本文關(guān)鍵詞： AH股上市公司 資本結(jié)構(gòu) 公司治理 公司治理績(jī)效　出處：《湖南大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

【摘要】：隨著金融危機(jī)的影響逐漸減弱，我國(guó)經(jīng)濟(jì)狀況不斷改善，資本市場(chǎng)活躍度增加，雙重資本融資規(guī)模增大，AH股上市公司數(shù)量迅速增多，其可持續(xù)發(fā)展備受關(guān)注。我國(guó)AH股上市公司作為一個(gè)新生事物，，其在資本結(jié)構(gòu)、公司治理等方面都存在著一定的缺陷和不足，在雙重資本市場(chǎng)中的活動(dòng)面臨著更大的挑戰(zhàn)。公司治理績(jī)效作為上市公司可持續(xù)發(fā)展的基礎(chǔ)和前提，受到資本結(jié)構(gòu)和公司治理的完善程度的約束，其結(jié)果不盡如人意。為充分把握雙重資本市場(chǎng)帶來的機(jī)遇，促進(jìn)我國(guó)AH股上市公司更加良好有序地發(fā)展，本文擬對(duì)其資本結(jié)構(gòu)約束下的公司治理績(jī)效進(jìn)行理論分析和實(shí)證研究。 本文結(jié)合資本結(jié)構(gòu)理論與公司治理理論分析了資本結(jié)構(gòu)中股權(quán)和債權(quán)的公司治理效應(yīng)，通過進(jìn)一步對(duì)我國(guó)AH股上市公司發(fā)展歷程的了解，對(duì)其資本結(jié)構(gòu)和公司治理現(xiàn)狀進(jìn)行了深入分析和考察，發(fā)現(xiàn)該類公司存在著我國(guó)A股上市公司的一般特征。同時(shí)因其存在雙重股份的資本結(jié)構(gòu)，AH股上市公司還面臨著特殊的公司治理難題，特別是在不同法律監(jiān)管環(huán)境下的激勵(lì)監(jiān)督機(jī)制設(shè)置更為復(fù)雜。為充分研究資本結(jié)構(gòu)與公司治理績(jī)效之間的關(guān)系，本文通過構(gòu)建資本約束下AH股上市公司治理績(jī)效多元線性回歸模型進(jìn)行了實(shí)證分析，分析結(jié)果顯示在特殊的雙重資本環(huán)境下，其資本結(jié)構(gòu)與公司治理均對(duì)公司治理績(jī)效具有正相關(guān)關(guān)系，特別是資產(chǎn)負(fù)債率、董事會(huì)結(jié)構(gòu)、監(jiān)事會(huì)結(jié)構(gòu)、高管薪酬激勵(lì)等因素影響尤為顯著。最后根據(jù)實(shí)證研究的結(jié)果，對(duì)未來我國(guó)AH股雙重上市公司資本結(jié)構(gòu)和公司治理的優(yōu)化提出了建設(shè)性的建議，以促進(jìn)其更好的發(fā)展。
[Abstract]:With the financial crisis gradually weakened, China's economic situation continues to improve, capital market activity increased, dual capital financing scale increases, the number of AH shares of listed companies increased rapidly, its sustainable development has attracted much attention. China's AH shares of listed companies as a new thing, in the capital structure, corporate governance and other aspects of existence some defects and deficiencies in the double capital market activities are facing greater challenges. The performance of corporate governance as the basis and precondition of the sustainable development of the listed companies, the capital structure and corporate governance to improve the degree of constraint, the result is not satisfactory. In order to fully grasp the dual capital market opportunities, promote me China AH shares of listed companies more good and orderly development, the performance of corporate governance on its capital structure under the constraint of theoretical analysis and empirical research.
This paper combines the theory of capital structure and corporate governance theory to analyze the corporate governance effect of equity and debt capital structure, through further development of China's AH shares of listed companies, the capital structure and corporate governance of the in-depth analysis and investigation, the company has the general characteristics of China's A shares listed companies. At the same time due to the existence of the dual capital structure of shares, AH shares of listed companies is also facing special problems of corporate governance, especially for the establishment of incentive and supervision mechanism in different legal and regulatory environment is more complex. For the full relationship between capital structure and corporate governance performance research, this paper constructs under the capital constraint AH shares of listed companies governance performance of the multivariate linear regression model for empirical analysis, analysis results show that in the dual capital special environment, the capital structure and corporate governance are Have a positive correlation on the performance of corporate governance, especially the asset liability ratio, board structure, board structure, effects of executive compensation incentive factors is particularly significant. Finally, according to the results of empirical research, some constructive suggestions to optimize the future governance of China AH shares of dual listed company capital structure and the company proposed to to promote their development.

【學(xué)位授予單位】：湖南大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F275;F276.6;F832.51

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