本文選題：海外上市　切入點(diǎn)：退市風(fēng)險(xiǎn)　出處：《東北財(cái)經(jīng)大學(xué)》2012年碩士論文　論文類型：學(xué)位論文

【摘要】：2010年下半年開(kāi)始,中國(guó)在美上市公司遭遇前所未有的震蕩——停牌、退市公告不斷。截至2012年,中國(guó)企業(yè)赴美上市還是舉步維艱,此次風(fēng)波仍未平息。中國(guó)公司去美上市何故遭遇此劫?此風(fēng)波與公司治理結(jié)構(gòu)有何種關(guān)系?能否計(jì)量?面對(duì)危機(jī),這些公司如何進(jìn)行自救?這些問(wèn)題都已成為企業(yè)、社會(huì)關(guān)注的焦點(diǎn),亟待應(yīng)對(duì)。本文以公司治理理論為出發(fā)點(diǎn),把公司治理結(jié)構(gòu)與退市風(fēng)險(xiǎn)相結(jié)合,試圖尋找一條應(yīng)對(duì)退市風(fēng)險(xiǎn)的新道路；通過(guò)對(duì)財(cái)務(wù)預(yù)警理論和其他相關(guān)理論的借鑒,找到一種可以評(píng)估在美上市中國(guó)公司退市風(fēng)險(xiǎn)的模型、量化該風(fēng)險(xiǎn),為企業(yè)決策提供支持。 本文意在為在美上市中國(guó)企業(yè)探尋應(yīng)對(duì)退市風(fēng)險(xiǎn)的策略,為已退市的企業(yè)尋找退市原因、改進(jìn)自己,開(kāi)拓新道路；為已上市及準(zhǔn)上市企業(yè)敲響退市警鐘,規(guī)避相應(yīng)的風(fēng)險(xiǎn)。本文旨在公司治理結(jié)構(gòu)方面探討退市風(fēng)險(xiǎn)問(wèn)題,探尋企業(yè)退市風(fēng)險(xiǎn)與公司治理結(jié)構(gòu)的關(guān)系,完善企業(yè)公司治理結(jié)構(gòu),從自身角度把退市風(fēng)險(xiǎn)降至最低。這也是中國(guó)公司跨國(guó)化發(fā)展的必要。中國(guó)海外上市公司正面臨新一輪的挑戰(zhàn),風(fēng)波未停、戰(zhàn)火又起,通過(guò)對(duì)在美上市公司的研究,為其他國(guó)家和地區(qū)的中概股退市風(fēng)險(xiǎn)研究提供借鑒,應(yīng)對(duì)危機(jī)。故而,在美中概股退市風(fēng)險(xiǎn)問(wèn)題的研究迫在眉睫。 本文通過(guò)討論中國(guó)赴美上市公司現(xiàn)狀、中國(guó)公司面對(duì)退市風(fēng)波的反應(yīng)、此次退市風(fēng)波的背景介紹、退市風(fēng)險(xiǎn)的相關(guān)理論,系統(tǒng)闡述了國(guó)內(nèi)外關(guān)于退市風(fēng)險(xiǎn)的研究成果。并對(duì)退市風(fēng)險(xiǎn)與公司治理結(jié)構(gòu)的關(guān)系進(jìn)行了實(shí)證分析,對(duì)公司治理結(jié)構(gòu)三個(gè)組成部分與退市風(fēng)險(xiǎn)關(guān)系的模型進(jìn)行了集中討論。并對(duì)回歸結(jié)果做出重點(diǎn)評(píng)述,結(jié)合實(shí)證研究結(jié)果和時(shí)事經(jīng)濟(jì)的發(fā)展態(tài)勢(shì),對(duì)中國(guó)在美上市公司應(yīng)對(duì)退市風(fēng)險(xiǎn)提出了自己的看法和建議。 本文共包括如下五個(gè)大章節(jié)： 第1部分緒論。此部分闡述本選題的研究背景、意義、目的及方法,提出對(duì)應(yīng)的研究框架。最后,提煉出文章的若干創(chuàng)新點(diǎn),并指出研究的缺陷。 第2部分文獻(xiàn)綜述�；仡櫜⒃u(píng)述了有關(guān)學(xué)者的相關(guān)研究。 第3部分公司治理與退市風(fēng)險(xiǎn)的理論基礎(chǔ)。重點(diǎn)闡述了退市的相關(guān)理論：現(xiàn)代契約理論、制度經(jīng)濟(jì)學(xué)理論、金融風(fēng)險(xiǎn)理論和財(cái)務(wù)預(yù)警理論,為后文的研究提供理論支撐。 第4部分研究設(shè)計(jì)。本部分提出了本文的研究假設(shè),建立了邏輯回歸模型,并對(duì)回歸結(jié)果進(jìn)行詳細(xì)的剖析。故本部分為本文的重要章節(jié)。 第5部分研究結(jié)論與建議。本部分以第三、第四部分為基礎(chǔ),得出本文的研究結(jié)論,并且從公司治理結(jié)構(gòu)不同層次出發(fā)對(duì)規(guī)避風(fēng)險(xiǎn)提出了相應(yīng)的建議。 本文充分利用理論分析與實(shí)證研究方法。理論研究方面：結(jié)合國(guó)內(nèi)外學(xué)者對(duì)退市風(fēng)險(xiǎn)的研究,筆者認(rèn)為目前關(guān)于退市風(fēng)險(xiǎn)的研究不夠全面(主要局限于國(guó)內(nèi)上市公司和退市預(yù)警制度等方面的研究),故作者對(duì)退市風(fēng)險(xiǎn)理論進(jìn)行系統(tǒng)的歸納與分類。實(shí)證研究方面：筆者利用SPSS17.0,對(duì)股權(quán)結(jié)構(gòu)、董事會(huì)特征、管理層激勵(lì)等內(nèi)部治理因素與退市風(fēng)險(xiǎn)概率進(jìn)行l(wèi)ogistic回歸分析,探討了我國(guó)在美上市公司公司治理結(jié)構(gòu)與退市風(fēng)險(xiǎn)之間的關(guān)系,得出相應(yīng)結(jié)論、提出應(yīng)對(duì)風(fēng)險(xiǎn)的建議。 本文有兩個(gè)創(chuàng)新點(diǎn)：一是運(yùn)用邏輯回歸模型,度量海外上市公司的退市風(fēng)險(xiǎn)。在海外上市公司的現(xiàn)有研究成果中,缺乏對(duì)退市風(fēng)險(xiǎn)系統(tǒng)的研究,更沒(méi)有系統(tǒng)的模型來(lái)衡量退市風(fēng)險(xiǎn)。本文通過(guò)對(duì)logistic模型的研究,借鑒公司治理結(jié)構(gòu)指標(biāo),對(duì)在美上市中國(guó)概念股的退市風(fēng)險(xiǎn)進(jìn)行了評(píng)估。二是研究視角的特殊性。本文基于公司治理結(jié)構(gòu)相關(guān)理論,把在美上市中國(guó)公司退市問(wèn)題的研究囊入公司治理框架。從董事會(huì)機(jī)制、管理層激勵(lì)機(jī)制、股權(quán)結(jié)構(gòu)三個(gè)層次對(duì)公司治理結(jié)構(gòu)與在美上市中國(guó)公司退市問(wèn)題的關(guān)系進(jìn)行了深入分析。公司治理理論的應(yīng)用對(duì)象范圍得到拓展。
[Abstract]:The second half of 2010, Chinese listed companies in the United States suffered a concussion, hitherto unknown suspension, the delisting announcement. As of 2012, China companies listed in the U.S. still struggling, the storm has not yet subsided. China company to the United States listed somehow encounter this time? What is the relationship between corporate governance structure and the company can measure this disturbance? In the face of the crisis, these? How to save themselves? All these problems have become the focus of attention of the society, enterprises, to meet. In this paper the theory of corporate governance as the starting point, the corporate governance structure and delisting risk combination, trying to find a new way to deal with the risk of delisting; through the financial early-warning theory and other relevant theory reference, find an evaluation of Listed Companies in the United States Chinese delisting risk model, the risk quantification, to provide support for the decision-making of the enterprise.
