海外上市对于中国公司治理结构和治理水平的影响研究

发布时间：2018-04-16 07:34

本文选题：海外上市 + 公司治理　；参考：《复旦大学》2012年硕士论文

【摘要】：在全球经济一体化和证券市场国际化的背景下,一国公司赴别国资本市场融资早已屡见不鲜,尤其是蓬勃发展中的新兴经济体国家国有和民营公司前往发达资本市场上市交易,越来越受到人们的追捧。一方面,海外上市提供了公司成长所需的资金和平台；另一方面,更加严格的监管要求给公司治理带来了新的挑战。于是,一项重要课题应运而生,海外上市究竟对中国公司治理结构和治理水平有着怎样的影响? 围绕上述研究课题,本文分析首先了中国公司海外上市的背景与现状,以大量生动详实的数据展示了目前中国公司在全球资本市场中的布局,而后分别从理论分析、实证分析和案例分析三个方面来研究海外上市对于中国公司治理结构和治理水平的影响。本文试图通过回顾有关海外上市和公司治理的相关理论,分析海外上市与公司治理间的互动关系。研究表明,海外上市至少在提高信息披露程度、降低关联交易水平、保证会计信息质量和优化公司资本结构四个方面提高了公司治理水平。本文通过分析历史数据得出中国市场和香港资本市场在有效性方面的异同,还通过定义公司治理变量对比了海外上市与国内上市的公司治理水平。本文通过对在海外上市的两家典型公司进行分析,来佐证先前得出的结论。认为对于遵守法规、诚信经营、为投资者负责的公司,在海外资本市场将会迅速成长壮大,而对于海外上市动机不纯、缺乏诚信意识、侵占股东权益的少数公司,不管曾经在市场上有多风光,终究难逃市场的惩罚,遭到投资者的唾弃。
[Abstract]:In the context of global economic integration and the internationalization of securities markets, it has long been common for companies of one country to go to other countries to raise funds in capital markets, especially when state-owned and private companies of booming emerging economies go to the developed capital markets to list and trade.Be more and more popular with people.On the one hand, overseas listings provide the capital and platform for companies to grow; on the other hand, stricter regulatory requirements pose new challenges to corporate governance.As a result, an important topic emerged as the times require, how does the overseas listing affect the governance structure and governance level of Chinese companies?Focusing on the above research topics, this paper first analyzes the background and current situation of overseas listing of Chinese companies, and presents the layout of Chinese companies in the global capital market with a large number of vivid and detailed data.Empirical analysis and case study to study the impact of overseas listing on the governance structure and governance level of Chinese companies.This paper attempts to analyze the interaction between overseas listing and corporate governance by reviewing the relevant theories of overseas listing and corporate governance.The research shows that overseas listing improves the corporate governance level in at least four aspects: improving the level of information disclosure, lowering the level of related party transactions, ensuring the quality of accounting information and optimizing the company's capital structure.By analyzing the historical data, this paper draws the similarities and differences between the Chinese market and the Hong Kong capital market in terms of efficiency, and also compares the corporate governance level of overseas listing with that of domestic listing by defining corporate governance variables.This paper analyzes two typical companies listed overseas to support the previous conclusions.They believe that companies that abide by laws and regulations, operate in good faith, and are responsible for investors will grow rapidly in the overseas capital market, while a few companies with impure motives for overseas listing, lack of integrity awareness, and encroachment on shareholders' rights and interests,No matter how good in the market, after all, the market's punishment, investors spurned.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F224

【参考文献】