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论文编号：	3172
作者编号：	2120092398
上传时间：	2011/6/3 11:26:24
中文题目：	境外上市、公司治理与企业绩效
英文题目：	CROSS-LISTING, CORPORATE GOVERNANCE
指导老师：	周建
中文关键字：	境外上市 公司治理 企业绩效 中介变量
英文关键字：	cross-listing; corporate governance; corporate performance; mediating effect
中文摘要：	资本市场的全球化和信息技术在证券市场的广泛应用，使资本流动和金融交易日益国际化，企业的境外上市战略也成为了一种必然趋势，突破了传统的资产国际化，除了以对外进行直接投资或销售，收购兼并的方式实现企业国际化的进程外，越来越多的企业开始重视股权的国际化，即从融资渠道引入国际资本。股权融资的国际化的主要方式，一方面可以进行境外上市，到更严格的监管环境下，改善公司治理水平来提高企业绩效；另一方面可以通过私募股权的形式，将企业股份由境外的有投资专长和监管经验的基金所有，克服市场条件下的分散股东所存在的所有权对经营权约束能力差的问题，进而提高企业绩效。 可以说，随着境外上市的开展，企业在国际市场的知名度逐渐提升，同时，相应的公司治理的改善，也使得企业吸引了更多的境外投资者的关注，这对打开国际产品市场和企业绩效都是具有重要意义的。除了更大范围的融资以外，海外的资本市场比国内市场更加成熟，资本供给更加充分，资金成本也相对较低；另外，国内企业境外上市后，外资股股东将会依照公司章程来保护股东利益，要求上市公司切实履行公司章程承诺的义务，及时、准确地进行信息披露，提高公司治理水平。 在众多学者的研究中，国际化程度促进企业绩效的提升得到了统一的共识，那么，境外上市对企业绩效的影响如何，这是本文探讨的主要问题；同时，企业境外上市的目的中，改善公司治理的动机越来越明显，那么企业能否通过境外上市改善公司治理状况来提高企业绩效呢？这也是本文要探讨的问题。 研究表明，境外上市公司，尤其是到监管更严格的上市地上市，公司治理将会得到明显改善，同时企业绩效得到提升，但并不显著；同时，公司治理水平的提高也会促进企业绩效的提升，公司治理是境外上市与企业绩效的部份中介变量。
英文摘要：	With the globalization of capital markets and the extensive application of information technology in the securities market, the capital flows and financial transactions have become increasingly international. Cross listing has become an inevitable strategy of companies, which breaking the traditional assets of international, in addition to externally direct investment or sales abroad, mergers and acquisitions to achieve the internationalization process of firms. More and more enterprises begin to attach importance to the internationalization of equity, namely, the introduction of international capital to the financing channels. The main ways of the equity internationalization is cross listing and private equity. The former makes the firm in a more stringent regulatory environment to improve corporate governance standard and business performance; the latter makes the firm owned by overseas fund companies with investment expertise and regulatory experience, to overcome the existing poor binding capacity of shareholders in operation for the decentralized market conditions, thus improving business performance. The purpose of this paper is to explore whether corporate governance is the intermediaries between the cross-listing strategy and corporate performance. The paper first review the studies on the cross-listing and corporate governance, based on what constructed the theoretical model to express the relationship between cross-listing, corporate governance and corporate performance. Then, the paper takes the regression test and mediating effects test with the companies listed in Hong Kong as the samples. Empirical studies found that corporate governance is the intermediaries between the cross listing strategy and corporate performance. Meanwhile, the study verify that cross-listing strategy do enhance the corporate performance. The finding will help the Chinese corporate choose another way to be international and practice the strategy.
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