This paper is intended to explore the deal in the United States listed enterprise Chinese delisting risk strategy, looking for the reasons for delisting, delisting of the company has improved their own, open up new roads; and has been listed as quasi listed companies delisting sounded the alarm, to avoid the corresponding risks. This paper aims to explore the corporate governance structure of delisting risk, explore the relationship between enterprises and the risk of delisting the corporate governance structure, improve the corporate governance structure, to minimize the risk of delisting from the perspective of their own. This is the necessary development of multinational companies. China China overseas listed companies are facing a new round of challenges, storm did not stop the war, and, through the study of Listed Companies in the United States, to provide reference for the research. The risk of delisting and other countries and regions of the shares in response to the crisis. Therefore, the research in the United States takes stock delisting imminent risk problems.
This paper discusses the status quo of China listed companies in the United States, Chinese companies face delisting crisis response, the delisting crisis background, theory of delisting risk, expounds the domestic and foreign research results about the delisting risk. And the relationship between the risk of delisting and the corporate governance structure of the empirical analysis of corporate governance structure three a model of component and the risk of delisting. We focused on the results of the regression and make emphasis on the results of empirical research, combining the development trend and current economy, China of Listed Companies in the United States should have their views and suggestions on the risk of delisting.
This article includes five chapters as follows:
The first part is the introduction. This part describes the research background, significance, purpose and method of this topic, and puts forward the corresponding research framework. Finally, it extracts some innovative points of the article, and points out the shortcomings of the research.
The second part of the literature review, reviewed and reviewed the relevant research of the relevant scholars.
The third part is the theoretical foundation of corporate governance and delisting risk. It focuses on the related theories of delisting: modern contract theory, institutional economics theory, financial risk theory and financial early warning theory, which will provide theoretical support for future research.
The fourth part is research design. This part puts forward the hypothesis of this paper, establishes the logistic regression model, and makes a detailed analysis of the regression results. Therefore, this part is an important chapter of this article.
The fifth part is the conclusions and recommendations. Based on the third and fourth parts, we draw the conclusions of this study, and put forward corresponding suggestions for avoiding risks based on different levels of corporate governance structure.
This paper used the theoretical analysis and empirical research methods. The theoretical research: Based on the analysis of the delisting risk of domestic and foreign scholars, the author thinks that the current research on the risk of delisting is not comprehensive enough (research mainly confined to domestic listed companies and delisting warning system etc.), so the author summarized and classification system of delisting risk theory. An empirical study: the author use SPSS17.0 of ownership structure, board characteristics, management incentive and internal governance factors and delisting risk probability of logistic regression analysis, discusses the relationship of our country in the United States between the governance structure and the delisting risk of listed companies, and draw the corresponding conclusion, raise the risk of advice.
This paper has two innovations: one is using logistic regression model, measure the overseas listed companies delisting risk. The existing research results in the overseas listed companies, the lack of research on the risk of delisting system, and no systematic model to measure the risk of delisting. Through the research on the logistic model, from the corporate governance index. The China listed stocks in the U.S. delisting risk were evaluated. The two is a special research perspective. This paper based on the theory of corporate governance structure, to study in the United States listed companies delisting issue Chinese sac into the corporate governance framework. From the board of directors mechanism, management incentive mechanism, three levels of ownership structure the in-depth analysis of the relationship with the listed company in the United States China delisting issue of corporate governance. The application scope of the theory of corporate governance has been expanded.

