资本结构约束下的AH股上市公司治理绩效研究

发布时间：2018-01-19 21:01

本文关键词： AH股上市公司资本结构公司治理公司治理绩效　出处：《湖南大学》2013年硕士论文　论文类型：学位论文

【摘要】：随着金融危机的影响逐渐减弱，我国经济状况不断改善，资本市场活跃度增加，双重资本融资规模增大，AH股上市公司数量迅速增多，其可持续发展备受关注。我国AH股上市公司作为一个新生事物，，其在资本结构、公司治理等方面都存在着一定的缺陷和不足，在双重资本市场中的活动面临着更大的挑战。公司治理绩效作为上市公司可持续发展的基础和前提，受到资本结构和公司治理的完善程度的约束，其结果不尽如人意。为充分把握双重资本市场带来的机遇，促进我国AH股上市公司更加良好有序地发展，本文拟对其资本结构约束下的公司治理绩效进行理论分析和实证研究。本文结合资本结构理论与公司治理理论分析了资本结构中股权和债权的公司治理效应，通过进一步对我国AH股上市公司发展历程的了解，对其资本结构和公司治理现状进行了深入分析和考察，发现该类公司存在着我国A股上市公司的一般特征。同时因其存在双重股份的资本结构，AH股上市公司还面临着特殊的公司治理难题，特别是在不同法律监管环境下的激励监督机制设置更为复杂。为充分研究资本结构与公司治理绩效之间的关系，本文通过构建资本约束下AH股上市公司治理绩效多元线性回归模型进行了实证分析，分析结果显示在特殊的双重资本环境下，其资本结构与公司治理均对公司治理绩效具有正相关关系，特别是资产负债率、董事会结构、监事会结构、高管薪酬激励等因素影响尤为显着。最后根据实证研究的结果，对未来我国AH股双重上市公司资本结构和公司治理的优化提出了建设性的建议，以促进其更好的发展。
[Abstract]:With the financial crisis gradually weakened, China's economic situation continues to improve, capital market activity increased, dual capital financing scale increases, the number of AH shares of listed companies increased rapidly, its sustainable development has attracted much attention. China's AH shares of listed companies as a new thing, in the capital structure, corporate governance and other aspects of existence some defects and deficiencies in the double capital market activities are facing greater challenges. The performance of corporate governance as the basis and precondition of the sustainable development of the listed companies, the capital structure and corporate governance to improve the degree of constraint, the result is not satisfactory. In order to fully grasp the dual capital market opportunities, promote me China AH shares of listed companies more good and orderly development, the performance of corporate governance on its capital structure under the constraint of theoretical analysis and empirical research.
This paper combines the theory of capital structure and corporate governance theory to analyze the corporate governance effect of equity and debt capital structure, through further development of China's AH shares of listed companies, the capital structure and corporate governance of the in-depth analysis and investigation, the company has the general characteristics of China's A shares listed companies. At the same time due to the existence of the dual capital structure of shares, AH shares of listed companies is also facing special problems of corporate governance, especially for the establishment of incentive and supervision mechanism in different legal and regulatory environment is more complex. For the full relationship between capital structure and corporate governance performance research, this paper constructs under the capital constraint AH shares of listed companies governance performance of the multivariate linear regression model for empirical analysis, analysis results show that in the dual capital special environment, the capital structure and corporate governance are Have a positive correlation on the performance of corporate governance, especially the asset liability ratio, board structure, board structure, effects of executive compensation incentive factors is particularly significant. Finally, according to the results of empirical research, some constructive suggestions to optimize the future governance of China AH shares of dual listed company capital structure and the company proposed to to promote their development.

【学位授予单位】：湖南大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F276.6;F832.51

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