本文選題：海外上市 + 公司治理�。� 參考：《復(fù)旦大學(xué)》2012年碩士論文

【摘要】：在全球經(jīng)濟一體化和證券市場國際化的背景下,一國公司赴別國資本市場融資早已屢見不鮮,尤其是蓬勃發(fā)展中的新興經(jīng)濟體國家國有和民營公司前往發(fā)達資本市場上市交易,越來越受到人們的追捧。一方面,海外上市提供了公司成長所需的資金和平臺；另一方面,更加嚴(yán)格的監(jiān)管要求給公司治理帶來了新的挑戰(zhàn)。于是,一項重要課題應(yīng)運而生,海外上市究竟對中國公司治理結(jié)構(gòu)和治理水平有著怎樣的影響? 圍繞上述研究課題,本文分析首先了中國公司海外上市的背景與現(xiàn)狀,以大量生動詳實的數(shù)據(jù)展示了目前中國公司在全球資本市場中的布局,而后分別從理論分析、實證分析和案例分析三個方面來研究海外上市對于中國公司治理結(jié)構(gòu)和治理水平的影響。 本文試圖通過回顧有關(guān)海外上市和公司治理的相關(guān)理論,分析海外上市與公司治理間的互動關(guān)系。研究表明,海外上市至少在提高信息披露程度、降低關(guān)聯(lián)交易水平、保證會計信息質(zhì)量和優(yōu)化公司資本結(jié)構(gòu)四個方面提高了公司治理水平。 本文通過分析歷史數(shù)據(jù)得出中國市場和香港資本市場在有效性方面的異同,還通過定義公司治理變量對比了海外上市與國內(nèi)上市的公司治理水平。 本文通過對在海外上市的兩家典型公司進行分析,來佐證先前得出的結(jié)論。認(rèn)為對于遵守法規(guī)、誠信經(jīng)營、為投資者負(fù)責(zé)的公司,在海外資本市場將會迅速成長壯大,而對于海外上市動機不純、缺乏誠信意識、侵占股東權(quán)益的少數(shù)公司,不管曾經(jīng)在市場上有多風(fēng)光,終究難逃市場的懲罰,遭到投資者的唾棄。
[Abstract]:In the context of global economic integration and the internationalization of securities markets, it has long been common for companies of one country to go to other countries to raise funds in capital markets, especially when state-owned and private companies of booming emerging economies go to the developed capital markets to list and trade.Be more and more popular with people.On the one hand, overseas listings provide the capital and platform for companies to grow; on the other hand, stricter regulatory requirements pose new challenges to corporate governance.As a result, an important topic emerged as the times require, how does the overseas listing affect the governance structure and governance level of Chinese companies?Focusing on the above research topics, this paper first analyzes the background and current situation of overseas listing of Chinese companies, and presents the layout of Chinese companies in the global capital market with a large number of vivid and detailed data.Empirical analysis and case study to study the impact of overseas listing on the governance structure and governance level of Chinese companies.This paper attempts to analyze the interaction between overseas listing and corporate governance by reviewing the relevant theories of overseas listing and corporate governance.The research shows that overseas listing improves the corporate governance level in at least four aspects: improving the level of information disclosure, lowering the level of related party transactions, ensuring the quality of accounting information and optimizing the company's capital structure.By analyzing the historical data, this paper draws the similarities and differences between the Chinese market and the Hong Kong capital market in terms of efficiency, and also compares the corporate governance level of overseas listing with that of domestic listing by defining corporate governance variables.This paper analyzes two typical companies listed overseas to support the previous conclusions.They believe that companies that abide by laws and regulations, operate in good faith, and are responsible for investors will grow rapidly in the overseas capital market, while a few companies with impure motives for overseas listing, lack of integrity awareness, and encroachment on shareholders' rights and interests,No matter how good in the market, after all, the market's punishment, investors spurned.
【學(xué)位授予單位】：復(fù)旦大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F832.51;F224

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