本文選題：外資股東　切入點(diǎn)：上市公司　出處：《復(fù)旦大學(xué)》2013年碩士論文　論文類(lèi)型：學(xué)位論文

【摘要】：從1979年,中國(guó)政府在深圳蛇口設(shè)立蛇口工業(yè)區(qū),并將深圳設(shè)立為經(jīng)濟(jì)特區(qū)以來(lái),我國(guó)引入外資的數(shù)量和質(zhì)量都大大提高。從最初的試點(diǎn)嘗試,到如今的習(xí)以為常,外資在我國(guó)國(guó)民經(jīng)濟(jì)中的地位也日漸重要。1995年,日本五十鈴汽車(chē)公司和伊藤忠商事株式會(huì)社成為北旅汽車(chē)的第二大股東,更是拉開(kāi)了外資進(jìn)入我國(guó)上市公司的序幕。雖然我國(guó)現(xiàn)在對(duì)外資進(jìn)入中國(guó)的門(mén)檻在逐漸降低,但是有很多行業(yè)仍然是不對(duì)外資開(kāi)放的。另外,在外資引進(jìn)的過(guò)程中,相應(yīng)的法律法規(guī)也需要及時(shí)的修訂以適應(yīng)發(fā)展的需要。 我國(guó)的資本市場(chǎng)在經(jīng)歷了20年的發(fā)展后已經(jīng)初具規(guī)模,無(wú)論是上市公司的數(shù)量還是上市公司的總市值都在快速增長(zhǎng)。但不可否認(rèn)的是,我國(guó)的A股市場(chǎng)仍然是一個(gè)年輕的市場(chǎng),存在著各種各樣的制度漏洞與發(fā)展問(wèn)題。另外,由于歷史原因和傳統(tǒng)文化的影響,我國(guó)的資本市場(chǎng)存在著與西方國(guó)家截然不同的問(wèn)題：超級(jí)大股東對(duì)中小股東利益的侵害。絕對(duì)控股的超級(jí)大股東可能會(huì)通過(guò)層層控制鏈條,對(duì)上市公司進(jìn)行盈余管理,從而達(dá)到其侵害中小股東利益的最終目的。 外資給我國(guó)的經(jīng)濟(jì)發(fā)展帶來(lái)了高新技術(shù)和先進(jìn)的管理理念,同時(shí)由于外資股東在公司中所處的特殊地位,可以對(duì)上市公司的管理者或者是控股股東產(chǎn)生一定的制衡作用。同時(shí),外資股東在上市公司的經(jīng)營(yíng)管理中發(fā)揮的重大作用是否還會(huì)受到其他因素的影響和制約,這些都是值得認(rèn)真仔細(xì)探討的問(wèn)題。 本文首先從盈余管理的理論出發(fā),討論了盈余管理的定義,企業(yè)進(jìn)行盈余管理的動(dòng)機(jī)和目前學(xué)術(shù)界對(duì)盈余管理的計(jì)量手段；接下來(lái)再以委托代理理論為基礎(chǔ),詳細(xì)介紹了第一類(lèi)委托代理問(wèn)題和第二類(lèi)委托代理問(wèn)題。然后,本文在理論的基礎(chǔ)上,對(duì)我國(guó)引入外資的歷史進(jìn)行了回顧并進(jìn)一步地展開(kāi)實(shí)證研究,從滬深兩市中選取樣本,按照已建立的模型進(jìn)行回歸分析,希望找出外資股東對(duì)上市公司盈余管理所產(chǎn)生的影響,并嘗試從多個(gè)方面對(duì)這種影響進(jìn)行詳細(xì)的剖析。通過(guò)研究,本文發(fā)現(xiàn)引入外資股東的確可以對(duì)上市公司的盈余管理產(chǎn)生抑制作用。而當(dāng)外資股東不是第一大股東的時(shí)候,外資股東對(duì)上市公司的盈余管理存在著更加顯著的抑制作用,另外,外資股東的持股比例的提升會(huì)更加抑制上市公司的盈余管理。本文共分為五章,主要有三個(gè)部分： 第一部分,包括第一章和第二章。這一部分主要是導(dǎo)論和理論依據(jù)介紹,對(duì)盈余管理理論和委托代理理論進(jìn)行了文獻(xiàn)綜述,并且對(duì)我國(guó)引入外資的歷史進(jìn)行了回顧； 第二部分,包括第三章和第四章。這一部分主要是文章的主體部分——研究假設(shè)的提出,研究模型的構(gòu)建和實(shí)證研究結(jié)果； 第三部分,第五章,研究結(jié)論與政策建議。作為論文的最后一個(gè)部分,這里對(duì)全文的研究結(jié)論進(jìn)行了總結(jié)和回顧,并且根據(jù)研究結(jié)果提出了一些政策建議。此外,第三部分還對(duì)本文的不足之處進(jìn)行了總結(jié),并對(duì)未來(lái)的研究方向提出一些展望意見(jiàn)。
[Abstract]:From 1979, the government set up Chinese Shekou Industrial Zone in Shenzhen and Shekou, Shenzhen set up as a special economic zone, the quantity and quality of the introduction of foreign investment in China are greatly improved. From the initial pilot, now accustomed to foreign status in China's national economy has become more important in.1995, Japan's Isuzu Motor Ltd and Itochu Mitsubishi has become the second largest shareholder of new cars, is the prelude of foreign capital in China's listed companies. Although China is now on the threshold of foreign capital into Chinese decreased gradually, but there are a lot of industry is still not open to foreign investment. In addition, in the process of the introduction of foreign capital, the corresponding laws and regulations also require timely revised to meet the needs of the development.
In the capital market of our country after 20 years of development has begun to take shape, regardless of the number of listed companies or the total market capitalization of Listed Companies in the rapid growth. But it is undeniable that China's A share market is still a young market, there is a system of loopholes and problems in the development of various all. In addition, due to historical reasons and the influence of traditional culture, the capital market of our country is very different from western countries: super large shareholders to infringe the interests of minority shareholders. The absolute control of super large shareholders may be through the layers of control chain, the earnings management of listed companies, so as to achieve the ultimate goal against the interests of small shareholders.
