拟发行人公司治理结构对发审委审核行为影响的实证分析

发布时间：2018-04-09 07:36

本文选题：首次公开发行　切入点：公司治理　出处：《浙江财经学院》2012年硕士论文

【摘要】：我国的资本市场,经历了近二十年的发展,已经取得了长足的进步。在IPO的发行机制改革方面,从2001年开始,我国股票发行制度实施重大变革,核准制取代审批制,其中最为关键的环节就是中国证监会设立股票发行审核委员会,对拟上市公司提出的IPO申请进行审批。自从发审委创立以来,是否坚持以公平、公正、公开为指导原则,对于把好市场准入关、从源头上提高上市公司质量具有重要的意义。而在发行审核委员会审核评判提交IPO申请的公司能否通过发行审核这个关键环节中,对影响发审委做出最终审核结果的因素的研究,在国内目前几乎是空白。对于首次公开发行市场的问题,国外学者的主要研究方向在于新股的短期抑价和长期弱势现象。而国内学者除了考察我国股票市场是否同样存在新股抑价和长期弱势现象以外,还考察了我国股票发行审核监管制度的改革效果,以及如何改善股票发行审核委员会的审核行为。对于公司治理的问题,国内外的研究成果也只专注于交易成本理论、代理理论、利益相关者理论等传统理论,对于拟发行人公司治理对于发审委审核结果的影响这个交叉领域,目前研究几乎都未涉及。因此,对这一领域的研究就显得十分必要。本文采用自2006年到2009年间所有在沪、深证券交易所申请发行A股的拟发行人做为研究样本,根据拟发行人在股票首次公开发行招股说明书中所披露的内容提取所需的公司治理指标及数据,通过提出拟发行人公司治理机制对发行审核委员会审核结果影响的理论假设,并用二元Logistic回归模型,对公司治理机制这一因素对发行审核委员会审核结果的影响进行实证研究。实证结果显示,具有以下特征的拟发行人更容易通过发审委的审核:(1)不存在同业竞争、资金占用和担保贷款的拟发行人;(2)在人员、业务、财务、资产等方面具有独立性的拟发行人;(3)董事会中外部董事和独立董事占多数,且具有不同的专业知识、设置有相应的专业委员会的拟发行人;(4)独立董事比例相对较高的拟发行人;(5)董事会成员具有政治身份和社会背景(具有政府背景、为人大代表或政协委员、属于各个行业协会会员)的拟发行人。相比之下,具有股权制衡、董事长与总经理两职合一、“内部人控制”比例对拟发行人是否通过审核均没有显著性影响。通过分析公司治理指数对IPO审核结果的影响,结果表明,拟上市公司治理水平越高,其越容易通过发审委的审核。结合以上两方面回归分析结果,本文认为公司治理是影响拟上市公司IPO能够审核通过的重要因素。良好的公司治理结构是拟发行人向发行审核委员会传递公司信息的重要手段。本文研究具有一定的探索性,创新之处主要体现在以下几个方面:首先,研究视角具有创新性。拟发行人能否顺利通过发审委审核对一个企业的发展具有重要的战略意义。本文是以拟发行人公司治理机制对发审委审核结果的影响作为研究内容,将公司治理与IPO发行审核结果结合作为研究的切入点,这一视角在国内研究中鲜有涉及,具有一定的创新性。其次,研究内容和方法具有创新性。根据证监会对拟发行人公司治理的要求,本文从三个方面来反映公司治理机制,采用Logistic回归模型对拟发行人公司治理情况对发审委审核结果的影响进行实证研究,并将公司治理指标对IPO发行审核结果的影响进行了详细的分类、归纳,同时编制综合的公司治理指数来反映拟上市公司治理水平的高低。最后针对发审委的具体审核情况,提出公司治理方面的一些改进建议,这对拟发行人来说具指导和借鉴的现实意义。本文的分析具有以下理论和实践意义:本文试图将公司治理与IPO发行审核结果联系起来进行研究,以此找到公司治理与发审委审核行为之间的理论联系,进而找到影响发审委审核行为的公司治理变量。从这一全新视角研究IPO发行审核问题,将有助于探明公司治理结构在IPO上市过程中所起到的作用及相应作用机理。将主要的公司治理指标对IPO发行审核结果的影响进行了详细的分类、归纳,同时编制综合的公司治理指数来反映拟上市公司治理水平的高低,更具指导和借鉴的现实意义。同时,在明确了拟发行人公司治理结构同IPO发行审核结果之间的关联后,有助于拟发行人改善自身的公司资本结构和公司治理,具有一定借鉴和参考作用。
[Abstract]:The capital market of our country, has experienced nearly twenty years of development, has made considerable progress. In terms of the issue of reform of the mechanism of the IPO, from the beginning of 2001, major changes in the implementation of the stock issuance system in China, approval from the examination and approval system, one of the most critical aspect is China commission established stock issuance examination committee. For approval of the proposed company to be listed in the IPO application. Since the IEC was founded, whether to insist on fairness, justice, openness as the guiding principle for good market access, has an important significance to improve the quality of listed companies from the source. But whether the issue of the audit committee the audit judgment submitted IPO application of the company through the issuance of audit the key link in the study of factors, make the final audit results on the impact of fashenwei, currently in the country is almost blank.
For the IPO market, the main research of foreign scholars is the short-term IPO Underpricing and long-term underperformance. In addition to the domesticscholars examine whether China's stock market also exists IPO Underpricing and long-run underperformance, also examines the supervision system of China's stock issuance examination reform effect, and how to improve the audit the stock issuance audit committee for corporate governance issues, the research results at home and abroad only focused on the transaction cost theory, agency theory, stakeholder theory and other traditional theory, for the issuer of corporate governance for the interdisciplinary influence fashenwei audit results, the present study almost not involved. Therefore, the research on this field is very necessary.
This paper from 2006 to 2009 all in Shanghai, Shenzhen stock exchange for the issuance of A shares of the issuer as the research sample, according to the issuer in the IPO prospectus disclosure of corporate governance content extraction specification of the desired index and data, through the proposed theoretical assumptions affect the issuer of corporate governance the mechanism on the issue of the audit committee of the audit results, and two yuan of Logistic regression model, the empirical research on the factors of corporate governance influence on the issue of the audit committee of the audit results.
