exceed their cash flow rights have significantly lower corporate performance.
最终控制股东的现金流权与公司业绩显著正相关，控制权与现金流权的偏离程度与公司业绩显著负相关。
This paper studies four characteristics of ultimate controller-cash flow rights, control rights, the separation of two rights and the nature of the ultimate controller.
本文对终极控制人特征的研究主要着眼于与终极控制人有关的四大特征——现金流权、控制权、两权分离度及控制人性质。
Also consistent with our predictions, we find no differences in annual changes in firm performance between firms with and without cash flow rights leverage prior to the crisis.
同样也和我们的预测相吻合的是，无论在经济危机之前有没有资金流权利杠杆，公司每年表现的变化都没有差别。
The ultimate controller can gain lager ultimate control rights than their cash flow rights by related transactions, family managing, pyramid structure and participating management etc.
最终控制人通过关联交易、家族式管理、金字塔结构、参与管理等形式获得远超过其现金流权的最终控制权。
Based on the issue of ultimate ownership, this paper retraces the control-chain of listed companies, it shows that most listed companies do not separate the control rights from the cash flow rights.
本文基于最终产权的观点，追溯我国上市公司的控制链，研究发现我国大多数的上市公司的投票权和现金流量权并没有发生分离。
The holders of convertible bonds have two major rights: firstly, they can receive a fixed cash flow during the term of conversion in that convertible bonds belong to the fixed income bonds;
通常而言，可转换债券持有人拥有两项主要的权利：一是作为固定收益证券，在可转换债券存续期内获得固定的现金流收入；
In concentrated ownership structure, the control right held by controlling holders of listed companies may exceed their cash flow right, which leads to the deviation of the two rights.
在集中的股权结构下，上市公司控股股东享有的控制权可能超过其持有的现金流权，造成控制权和现金流权的“两权分离”。
In concentrated ownership structure, the control right held by controlling holders of listed companies may exceed their cash flow right, which leads to the deviation of the two rights.
在集中的股权结构下，上市公司控股股东享有的控制权可能超过其持有的现金流权，造成控制权和现金流权的“两权分离”。
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