双重上市对公司治理及企业业绩影响研究.pdf

摘 要 随着全球经济一体化的发展及各国资本市场的逐渐开放，国际资本流动日趋 自由，各国公司纷纷寻求国际资本市场上市。近30 年来，越来越多的中国企业 在境内上市的同时寻求境外发达国家资本市场上市，由于发达国家资本市场制度 的强制性，企业的公司治理结构势必会出现新的特征，并且双重上市企业通过改 善公司治理结构势必会对企业业绩产生影响。本文使用以双重上市企业与仅在境 内证券市场上市的同类匹配公司为样本，使用2008-2012 年度5 年的数据，使用 Logistic 回归模型对双重上市对公司治理结构与公司绩效关系的影响进行实证研 究，揭示了双重上市对企业公司治理及企业业绩的调节作用，研究发现双重上市 对公司治理特征具有显著的正向调节作用，但对企业业绩不存在显著地影响。最 后，根据研究结果，为投资者、监管部门及企业本身提出合理地建议。 关键词：双重上市，公司治理，股权结构，董事会结构，企业业绩 Abstract With the development of global economic integration and the gradual open of international capital market, the flow of international capital becomes free. Companies from all over the world seek to list in the international capital market. For the last 30 years, more and more Chinese enterprises in the domestic market seeking overseas listing in the developed countries. Enterprises corporate governance structure will have some new features due to the mandatory system of capital markets in developed countries, and the improvement of enterprises corporate governance structure will impact the enterprise performance. Based on dual-listing companies and reference companies, the essay used date during 2008-2012 ，and analyzed the data in Logistic model, to study the relationship between dual-listing, the structure of corporate governance and enterprise performance. Finally, based on results of analysis, the essay find that dual listing has positive influence on corporate governance but do not have influence on corporate performance. Finally, the essay also put forward suggestion for investors, government officials and dual-listing companies. Key Words ：Dual-listing, Cooperate Governance, Equity Structure, the Structure of the Board of Directors, Enterprise Performance 目录 第1 章：引言 1 1.1 概述 1