基于公司治理结构的中国赴美上市公司退市风险研究

发布时间：2018-03-12 21:16

本文选题：海外上市　切入点：退市风险　出处：《东北财经大学》2012年硕士论文　论文类型：学位论文

【摘要】：2010年下半年开始,中国在美上市公司遭遇前所未有的震荡——停牌、退市公告不断。截至2012年,中国企业赴美上市还是举步维艰,此次风波仍未平息。中国公司去美上市何故遭遇此劫?此风波与公司治理结构有何种关系?能否计量?面对危机,这些公司如何进行自救?这些问题都已成为企业、社会关注的焦点,亟待应对。本文以公司治理理论为出发点,把公司治理结构与退市风险相结合,试图寻找一条应对退市风险的新道路；通过对财务预警理论和其他相关理论的借鉴,找到一种可以评估在美上市中国公司退市风险的模型、量化该风险,为企业决策提供支持。本文意在为在美上市中国企业探寻应对退市风险的策略,为已退市的企业寻找退市原因、改进自己,开拓新道路；为已上市及准上市企业敲响退市警钟,规避相应的风险。本文旨在公司治理结构方面探讨退市风险问题,探寻企业退市风险与公司治理结构的关系,完善企业公司治理结构,从自身角度把退市风险降至最低。这也是中国公司跨国化发展的必要。中国海外上市公司正面临新一轮的挑战,风波未停、战火又起,通过对在美上市公司的研究,为其他国家和地区的中概股退市风险研究提供借鉴,应对危机。故而,在美中概股退市风险问题的研究迫在眉睫。本文通过讨论中国赴美上市公司现状、中国公司面对退市风波的反应、此次退市风波的背景介绍、退市风险的相关理论,系统阐述了国内外关于退市风险的研究成果。并对退市风险与公司治理结构的关系进行了实证分析,对公司治理结构三个组成部分与退市风险关系的模型进行了集中讨论。并对回归结果做出重点评述,结合实证研究结果和时事经济的发展态势,对中国在美上市公司应对退市风险提出了自己的看法和建议。本文共包括如下五个大章节：第1部分绪论。此部分阐述本选题的研究背景、意义、目的及方法,提出对应的研究框架。最后,提炼出文章的若干创新点,并指出研究的缺陷。第2部分文献综述。回顾并评述了有关学者的相关研究。第3部分公司治理与退市风险的理论基础。重点阐述了退市的相关理论：现代契约理论、制度经济学理论、金融风险理论和财务预警理论,为后文的研究提供理论支撑。第4部分研究设计。本部分提出了本文的研究假设,建立了逻辑回归模型,并对回归结果进行详细的剖析。故本部分为本文的重要章节。第5部分研究结论与建议。本部分以第三、第四部分为基础,得出本文的研究结论,并且从公司治理结构不同层次出发对规避风险提出了相应的建议。本文充分利用理论分析与实证研究方法。理论研究方面：结合国内外学者对退市风险的研究,笔者认为目前关于退市风险的研究不够全面(主要局限于国内上市公司和退市预警制度等方面的研究),故作者对退市风险理论进行系统的归纳与分类。实证研究方面：笔者利用SPSS17.0,对股权结构、董事会特征、管理层激励等内部治理因素与退市风险概率进行logistic回归分析,探讨了我国在美上市公司公司治理结构与退市风险之间的关系,得出相应结论、提出应对风险的建议。本文有两个创新点：一是运用逻辑回归模型,度量海外上市公司的退市风险。在海外上市公司的现有研究成果中,缺乏对退市风险系统的研究,更没有系统的模型来衡量退市风险。本文通过对logistic模型的研究,借鉴公司治理结构指标,对在美上市中国概念股的退市风险进行了评估。二是研究视角的特殊性。本文基于公司治理结构相关理论,把在美上市中国公司退市问题的研究囊入公司治理框架。从董事会机制、管理层激励机制、股权结构三个层次对公司治理结构与在美上市中国公司退市问题的关系进行了深入分析。公司治理理论的应用对象范围得到拓展。
[Abstract]:The second half of 2010, Chinese listed companies in the United States suffered a concussion, hitherto unknown suspension, the delisting announcement. As of 2012, China companies listed in the U.S. still struggling, the storm has not yet subsided. China company to the United States listed somehow encounter this time? What is the relationship between corporate governance structure and the company can measure this disturbance? In the face of the crisis, these? How to save themselves? All these problems have become the focus of attention of the society, enterprises, to meet. In this paper the theory of corporate governance as the starting point, the corporate governance structure and delisting risk combination, trying to find a new way to deal with the risk of delisting; through the financial early-warning theory and other relevant theory reference, find an evaluation of Listed Companies in the United States Chinese delisting risk model, the risk quantification, to provide support for the decision-making of the enterprise.
This paper is intended to explore the deal in the United States listed enterprise Chinese delisting risk strategy, looking for the reasons for delisting, delisting of the company has improved their own, open up new roads; and has been listed as quasi listed companies delisting sounded the alarm, to avoid the corresponding risks. This paper aims to explore the corporate governance structure of delisting risk, explore the relationship between enterprises and the risk of delisting the corporate governance structure, improve the corporate governance structure, to minimize the risk of delisting from the perspective of their own. This is the necessary development of multinational companies. China China overseas listed companies are facing a new round of challenges, storm did not stop the war, and, through the study of Listed Companies in the United States, to provide reference for the research. The risk of delisting and other countries and regions of the shares in response to the crisis. Therefore, the research in the United States takes stock delisting imminent risk problems.
