中国企业海外上市决策模型:基于管理层持股视角

发布时间：2018-03-14 14:23

本文选题：海外上市　切入点：管理层持股　出处：《中央财经大学学报》2017年07期 　论文类型：期刊论文

【摘要】：笔者分别从管理层未持股和持股两种情形考虑管理层私有收益的攫取,建立了中国企业海外上市决策模型,模拟管理层海外上市决策权衡过程。研究结果表明,无论管理层是否持有本企业股份,当海外上市给管理层带来的收益增加大于损失的私有收益时,管理层会实施海外上市决策。管理层损失的私有收益与中国内地及海外上市地资本市场的投资者保护程度有关。中国内地投资者保护程度越低以及海外上市地资本市场的投资者保护程度越高,海外上市决策所需的企业现金流价值增加临界值越高;管理层持股对企业现金流价值增加临界值具有非线性影响。无论企业是否实施海外上市,管理层持股均能降低管理层最佳私有收益的转移比例。管理层持股对管理层最大化总收益及股东收益均具有正向影响,但海外上市前后的正向影响程度不同。相对于海外上市前,海外上市后管理层持股对管理层及股东收益的改善程度,与海外上市地资本市场的投资者保护程度及管理层持股比重大小有关。
[Abstract]:In this paper, the author establishes a decision model of Chinese enterprises' overseas listing and simulates the tradeoff process of management's overseas listing decision, considering the two situations of management's unshareholding and shareholding respectively, and the results show that, Whether or not the management holds shares in the enterprise, when overseas listings bring more benefits to the management than the private gains lost, Management will implement overseas listing decisions. The loss of private profits from management is related to the degree of investor protection in the capital markets in mainland China and overseas markets. The lower the level of investor protection in mainland China is, the lower the level of investor protection in overseas listings. The higher the degree of investor protection in this market, The higher the critical value of increasing cash flow value is needed for overseas listing decision, the higher the nonlinear influence of management holding is on the critical value of cash flow value increase, regardless of whether the company carries out overseas listing or not. Management shareholding can reduce the transfer ratio of the best private income of management, and the ownership of management has a positive effect on the maximization of total income and shareholder income of management. However, the degree of positive influence before and after overseas listing is different. It is related to the degree of investor protection and the proportion of management shares in overseas listed capital markets.
【作者单位】：天津大学管理与经济学部;
【基金】：国家自然科学基金项目“询价发行、投资者行为与IPOs市场表现”(71471130) 天津教委社科重大项目“构建技术创新的产品与资本市场机制研究”(2014ZD03)
【分类号】：F275;F279.2;F831.51

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