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论文编号：	13
作者编号：	2120052037
上传时间：	2007/6/20 20:06:31
中文题目：	公司治理对中国企业境外上市决策
英文题目：	Corporate Governance and the D
指导老师：	周建
中文关键字：	Corporate Governance and the D
英文关键字：	List abroad;Corporate governan
中文摘要：	近年来，为了迎接资本全球化的挑战与机遇，越来越多的中国企业走出国门，选择跨越国境上市。中国境外上市企业不仅在数量上蓬勃发展，企业的规模也涵盖了大型国有企业以及规模较小的民营企业。不仅如此，境外上市企业的融资规模也大大超过了境内上市企业。2006年，我国境外上市企业的平均融资规模约为境内上市企业的二倍。这从充分说明，境外上市已经成为我国企业实务界的热点现象，而是否境外上市也成为关系到企业生存以及发展壮大的重要决策。 另一方面，公司治理是影响企业决策的重要因素。完善的公司治理结构通过对剩余控制权以及剩余索取权的分配，使股东可以参与企业决策，实现对管理者的有效监督, 防止由代理问题产生的逆向选择以及在我国普遍存在的大股东侵占小股东利益的问题。国内外学者从不同角度研究了公司治理对企业战略决策的影响，而对公司治理与企业境外上市决策的关系研究较少。因此，本文结合公司治理和我国企业境外上市问题，有选择地分析我国企业的公司治理因素对境外上市决策的影响，以期填补理论界的空白，并对该领域的实践提供一些指导。 本研究采用了实证研究与规范分析相结合的方法。在对相关文献进行梳理和述评的基础上，分析了我国企业境外上市的发展历史、现状，介绍了我国企业境外上市的主要方式和上市地点。然后，通过对2006年我国在美国、香港以及伦敦上市的企业和非境外上市企业的公司治理特征的比较，发现我国境外上市公司在公司规模、资本结构、企业绩效、董事长与总经理兼任状况、董事会规模等方面与境外上市公司具有显著的差异。 为了研究是否这些差异造成了企业对境外上市的不同决策。本文选取描述董事会特征、企业股权结构的不同指标，对由境外上市公司以及非境外上市公司组成的样本进行实证分析。实证结果表明：董事会规模对企业境外上市决策具有正面影响,而独立董事比例与境外上市负相关；股权集中度高的企业倾向于境外上市而控制权类型的不同并不是企业是否境外上市的影响因素。负债率较高的内地企业较倾向于境外上市以获得融资，而行业内资深企业也倾向于境外上市以扩大业务空间以及知名度。
英文摘要：	Recently, in order to take the challenges and chance of worldwide capitalization, more and more Chinese corporations go abroad for listing. Our corporations which are listed abroad grow with increasing rate, and not only big state-own corporations, more and more private corporations list abroad. Further, companies list abroad finance much more than ones at home. In 2006, the latter finance 2 times money than the later. All of this make it clear that listing abroad is prevalent in China and whether to list abroad becomes a critical decision which determines the growth of Chinese corporations. Corporate governance is a critical determinant which related to strategic decisions of a corporation. Through corporate governance structure which can allocates the rights to control and share the profits of the company, shareholders can take part in strategic decision making，monitor effectively the managers of the company，and prevent the managers from “adverse choice” and the big shareholders damaging the minority shareholders’benefits. There is many researches at home and abroad about how corporate governance influence the strategic decision making of a company but less about the relationship between corporate governance and listing abroad. Therefore, we link the two topics together and discuss the relationship between corporate governance and whether to list abroad, with hope to fill the blank fields of theoretical research and provide guidelines for Chinese companies. In this thesis, we use empirical method and theoretical analysis comprehensively. After reviewing the previous theories and the results of empirical researches on corporate governance and listing abroad, we introduce the developing history and recent status, methods and main stock exchange of Chinese company’s listing abroad. Then, comparing the corporate governance between companies which list abroad and ones not, we find that there is much difference between companies listing abroad and ones not in corporate size, capital structure, performance, the size of the board and so on. To verify how the difference influence the decision of listing abroad, we adopt different variables to describe corporate shareholding structure and the board and do empirical research with a sample of 161 companies, which contains companies listing abroad and ones not. The research reveals that: (1) the size of the board has positive correlation with decision of listing abroad but the ratio of independent director in the board not.(2) Companies with high intensive shareholding structures prefer to list abroad and the type of the controlling shareholder is not the determinant of the decision. (3) Companies with higher liabilities rations and longer histories prefer to list abroad to finance more to support their projects and to get more chance for further development and reputation.
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