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(jì)一體化和證券市場(chǎng)國(guó)際化的背景下,一國(guó)公司赴別國(guó)資本市場(chǎng)融資早已屢見不鮮,尤其是蓬勃發(fā)展中的新興經(jīng)濟(jì)體國(guó)家國(guó)有和民營(yíng)公司前往發(fā)達(dá)資本市場(chǎng)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(zhǎng)所需的資金和平臺(tái)；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(xiàng)重要課題應(yīng)運(yùn)而生,海外上市究竟對(duì)中國(guó)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(guó)公司海外上市的背景與現(xiàn)狀,以大量生動(dòng)詳實(shí)的數(shù)據(jù)展示了目前中國(guó)公司在全球資本市場(chǎng)中的布局,而后分別從理論分析、實(shí)證分析和案例分析三個(gè)方面來研究海外上市對(duì)于中國(guó)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(dòng)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(huì)計(jì)信息質(zhì)量和優(yōu)化公司資本結(jié)構(gòu)四個(gè)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(guó)市場(chǎng)和香港資本市場(chǎng)在有效性方面的異同,還通過定義公司治理變量對(duì)比了海外上市與國(guó)內(nèi)上市的公司治理水平。 本文通過對(duì)在海外上市的兩家典型公司進(jìn)行分析,來佐證先前得出的結(jié)論。認(rèn)為對(duì)于遵守法規(guī)、誠(chéng)信經(jīng)營(yíng)、為投資者負(fù)責(zé)的公司,在海外資本市場(chǎng)將會(huì)迅速成長(zhǎng)壯大,而對(duì)于海外上市動(dòng)機(jī)不純、缺乏誠(chéng)信意識(shí)、侵占股東權(quán)益的少數(shù)公司,不管曾經(jīng)在市場(chǎng)上有多風(fēng)光,終究難逃市場(chǎng)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(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F832.51;F224

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