This paper discusses the status quo of China listed companies in the United States, Chinese companies face delisting crisis response, the delisting crisis background, theory of delisting risk, expounds the domestic and foreign research results about the delisting risk. And the relationship between the risk of delisting and the corporate governance structure of the empirical analysis of corporate governance structure three a model of component and the risk of delisting. We focused on the results of the regression and make emphasis on the results of empirical research, combining the development trend and current economy, China of Listed Companies in the United States should have their views and suggestions on the risk of delisting.
This article includes five chapters as follows:
The first part is the introduction. This part describes the research background, significance, purpose and method of this topic, and puts forward the corresponding research framework. Finally, it extracts some innovative points of the article, and points out the shortcomings of the research.
The second part of the literature review, reviewed and reviewed the relevant research of the relevant scholars.
The third part is the theoretical foundation of corporate governance and delisting risk. It focuses on the related theories of delisting: modern contract theory, institutional economics theory, financial risk theory and financial early warning theory, which will provide theoretical support for future research.
The fourth part is research design. This part puts forward the hypothesis of this paper, establishes the logistic regression model, and makes a detailed analysis of the regression results. Therefore, this part is an important chapter of this article.
The fifth part is the conclusions and recommendations. Based on the third and fourth parts, we draw the conclusions of this study, and put forward corresponding suggestions for avoiding risks based on different levels of corporate governance structure.
This paper used the theoretical analysis and empirical research methods. The theoretical research: Based on the analysis of the delisting risk of domestic and foreign scholars, the author thinks that the current research on the risk of delisting is not comprehensive enough (research mainly confined to domestic listed companies and delisting warning system etc.), so the author summarized and classification system of delisting risk theory. An empirical study: the author use SPSS17.0 of ownership structure, board characteristics, management incentive and internal governance factors and delisting risk probability of logistic regression analysis, discusses the relationship of our country in the United States between the governance structure and the delisting risk of listed companies, and draw the corresponding conclusion, raise the risk of advice.
This paper has two innovations: one is using logistic regression model, measure the overseas listed companies delisting risk. The existing research results in the overseas listed companies, the lack of research on the risk of delisting system, and no systematic model to measure the risk of delisting. Through the research on the logistic model, from the corporate governance index. The China listed stocks in the U.S. delisting risk were evaluated. The two is a special research perspective. This paper based on the theory of corporate governance structure, to study in the United States listed companies delisting issue Chinese sac into the corporate governance framework. From the board of directors mechanism, management incentive mechanism, three levels of ownership structure the in-depth analysis of the relationship with the listed company in the United States China delisting issue of corporate governance. The application scope of the theory of corporate governance has been expanded.

【学位授予单位】：东北财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F831.51

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