【學(xué)位授予單位】：東北財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F275;F831.51

【參考文獻(xiàn)】

相關(guān)期刊論文 前10條

1 李華中;上市公司經(jīng)營(yíng)失敗的預(yù)警系統(tǒng)研究[J];財(cái)經(jīng)研究;2001年10期

2 馮蕓;劉艷琴;;上市公司退市制度實(shí)施效果的實(shí)證分析[J];財(cái)經(jīng)研究;2009年01期

3 李益娟;;基于Logistic回歸模型的上市公司成長(zhǎng)性判定[J];財(cái)會(huì)月刊;2009年06期

4 白承彪;;Logistic模型與Probit模型用于上市公司財(cái)務(wù)預(yù)警的比較[J];財(cái)會(huì)月刊;2010年33期

5 王芬;海外上市需慎行[J];中國(guó)創(chuàng)業(yè)投資與高科技;2003年05期

6 齊治平,余妙志;Logistic模型在上市公司財(cái)務(wù)狀況評(píng)價(jià)中的運(yùn)用[J];東北財(cái)經(jīng)大學(xué)學(xué)報(bào);2002年01期

7 魯桐,孔杰;2004年中國(guó)上市公司100強(qiáng)公司治理評(píng)價(jià)[J];國(guó)際經(jīng)濟(jì)評(píng)論;2005年03期

8 朱文,賈國(guó)芳;退市風(fēng)險(xiǎn)判斷模型及其應(yīng)用[J];管理現(xiàn)代化;2003年05期

9 張妍妍;吳喬;;基于Probit模型的中國(guó)上市公司退市風(fēng)險(xiǎn)預(yù)警研究[J];貴州財(cái)經(jīng)學(xué)院學(xué)報(bào);2011年01期

10 李永久;我國(guó)海外證券融資的模式分析與途徑選擇[J];經(jīng)濟(jì)研究參考;2003年32期

相關(guān)博士學(xué)位論文 前1條

1 王耀;基于公司治理的我國(guó)上市公司財(cái)務(wù)困境研究[D];中國(guó)礦業(yè)大學(xué);2010年

相關(guān)碩士學(xué)位論文 前5條

1 陳秋文;中國(guó)股市*ST公司退市風(fēng)險(xiǎn)分析[D];對(duì)外經(jīng)濟(jì)貿(mào)易大學(xué);2006年

2 姜海燕;財(cái)務(wù)危機(jī)預(yù)警中Logistic回歸模型的構(gòu)建與檢驗(yàn)[D];內(nèi)蒙古大學(xué);2006年

3 莊永友;判別分析與Logistic模型在上市公司財(cái)務(wù)困境預(yù)測(cè)中的應(yīng)用研究[D];中南大學(xué);2006年

4 熊偉;基于潛變量模型的上市公司退市風(fēng)險(xiǎn)預(yù)測(cè)[D];華中科技大學(xué);2007年

5 賴以容;中國(guó)概念股研究[D];復(fù)旦大學(xué);2010年

，

本文編號(hào)：1603322