本文選題：首次公開發(fā)行　切入點(diǎn)：公司治理　出處：《浙江財(cái)經(jīng)學(xué)院》2012年碩士論文

【摘要】：我國的資本市場(chǎng),經(jīng)歷了近二十年的發(fā)展,已經(jīng)取得了長足的進(jìn)步。在IPO的發(fā)行機(jī)制改革方面,從2001年開始,我國股票發(fā)行制度實(shí)施重大變革,核準(zhǔn)制取代審批制,其中最為關(guān)鍵的環(huán)節(jié)就是中國證監(jiān)會(huì)設(shè)立股票發(fā)行審核委員會(huì),對(duì)擬上市公司提出的IPO申請(qǐng)進(jìn)行審批。自從發(fā)審委創(chuàng)立以來,是否堅(jiān)持以公平、公正、公開為指導(dǎo)原則,對(duì)于把好市場(chǎng)準(zhǔn)入關(guān)、從源頭上提高上市公司質(zhì)量具有重要的意義。而在發(fā)行審核委員會(huì)審核評(píng)判提交IPO申請(qǐng)的公司能否通過發(fā)行審核這個(gè)關(guān)鍵環(huán)節(jié)中,對(duì)影響發(fā)審委做出最終審核結(jié)果的因素的研究,在國內(nèi)目前幾乎是空白。 對(duì)于首次公開發(fā)行市場(chǎng)的問題,國外學(xué)者的主要研究方向在于新股的短期抑價(jià)和長期弱勢(shì)現(xiàn)象。而國內(nèi)學(xué)者除了考察我國股票市場(chǎng)是否同樣存在新股抑價(jià)和長期弱勢(shì)現(xiàn)象以外,還考察了我國股票發(fā)行審核監(jiān)管制度的改革效果,以及如何改善股票發(fā)行審核委員會(huì)的審核行為。對(duì)于公司治理的問題,國內(nèi)外的研究成果也只專注于交易成本理論、代理理論、利益相關(guān)者理論等傳統(tǒng)理論,對(duì)于擬發(fā)行人公司治理對(duì)于發(fā)審委審核結(jié)果的影響這個(gè)交叉領(lǐng)域,目前研究幾乎都未涉及。因此,對(duì)這一領(lǐng)域的研究就顯得十分必要。 本文采用自2006年到2009年間所有在滬、深證券交易所申請(qǐng)發(fā)行A股的擬發(fā)行人做為研究樣本,根據(jù)擬發(fā)行人在股票首次公開發(fā)行招股說明書中所披露的內(nèi)容提取所需的公司治理指標(biāo)及數(shù)據(jù),通過提出擬發(fā)行人公司治理機(jī)制對(duì)發(fā)行審核委員會(huì)審核結(jié)果影響的理論假設(shè),并用二元Logistic回歸模型,對(duì)公司治理機(jī)制這一因素對(duì)發(fā)行審核委員會(huì)審核結(jié)果的影響進(jìn)行實(shí)證研究。 實(shí)證結(jié)果顯示,具有以下特征的擬發(fā)行人更容易通過發(fā)審委的審核:(1)不存在同業(yè)競爭、資金占用和擔(dān)保貸款的擬發(fā)行人;(2)在人員、業(yè)務(wù)、財(cái)務(wù)、資產(chǎn)等方面具有獨(dú)立性的擬發(fā)行人;(3)董事會(huì)中外部董事和獨(dú)立董事占多數(shù),且具有不同的專業(yè)知識(shí)、設(shè)置有相應(yīng)的專業(yè)委員會(huì)的擬發(fā)行人;(4)獨(dú)立董事比例相對(duì)較高的擬發(fā)行人;(5)董事會(huì)成員具有政治身份和社會(huì)背景(具有政府背景、為人大代表或政協(xié)委員、屬于各個(gè)行業(yè)協(xié)會(huì)會(huì)員)的擬發(fā)行人。相比之下,具有股權(quán)制衡、董事長與總經(jīng)理兩職合一、“內(nèi)部人控制”比例對(duì)擬發(fā)行人是否通過審核均沒有顯著性影響。通過分析公司治理指數(shù)對(duì)IPO審核結(jié)果的影響,結(jié)果表明,擬上市公司治理水平越高,其越容易通過發(fā)審委的審核。結(jié)合以上兩方面回歸分析結(jié)果,本文認(rèn)為公司治理是影響擬上市公司IPO能夠?qū)徍送ㄟ^的重要因素。良好的公司治理結(jié)構(gòu)是擬發(fā)行人向發(fā)行審核委員會(huì)傳遞公司信息的重要手段。 本文研究具有一定的探索性,創(chuàng)新之處主要體現(xiàn)在以下幾個(gè)方面:首先,研究視角具有創(chuàng)新性。擬發(fā)行人能否順利通過發(fā)審委審核對(duì)一個(gè)企業(yè)的發(fā)展具有重要的戰(zhàn)略意義。