本文選題：外資股東　切入點：上市公司　出處：《復旦大學》2013年碩士論文　論文類型：學位論文

【摘要】：從1979年,中國政府在深圳蛇口設立蛇口工業(yè)區(qū),并將深圳設立為經(jīng)濟特區(qū)以來,我國引入外資的數(shù)量和質量都大大提高。從最初的試點嘗試,到如今的習以為常,外資在我國國民經(jīng)濟中的地位也日漸重要。1995年,日本五十鈴汽車公司和伊藤忠商事株式會社成為北旅汽車的第二大股東,更是拉開了外資進入我國上市公司的序幕。雖然我國現(xiàn)在對外資進入中國的門檻在逐漸降低,但是有很多行業(yè)仍然是不對外資開放的。另外,在外資引進的過程中,相應的法律法規(guī)也需要及時的修訂以適應發(fā)展的需要。 我國的資本市場在經(jīng)歷了20年的發(fā)展后已經(jīng)初具規(guī)模,無論是上市公司的數(shù)量還是上市公司的總市值都在快速增長。但不可否認的是,我國的A股市場仍然是一個年輕的市場,存在著各種各樣的制度漏洞與發(fā)展問題。另外,由于歷史原因和傳統(tǒng)文化的影響,我國的資本市場存在著與西方國家截然不同的問題：超級大股東對中小股東利益的侵害。絕對控股的超級大股東可能會通過層層控制鏈條,對上市公司進行盈余管理,從而達到其侵害中小股東利益的最終目的。 外資給我國的經(jīng)濟發(fā)展帶來了高新技術和先進的管理理念,同時由于外資股東在公司中所處的特殊地位,可以對上市公司的管理者或者是控股股東產(chǎn)生一定的制衡作用。同時,外資股東在上市公司的經(jīng)營管理中發(fā)揮的重大作用是否還會受到其他因素的影響和制約,這些都是值得認真仔細探討的問題。 本文首先從盈余管理的理論出發(fā),討論了盈余管理的定義,企業(yè)進行盈余管理的動機和目前學術界對盈余管理的計量手段；接下來再以委托代理理論為基礎,詳細介紹了第一類委托代理問題和第二類委托代理問題。然后,本文在理論的基礎上,對我國引入外資的歷史進行了回顧并進一步地展開實證研究,從滬深兩市中選取樣本,按照已建立的模型進行回歸分析,希望找出外資股東對上市公司盈余管理所產(chǎn)生的影響,并嘗試從多個方面對這種影響進行詳細的剖析。通過研究,本文發(fā)現(xiàn)引入外資股東的確可以對上市公司的盈余管理產(chǎn)生抑制作用。而當外資股東不是第一大股東的時候,外資股東對上市公司的盈余管理存在著更加顯著的抑制作用,另外,外資股東的持股比例的提升會更加抑制上市公司的盈余管理。本文共分為五章,主要有三個部分： 第一部分,包括第一章和第二章。這一部分主要是導論和理論依據(jù)介紹,對盈余管理理論和委托代理理論進行了文獻綜述,并且對我國引入外資的歷史進行了回顧； 第二部分,包括第三章和第四章。這一部分主要是文章的主體部分——研究假設的提出,研究模型的構建和實證研究結果； 第三部分,第五章,研究結論與政策建議。作為論文的最后一個部分,這里對全文的研究結論進行了總結和回顧,并且根據(jù)研究結果提出了一些政策建議。此外,第三部分還對本文的不足之處進行了總結,并對未來的研究方向提出一些展望意見。
[Abstract]:From 1979, the government set up Chinese Shekou Industrial Zone in Shenzhen and Shekou, Shenzhen set up as a special economic zone, the quantity and quality of the introduction of foreign investment in China are greatly improved. From the initial pilot, now accustomed to foreign status in China's national economy has become more important in.1995, Japan's Isuzu Motor Ltd and Itochu Mitsubishi has become the second largest shareholder of new cars, is the prelude of foreign capital in China's listed companies. Although China is now on the threshold of foreign capital into Chinese decreased gradually, but there are a lot of industry is still not open to foreign investment. In addition, in the process of the introduction of foreign capital, the corresponding laws and regulations also require timely revised to meet the needs of the development.
In the capital market of our country after 20 years of development has begun to take shape, regardless of the number of listed companies or the total market capitalization of Listed Companies in the rapid growth. But it is undeniable that China's A share market is still a young market, there is a system of loopholes and problems in the development of various all. In addition, due to historical reasons and the influence of traditional culture, the capital market of our country is very different from western countries: super large shareholders to infringe the interests of minority shareholders. The absolute control of super large shareholders may be through the layers of control chain, the earnings management of listed companies, so as to achieve the ultimate goal against the interests of small shareholders.
Bring high technology and advanced management concept of foreign capital to China's economic development at the same time, because of the special status of the foreign shareholders in the company, the listed company managers or controlling shareholders have a balancing role. At the same time, whether a significant role in the management of foreign shareholders of Listed Companies in the will be affected and restricted by other factors, these are worthy of careful study.
This paper from the earnings management theory, discusses the definition of earnings management, corporate earnings management motivation and the academic study on the measurement methods of earnings management; then based on the principal-agent theory, introduced the first second kinds of principal-agent problem and the principal-agent problem. Then, in this paper that is reviewed and further empirical research on the introduction of foreign investment in China's history, the sample from Shanghai and Shenzhen two, regression analysis was carried out in accordance with the established model, hoping to find out the influence of foreign shareholders arising on the earnings management of the listed company, and try to make a detailed analysis of the influence from many aspects in this paper. Through the study, found that the introduction of foreign shareholders can inhibit the earnings management of listed companies. And when the foreign shareholder is not the first major shareholders when abroad Shareholders have a more significant inhibitory effect on earnings management of listed companies. In addition, the increase of shareholding ratio of foreign shareholders will further inhibit earnings management of listed companies. This paper is divided into five chapters, including three main parts.
The first part includes the first chapter and the second chapter. This part is mainly about introduction and theoretical basis, and makes a literature review on earnings management theory and principal-agent theory, and reviews the history of introducing foreign capital in China.
The second part includes third chapters and fourth chapters. This part is mainly about the main body of the article -- the research hypothesis, the construction of the research model and the results of the empirical research.
The third part, the fifth chapter, conclusions and policy recommendations. As the last part of the thesis, here of the research findings are summarized and reviewed according to the research results, and puts forward some policy suggestions. In addition, the third part is the deficiency of the paper are summarized, and put forward some views on the prospect of research direction in the future.

【學位授予單位】：復旦大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F832.51;F275

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本文編號：1624584