Bring high technology and advanced management concept of foreign capital to China's economic development at the same time, because of the special status of the foreign shareholders in the company, the listed company managers or controlling shareholders have a balancing role. At the same time, whether a significant role in the management of foreign shareholders of Listed Companies in the will be affected and restricted by other factors, these are worthy of careful study.
This paper from the earnings management theory, discusses the definition of earnings management, corporate earnings management motivation and the academic study on the measurement methods of earnings management; then based on the principal-agent theory, introduced the first second kinds of principal-agent problem and the principal-agent problem. Then, in this paper that is reviewed and further empirical research on the introduction of foreign investment in China's history, the sample from Shanghai and Shenzhen two, regression analysis was carried out in accordance with the established model, hoping to find out the influence of foreign shareholders arising on the earnings management of the listed company, and try to make a detailed analysis of the influence from many aspects in this paper. Through the study, found that the introduction of foreign shareholders can inhibit the earnings management of listed companies. And when the foreign shareholder is not the first major shareholders when abroad Shareholders have a more significant inhibitory effect on earnings management of listed companies. In addition, the increase of shareholding ratio of foreign shareholders will further inhibit earnings management of listed companies. This paper is divided into five chapters, including three main parts.
The first part includes the first chapter and the second chapter. This part is mainly about introduction and theoretical basis, and makes a literature review on earnings management theory and principal-agent theory, and reviews the history of introducing foreign capital in China.
The second part includes third chapters and fourth chapters. This part is mainly about the main body of the article -- the research hypothesis, the construction of the research model and the results of the empirical research.
The third part, the fifth chapter, conclusions and policy recommendations. As the last part of the thesis, here of the research findings are summarized and reviewed according to the research results, and puts forward some policy suggestions. In addition, the third part is the deficiency of the paper are summarized, and put forward some views on the prospect of research direction in the future.

【學(xué)位授予單位】：復(fù)旦大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類(lèi)號(hào)】：F832.51;F275

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本文編號(hào)：1624584