本文是以擬發(fā)行人公司治理機(jī)制對(duì)發(fā)審委審核結(jié)果的影響作為研究內(nèi)容,將公司治理與IPO發(fā)行審核結(jié)果結(jié)合作為研究的切入點(diǎn),這一視角在國內(nèi)研究中鮮有涉及,具有一定的創(chuàng)新性。其次,研究內(nèi)容和方法具有創(chuàng)新性。根據(jù)證監(jiān)會(huì)對(duì)擬發(fā)行人公司治理的要求,本文從三個(gè)方面來反映公司治理機(jī)制,采用Logistic回歸模型對(duì)擬發(fā)行人公司治理情況對(duì)發(fā)審委審核結(jié)果的影響進(jìn)行實(shí)證研究,并將公司治理指標(biāo)對(duì)IPO發(fā)行審核結(jié)果的影響進(jìn)行了詳細(xì)的分類、歸納,同時(shí)編制綜合的公司治理指數(shù)來反映擬上市公司治理水平的高低。最后針對(duì)發(fā)審委的具體審核情況,提出公司治理方面的一些改進(jìn)建議,這對(duì)擬發(fā)行人來說具指導(dǎo)和借鑒的現(xiàn)實(shí)意義。 本文的分析具有以下理論和實(shí)踐意義:本文試圖將公司治理與IPO發(fā)行審核結(jié)果聯(lián)系起來進(jìn)行研究,以此找到公司治理與發(fā)審委審核行為之間的理論聯(lián)系,進(jìn)而找到影響發(fā)審委審核行為的公司治理變量。從這一全新視角研究IPO發(fā)行審核問題,將有助于探明公司治理結(jié)構(gòu)在IPO上市過程中所起到的作用及相應(yīng)作用機(jī)理。將主要的公司治理指標(biāo)對(duì)IPO發(fā)行審核結(jié)果的影響進(jìn)行了詳細(xì)的分類、歸納,同時(shí)編制綜合的公司治理指數(shù)來反映擬上市公司治理水平的高低,更具指導(dǎo)和借鑒的現(xiàn)實(shí)意義。同時(shí),在明確了擬發(fā)行人公司治理結(jié)構(gòu)同IPO發(fā)行審核結(jié)果之間的關(guān)聯(lián)后,有助于擬發(fā)行人改善自身的公司資本結(jié)構(gòu)和公司治理,具有一定借鑒和參考作用。
[Abstract]:The capital market of our country, has experienced nearly twenty years of development, has made considerable progress. In terms of the issue of reform of the mechanism of the IPO, from the beginning of 2001, major changes in the implementation of the stock issuance system in China, approval from the examination and approval system, one of the most critical aspect is China commission established stock issuance examination committee. For approval of the proposed company to be listed in the IPO application. Since the IEC was founded, whether to insist on fairness, justice, openness as the guiding principle for good market access, has an important significance to improve the quality of listed companies from the source. But whether the issue of the audit committee the audit judgment submitted IPO application of the company through the issuance of audit the key link in the study of factors, make the final audit results on the impact of fashenwei, currently in the country is almost blank.
