交叉上市对中小股东保护效应的影响研究

发布时间：2018-01-28 23:22

本文关键词： 交叉上市中小股东保护影响途径　出处：《天津财经大学》2013年硕士论文　论文类型：学位论文

【摘要】：中小股东是资本市场众多投资者中的弱势群体。根据委托代理理论和信息不对称理论,中小股东的利益经常受到管理层、大股东的侵害。中小股东的利益保护与资本市场完善程度密切相关。发达的资本市场能够更好的保护中小股东的利益。交叉上市是指一个企业同时在两个或者两个以上的资本市场进行股权融资。交叉上市为企业提供了更严格的法律约束环境和信息披露制度环境。这些约束促进企业完善自身对中小股东利益的保护。交叉上市对中小股东效应的影响途径及影响效果,有待进一步研究。通过理论分析可以发现,交叉上市行为影响了企业的内部公司治理结构、信息披露水平、法律约束环境以及股利支付情况。从环境改善层面、市场层面和企业层面的角度影响了企业对中小股东的保护效应。选取2007年一2011年交叉上市的企业数据为研究对象,借助Eviews7.2统计软件对数据进行多元线性回归,对比了我国上市公司交叉上市前和交叉上市后的中小股东保护效应水平。并以2007-2011年非交叉上市公司数据作为对照,研究了交叉上市对中小股东保护效应的影响。结果表明：1.与企业交叉上市前相比,上市公司在交叉上市以后,其中小股东保护效应明显改善。2.与非交叉上市企业相比,选择交叉上市的企业能够更好的保护中小股东。3.选择交叉上市的公司本身具有良好的中小股东保护水平和优越的公司质量。基于理论分析和实证分析结论,提出改善中小股东保护的政策建议。认为在中小股东保护方面,企业应当积极提高自身实力、相关监管机构应当加强制度完善和监管力度、中小股东应当理性对待投资。
[Abstract]:According to the principal-agent theory and information asymmetry theory, the interests of minority shareholders are often subject to management. The interests of the minority shareholders are closely related to the perfection of the capital market. The developed capital market can better protect the interests of the minority shareholders. Cross-listing refers to one enterprise in two or two at the same time. Cross-listing provides a more stringent legal constraint environment and information disclosure system environment for enterprises to improve their own protection of the interests of minority shareholders. Through theoretical analysis, it can be found that cross-listing behavior affects the internal corporate governance structure and the level of information disclosure. The law binds the environment and the dividend payment. From the aspect of environmental improvement. The market level and the enterprise level influence the protection effect of the enterprise to the minority shareholder. The data of cross-listing from 2007 to 2011 are selected as the research object. The multivariate linear regression of the data was carried out with the help of Eviews7.2 statistical software. The protection effect of minority shareholders before and after cross-listing of listed companies in China is compared, and the data of non-cross-listed companies from 2007 to 2011 are compared. The effect of cross-listing on the protection of minority shareholders is studied. The results show that: 1.Compared with the pre-cross-listing of enterprises, the listed companies after cross-listing. Among them the minority shareholder protection effect obviously improved. 2. Compared with the non-cross-listed enterprises. Cross-listed enterprises can better protect minority shareholders. The cross-listed companies have a good level of protection of minority shareholders and superior company quality. Based on the conclusions of theoretical analysis and empirical analysis, this paper puts forward some policy recommendations to improve the protection of minority shareholders. It is believed that enterprises should actively improve their own strength in the protection of minority shareholders. Relevant regulatory bodies should strengthen system improvement and supervision, and minority shareholders should treat investment rationally.
【学位授予单位】：天津财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51

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