引入境外投资者对上市公司影响的研究

发布时间：2018-01-02 09:46

本文关键词：引入境外投资者对上市公司影响的研究　出处：《西安电子科技大学》2014年硕士论文　论文类型：学位论文

【摘要】：随着经济全球化以及我国资本市场开放程度的不断提高，外国资本越来越深入地参与到我国资本市场，上市公司如何有效引入境外投资者成为了我国企业和政府共同关注的课题引入外资制度的不断完善，对于保障我国资本市场和社会经济的稳健有序发展有着十分重要的现实意义国外投资者的加入，将给我国上市公司的股权结构战略目标财务绩效公司文化等多方面带来变化但是，由于我国的公司治理制度和监管体系尚不够完善，难以有效判断外资持股对上市企业的公司治理和绩效是否有利因此，论文以我国上市公司为研究对象，针对外资持股对我国上市公司的治理结构和治理绩效影响进行了研究论文以现代公司治理理论利益相关者理论等为基础，运用我国有外资持股的上市公司数据，从外资持股对我国上市公司治理结构的影响入手，进行理论分析和实证研究探究外资持股对治理结构和治理绩效的影响，验证其在改善我国上市公司信息披露不完全现状中的积极作用论文的主要工作和创新性主要体现一下几点：第一，我国现有文献对于引入境外投资者的研究主要从理论的角度，而且大多是对金融业或者国有企业等特殊的样本进行研究本文以我国上市公司的角度，，从股权结构董事会监事会等层面对境外投资者对各行业进行实证研究第二，论文通过对引入境外投资者的上市公司企业结构治理的分析进一步探究对企业绩效的影响，对我国引入外资的相关政策提出建议第三，我国关于外资持股对上市公司信息披露水平是否有作用的探索比较少，论文试图从上市公司信息披露效果角度分析引入外资作用的效果我国引入外资的目的是利用境外资本改善我国上市公司的治理结构和信息披露水平，从而提高企业的经营绩效本次研究结果表明，我国现有的境外投资者对于上市公司的董事会规模两职合一等公司治理结构有改变，也会积极作用于上市公司的信息披露质量，但对于财务绩效没有显著的正面效益论文为股权多元化进程中，国内上市公司针对外资股东的选择以及国外投资者在中国的投资对象与投资规模提供决策依据；同时，为监管部门制定我国上市公司如何利用外资的相关政策提供参考
[Abstract]:With the economic globalization and the increasing degree of opening of China's capital market, foreign capital is more and more deeply involved in China's capital market, listed companies how to effectively introduce foreign investors has become the common concern of China's introduction of foreign system of enterprises and government subject and constantly improve, for the protection of China's capital market and the economic and social stability with the orderly development of foreign investors is of great practical significance, will bring about changes in the financial performance of the equity structure of the company strategic target culture and other aspects to the listed companies in China but because of China's corporate governance system and supervision system is not perfect, it is difficult to effectively determine whether to foreign ownership, thus favorable corporate governance of listed companies and the performance, the listed companies in China as the research object, in view of foreign ownership on governance structure and governance of Listed Companies in China Research on the impact of performance
Based on the interest of modern corporate governance theory related theory, using the data of Listed Companies in China of foreign ownership, starting from foreign ownership influence on the governance structure of Listed Companies in China, theoretical analysis and empirical research on foreign ownership influence on governance structure and governance performance, verify its positive role in improving our country the information disclosure of listed companies is not completely in the current situation
The main work and innovation mainly embodies the following points: first, China's existing literatures on the introduction of foreign investors, mainly from the perspective of theory, but mostly on the financial sector or state-owned enterprises such as the special sample for the study based on the listed companies in China from the perspective of ownership structure, board of Directors Board of supervisors and other overseas an empirical study of second investors of various industries face layer, through the analysis of the governance of listed companies on the introduction of foreign investors to further explore the impact on corporate performance, policies related to the introduction of foreign investment in China's third recommendations, explore about whether foreign ownership has an effect on the level of information disclosure of Listed Companies in China is relatively small this paper attempts to analyze the effect, the effect of the introduction of foreign information disclosure of listed companies
The introduction of foreign investment in China is to improve the level of corporate governance and information disclosure of Listed Companies in China's use of foreign capital, to improve the business performance and the results of this study show that China's current foreign investors to the listed company board size two level one, corporate governance structure has changed, the quality will be positive acting on the information disclosure of listed companies, but not for the positive benefits of significant financial performance for the equity diversification process, domestic listed companies to foreign shareholders as well as the choice of foreign investors to invest in Chinese to provide the basis for decision-making and investment; at the same time, to provide reference for how to use the foreign policy supervision department to make Chinese listed company

【学位授予单位】：西安电子科技大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F271;F832.6

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