本文關(guān)鍵詞： 交叉上市 中小股東保護(hù) 影響途徑　出處：《天津財(cái)經(jīng)大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

【摘要】：中小股東是資本市場眾多投資者中的弱勢群體。根據(jù)委托代理理論和信息不對稱理論,中小股東的利益經(jīng)常受到管理層、大股東的侵害。中小股東的利益保護(hù)與資本市場完善程度密切相關(guān)。發(fā)達(dá)的資本市場能夠更好的保護(hù)中小股東的利益。交叉上市是指一個企業(yè)同時在兩個或者兩個以上的資本市場進(jìn)行股權(quán)融資。交叉上市為企業(yè)提供了更嚴(yán)格的法律約束環(huán)境和信息披露制度環(huán)境。這些約束促進(jìn)企業(yè)完善自身對中小股東利益的保護(hù)。 交叉上市對中小股東效應(yīng)的影響途徑及影響效果,有待進(jìn)一步研究。通過理論分析可以發(fā)現(xiàn),交叉上市行為影響了企業(yè)的內(nèi)部公司治理結(jié)構(gòu)、信息披露水平、法律約束環(huán)境以及股利支付情況。從環(huán)境改善層面、市場層面和企業(yè)層面的角度影響了企業(yè)對中小股東的保護(hù)效應(yīng)。選取2007年一2011年交叉上市的企業(yè)數(shù)據(jù)為研究對象,借助Eviews7.2統(tǒng)計(jì)軟件對數(shù)據(jù)進(jìn)行多元線性回歸,對比了我國上市公司交叉上市前和交叉上市后的中小股東保護(hù)效應(yīng)水平。并以2007-2011年非交叉上市公司數(shù)據(jù)作為對照,研究了交叉上市對中小股東保護(hù)效應(yīng)的影響。結(jié)果表明：1.與企業(yè)交叉上市前相比,上市公司在交叉上市以后,其中小股東保護(hù)效應(yīng)明顯改善。2.與非交叉上市企業(yè)相比,選擇交叉上市的企業(yè)能夠更好的保護(hù)中小股東。3.選擇交叉上市的公司本身具有良好的中小股東保護(hù)水平和優(yōu)越的公司質(zhì)量。 基于理論分析和實(shí)證分析結(jié)論,提出改善中小股東保護(hù)的政策建議。認(rèn)為在中小股東保護(hù)方面,企業(yè)應(yīng)當(dāng)積極提高自身實(shí)力、相關(guān)監(jiān)管機(jī)構(gòu)應(yīng)當(dāng)加強(qiáng)制度完善和監(jiān)管力度、中小股東應(yīng)當(dāng)理性對待投資。
[Abstract]:According to the principal-agent theory and information asymmetry theory, the interests of minority shareholders are often subject to management. The interests of the minority shareholders are closely related to the perfection of the capital market. The developed capital market can better protect the interests of the minority shareholders. Cross-listing refers to one enterprise in two or two at the same time. Cross-listing provides a more stringent legal constraint environment and information disclosure system environment for enterprises to improve their own protection of the interests of minority shareholders. Through theoretical analysis, it can be found that cross-listing behavior affects the internal corporate governance structure and the level of information disclosure. The law binds the environment and the dividend payment. From the aspect of environmental improvement. The market level and the enterprise level influence the protection effect of the enterprise to the minority shareholder. The data of cross-listing from 2007 to 2011 are selected as the research object. The multivariate linear regression of the data was carried out with the help of Eviews7.2 statistical software. The protection effect of minority shareholders before and after cross-listing of listed companies in China is compared, and the data of non-cross-listed companies from 2007 to 2011 are compared. The effect of cross-listing on the protection of minority shareholders is studied. The results show that: 1.Compared with the pre-cross-listing of enterprises, the listed companies after cross-listing. Among them the minority shareholder protection effect obviously improved. 2. Compared with the non-cross-listed enterprises. Cross-listed enterprises can better protect minority shareholders. The cross-listed companies have a good level of protection of minority shareholders and superior company quality. Based on the conclusions of theoretical analysis and empirical analysis, this paper puts forward some policy recommendations to improve the protection of minority shareholders. It is believed that enterprises should actively improve their own strength in the protection of minority shareholders. Relevant regulatory bodies should strengthen system improvement and supervision, and minority shareholders should treat investment rationally.
【學(xué)位授予單位】：天津財(cái)經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F275;F832.51

【參考文獻(xiàn)】

相關(guān)期刊論文 前10條

1 何丹;張力上;陳衛(wèi);;交叉上市、投資者保護(hù)與企業(yè)價值[J];財(cái)經(jīng)科學(xué);2010年03期

2 秦志敏;郭雯;;A+H股交叉上市后公司業(yè)績走勢研究[J];財(cái)經(jīng)問題研究;2012年04期

3 周東洲;;交叉上市與股利政策——來自中國“A+H”股的經(jīng)驗(yàn)證據(jù)[J];財(cái)會通訊;2011年06期

4 杜勇;;投資者保護(hù)程度與財(cái)務(wù)質(zhì)量指標(biāo)設(shè)計(jì)研究[J];財(cái)會通訊;2011年21期

5 單嬌;代娟;;中國境外上市公司會計(jì)誠信危機(jī)預(yù)警分析——以反向收購概念股在美遭遇滑鐵盧為例[J];財(cái)會通訊;2011年22期

6 李豫湘;于艷;;“A+H”股交叉上市對公司代理成本的影響[J];財(cái)會月刊;2011年06期

7 沈紅波;廖理;廖冠民;;境外上市、投資者保護(hù)與企業(yè)溢價[J];財(cái)貿(mào)經(jīng)濟(jì);2008年09期

8 董秀良;曹鳳岐;;交叉上市、股價反應(yīng)與投資者預(yù)期——基于H股回歸A股的經(jīng)驗(yàn)研究[J];財(cái)貿(mào)經(jīng)濟(jì);2009年08期

9 婁權(quán);;財(cái)務(wù)報告質(zhì)量與投資者保護(hù)——事件研究法的經(jīng)驗(yàn)證據(jù)[J];山西財(cái)政稅務(wù)�？茖W(xué)校學(xué)報;2006年05期

10 吳世農(nóng),潘越;香港紅籌股、H股與內(nèi)地股市的協(xié)整關(guān)系和引導(dǎo)關(guān)系研究[J];管理學(xué)報;2005年02期

，

本文編號：1471835