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论文编号：	7163
作者编号：	2220120514
上传时间：	2015/5/27 19:44:32
中文题目：	香港上市对中信集团的影响及其公司治理变革研究
英文题目：	The Influence of the Listed on Hong Kong to CITIC Group & Research on the Corporate Governance Reform
指导老师：	杨斌
中文关键字：	中信集团；公司治理；变革模式
英文关键字：	CITIC Group; Corporate Governance; Reform Model
中文摘要：	国有控股企业的改革关乎国家经济命脉。然而，随着国内经济形势变化和上一轮改革红利释放完毕，国有企业在利润增长方式上面临重大瓶颈。而竞争对手已将跨国多领域经营方式作为企业运营的常态，并借助多样化、多层次、多市场的股权上市结构来促进企业的发展。因此，在内外环境的双重压力下，党的十八届三中全会提出进一步完善国有企业现代企业制度，通过推行混合所有制促进国有企业改革的进一步深化。中信集团作为央企改革的先行个案和探路者，在混合所有制和公司治理变革中，成为新一轮国企改革的立体新样本。本文试图通过对中信集团借壳香港上市公司中信泰富实现集团整体上市后面临的机遇与的分析，来探究国有企业在改革大潮中所进行的公司治理变革新思路。 具体而言，本文主要包括理论分析和案例研究两部分。在理论分析中，结合中信集团在香港上市，从企业集团治理理论和交叉上市相关理论两个方面来分析和理解香港上市对中信集团的意义。在案例研究中，首先通过对中信集团发展概况的分析，指出中信集团成长过程、现有业务、子公司与母子公司间持股情况；其次说明中信集团上市的必要性，并借鉴其他国有控股企业变革模式，来指出中信可以借鉴的经验；然后展开对中信集团香港上市的解析，分为地点选择、上市过程、股权结构变化、上市意义四个方面；最后是香港上市对中信集团治理的影响及挑战，一方面指出了香港上市对中信集团治理环境、管控形式、治理结构与机制的影响，另一方面分析了香港上市对中信集团治理的机遇与挑战，其中主要挑战表现为如何降低国家对集团治理的行政干预和如何克服公司治理结构与机制的缺陷，以适应香港的治理规范。并就中信集团应对新的公司治理变革应采取的举措提出了建设性见解。
英文摘要：	The reform of state-owned holding enterprise relates to the lifeline of national economic. However, with the changes in the domestic economic situation and the release of the last round of the bonus of reform, the profit growth mode of Chinese state-owned enterprises facing a major bottleneck. The transnational and multi-business methods from the competitors will be become normal, and with the help of diversification, multi-level listing structure to promote the development of enterprises. Therefore, under the dual pressures of internal and external causes, the Third Plenary Session of the Eighteen proposed to further improve the modern enterprise system of state-owned enterprises, the implementation of mixed ownership. CITIC Group which is the first central enterprises reformer and Pathfinder, becomes a new reform solid sample in the new round of state-owned enterprise reform during the reform of the mixed ownership and corporate governance. This thesis attempts to the analysis the fact of CITIC Group, CITIC Pacific Hong Kong listed companies backdoor to achieve the group's overall listing, to explore the new ideas of state-owned enterprises in the tide of reform of corporate governance reform. This thesis mainly includes two parts, theoretical analysis and case studies. In the theoretical analysis, combined with CITIC Group listed in Hong Kong, from the corporate governance theory and cross listing of the relevant theory to analyze and understand the significance of Hong Kong listed to CITIC Group. In the case study, through analyzing the development situation of CITIC Group, CITIC Group pointed out that the growth process, the existing business, subsidiaries and parent company shareholding; secondly illustrates the necessity of listing of CITIC Group, and other state-owned enterprises reform, pointed out that CITIC can learn from the experience; and then expand the analysis listed on the CITIC Group in Hong Kong, divided into four aspects, the listing process, and change the ownership structure of listed as places; and finally the impact of Hong Kong listed CITIC Group and the governance of the challenge and influence of Hong Kong listed CITIC Group management form, governance environment, governance structure and mechanism of the pointed out that on the one hand, on the other hand, analyzes the opportunities with the challenge of governance of Hong Kong listed CITIC Group, which mainly shows how to reduce the defects of challenge state administrative intervention on corporate governance and how to overcome the corporate governance structure and mechanism, in order to adapt to the norms of governance in Hong Kong. And the suggestions for the new company to deal with the new corporate governance reform should take a constructive view.
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