The empirical results show that the issuer has the following characteristics more easily through the issuance examination committee of the audit: (1) there is no competition in the industry, the issuer of funds and loans; (2) in personnel, business, finance, the issuer is independent of assets and other aspects; (3) the board of directors outside directors and independent directors accounted for the majority, and have different professional knowledge, set up the corresponding issuer of the Specialized Committee; (4) the proportion of independent directors of the issuer is relatively high; (5) the members of the board of directors with political identity and social background (with a government background, as deputies or CPPCC members. Each member belongs to Industry Association) of the issuer. In contrast, the equity balance, chairman and general manager of the two level one, "internal control" to be issued or approved were no significant impact. Through the analysis of corporate governance index of the IPO instance The results show that the effect of nuclear, to be listed corporate governance level is higher, the more easily through the issuance examination committee of the audit. Combining these two aspects of the results of regression analysis, this paper argues that corporate governance is the influence of listed companies to IPO important factors through the audit. Good corporate governance structure is an important means for the issuer to transfer company information to the issue of the audit committee.
This paper has certain exploratory, innovation is mainly reflected in the following aspects: first, innovative research perspective. The issuer can pass has an important strategic significance for trial development of Audit Committee of an enterprise. This paper is based on the issuer of corporate governance mechanism on fashenwei audit results influence as the research contents of corporate governance and audit results with IPO distribution as the breakthrough point, this perspective in our country rarely involved in the study, with a certain degree of innovation. Secondly, the research content and innovative method. According to the Commission of the issuer of the requirements of corporate governance, this paper to reflect the corporate governance the mechanism from three aspects, using Logistic regression model to conduct empirical research on the influence of corporate governance on the issuer fashenwei audit results, and the index of corporate governance audit issued to the IPO node The effects of detailed classification, induction, and the preparation of a comprehensive corporate governance index to reflect the listed corporate governance level. According to the specific situation of the audit of the IEC, brings forward some suggestions to improve the corporate governance, the realistic significance of the issuer has guidance and reference.
Has the following theoretical and practical significance of this paper: This paper tries to combine corporate governance and IPO issuance examination results linking research, in order to find the corporate governance and the trial theoretical relationship between audit committee behavior, corporate governance variables and find the impact of fashenwei audit behavior. The issuance examination questions from a new perspective on IPO. Will have to help listed on the IPO to investigate the corporate governance structure in the process of action and corresponding mechanism. The main effect of corporate governance index issued the audit results of IPO carried out a detailed classification, induction, and the preparation of a comprehensive corporate governance index to reflect the listed corporate governance level, practical significance with guidance and reference. At the same time, the relationship between the issuer of corporate governance structure in the IPO issue of audit results, help the issuer to improve their The capital structure and corporate governance of the company have a certain reference and reference function.

【学位授予单位】：浙江财经学院
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F224;F276.6

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