For the IPO market, the main research of foreign scholars is the short-term IPO Underpricing and long-term underperformance. In addition to the domesticscholars examine whether China's stock market also exists IPO Underpricing and long-run underperformance, also examines the supervision system of China's stock issuance examination reform effect, and how to improve the audit the stock issuance audit committee for corporate governance issues, the research results at home and abroad only focused on the transaction cost theory, agency theory, stakeholder theory and other traditional theory, for the issuer of corporate governance for the interdisciplinary influence fashenwei audit results, the present study almost not involved. Therefore, the research on this field is very necessary.
This paper from 2006 to 2009 all in Shanghai, Shenzhen stock exchange for the issuance of A shares of the issuer as the research sample, according to the issuer in the IPO prospectus disclosure of corporate governance content extraction specification of the desired index and data, through the proposed theoretical assumptions affect the issuer of corporate governance the mechanism on the issue of the audit committee of the audit results, and two yuan of Logistic regression model, the empirical research on the factors of corporate governance influence on the issue of the audit committee of the audit results.
The empirical results show that the issuer has the following characteristics more easily through the issuance examination committee of the audit: (1) there is no competition in the industry, the issuer of funds and loans; (2) in personnel, business, finance, the issuer is independent of assets and other aspects; (3) the board of directors outside directors and independent directors accounted for the majority, and have different professional knowledge, set up the corresponding issuer of the Specialized Committee; (4) the proportion of independent directors of the issuer is relatively high; (5) the members of the board of directors with political identity and social background (with a government background, as deputies or CPPCC members. Each member belongs to Industry Association) of the issuer. In contrast, the equity balance, chairman and general manager of the two level one, "internal control" to be issued or approved were no significant impact. Through the analysis of corporate governance index of the IPO instance The results show that the effect of nuclear, to be listed corporate governance level is higher, the more easily through the issuance examination committee of the audit. Combining these two aspects of the results of regression analysis, this paper argues that corporate governance is the influence of listed companies to IPO important factors through the audit. Good corporate governance structure is an important means for the issuer to transfer company information to the issue of the audit committee.
This paper has certain exploratory, innovation is mainly reflected in the following aspects: first, innovative research perspective. The issuer can pass has an important strategic significance for trial development of Audit Committee of an enterprise. This paper is based on the issuer of corporate governance mechanism on fashenwei audit results influence as the research contents of corporate governance and audit results with IPO distribution as the breakthrough point, this perspective in our country rarely involved in the study, with a certain degree of innovation. Secondly, the research content and innovative method. According to the Commission of the issuer of the requirements of corporate governance, this paper to reflect the corporate governance the mechanism from three aspects, using Logistic regression model to conduct empirical research on the influence of corporate governance on the issuer fashenwei audit results, and the index of corporate governance audit issued to the IPO node The effects of detailed classification, induction, and the preparation of a comprehensive corporate governance index to reflect the listed corporate governance level. According to the specific situation of the audit of the IEC, brings forward some suggestions to improve the corporate governance, the realistic significance of the issuer has guidance and reference.
Has the following theoretical and practical significance of this paper: This paper tries to combine corporate governance and IPO issuance examination results linking research, in order to find the corporate governance and the trial theoretical relationship between audit committee behavior, corporate governance variables and find the impact of fashenwei audit behavior. The issuance examination questions from a new perspective on IPO. Will have to help listed on the IPO to investigate the corporate governance structure in the process of action and corresponding mechanism. The main effect of corporate governance index issued the audit results of IPO carried out a detailed classification, induction, and the preparation of a comprehensive corporate governance index to reflect the listed corporate governance level, practical significance with guidance and reference. At the same time, the relationship between the issuer of corporate governance structure in the IPO issue of audit results, help the issuer to improve their The capital structure and corporate governance of the company have a certain reference and reference function.

【學(xué)位授予單位】：浙江財(cái)經(jīng)學(xué)院
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F832.51;F224;F276.6

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