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论文编号：	7515
作者编号：	2120132476
上传时间：	2015/6/11 10:04:44
中文题目：	董事会特征、股权结构与境外上市公司风险研究
英文题目：	Study on Board Characteristics, Ownership Structure and Risk of Overseas-listed Companies
指导老师：	张国萍
中文关键字：	境外上市；公司风险；董事会特征；股权结构
英文关键字：	listed abroad; the company risk; board characteristics; ownership structure
中文摘要：	作为改革开放的一大重大突破，中国公司“境外上市”己走过了22年的发展历程，国内公司境外上市对我国公司的发展、我国整体的经济建设乃至我国的国际影响力都做出了很大贡献；国际金融自由化、金融全球化的不断推进和信息技术在证券市场广泛应用更是让各个国家或地区间的金融互动相比于以前更加明显。近年来，境外上市成为不少国企改革以及中小企业探索新融资渠道的选择方式。 目前，中国企业境外上市行为的研究基本集中于三类：一类主要探索研究境外上市后国内A股和境外H股或其他上市地点的价格之间的关系；一类则试图从某一角度揭示公司寻求境外上市的动因；另一类则主要阐述境外上市对公司治理的影响。考察境外上市公司的公司治理几大主要维度同企业风险关系的研究还几乎没有。本文在叙述了中国企业境外上市情况和表现并阐述了境外上市公司所面对的风险类别后，接着对境外上市公司的公司治理两大主要维度董事会特征、股权结构（包含机构投资者持股）与公司风险的的关系进行了理论和实证研究。本文选取中国在美NYSE、NASDAQ、AMEX三大证券交易所上市的公司，从公司治理的两大维度董事会特征、股权结构对境外上市公司风险的影响角度进行了描述性统计和实证研究，而且本文引入了Altman的Z值分析法来度量公司风险。实证结果表明：董事会规模与公司风险显著正相关；独立董事所占比例与公司风险不相关；董事长和总经理两职合一与公司风险正相关；股权集中度与公司风险显著正相关；股权制衡度与公司风险不相关；机构投资者持股比例与公司风险成正相关关系。
英文摘要：	As a big breakthrough of the reform and opening up, Chinese companies “listing abroad” has gone through 22 years of development, domestic companies listed abroad has made a great contribution to the international influence to our companies, our country’s overall economic construction and even the international influence of our country; The advancement of the international financial liberalization, financial globalization and information technology is widely used in securities market let the financial interaction between various countries or regions more apparent than ever. In recent years, listed abroad become a choice of many state-owned enterprises to deepen reform and rapid development of small and medium-sized enterprises to seek to explore new financing. At present, Chinese companies listed abroad behavior research has focused on the basic of three categories: One type of which main to explore the price between the domestic a-share and H share or other public places the relationship after listed abroad; One of kind is tries to reveal the dynamics of companies seeking overseas listing from a certain angle; Another kind is mainly elaborated listed abroad impact on corporate governance. At present, systematic study on the relationship between the several major dimensions of corporate governance with the risk of listed companies is few. In this paper, after describes the Chinese companies listed overseas situation and performance and elaborated the risk category of overseas listed companies faced, then this paper research the relationship between the two major dimensions of the corporate governance structure, the board of directors and ownership structure (including institutional investors holding shares) and corporate risk in the manner of theoretical and empirical. This article selects the Chinese company listed in the United States three big stock, the New York stock exchange (NYSE), the NASDAQ stock exchange (NASDAQ) and the American stock exchange (AMEX), from two dimensions of corporate governance, the board characteristics and ownership structure point of view to the impact of overseas listed companies use the way of empirical research, and this article introduces the Altman Z value analysis method to measure risk. The empirical results show that: the scale of the board of directors and company risk into significant positive correlation; the roportion of independent directors and the company were not associated with risk; the chairman and general manager of the joining together of two position are positively correlated with the company’s risk; the ownership concentration and corporate risk into significant positive correlation; equity balance degree and the company were not associated with risk; institutional investors holding ratio are positively correlated with the company’s risk.
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