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The Research on the Effects of Overseas Listing on the Corporate Governance of Chinese State-Owned Enterprises

Author: FangFang
Tutor: LiMingYi
School: Beijing Technology and Business University
Course: Industrial Economics
Keywords: Overseas listing Corporate Governance State-owned enterprises
CLC: F831.51
Type: Master's thesis
Year: 2010
Downloads: 137
Quote: 1
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Abstract


Practice, the overseas listed in the 1970s, more than 100 countries around the world to improve the national economy (mainly state-owned economy) operating efficiency. In China, Tsingtao Brewery has been listed in Hong Kong in 1993, the state-owned enterprises listed overseas journey. The original intention to promote the reform of state-owned enterprises listed outside; broaden the channels of the introduction of foreign capital to accelerate capital accumulation; borrow foreign capital markets to raise international awareness. Judging from the statistics, most of the state-owned enterprises listed overseas through the issuance of H-shares or red chips listed on the Hong Kong Stock Exchange. In theory, existing on the behavior of Chinese companies listed overseas research has focused on the motives of the overseas listed. Doctrine motivation, initial studies mainly in overseas listed commercial motives; late 1990s, the motivation for the study of corporate governance began to appear of overseas listed on corporate governance is becoming the focus of academic attention. However, the unique governance characteristics of state-owned enterprises based study overseas listed its corporate governance literature is relatively small. This paper attempts based on the background of China's state-owned enterprise reform and corporate governance changes, from the securities market to promote corporate governance mechanism, the positive impact of differences in domestic and foreign securities markets, as well as the securities market outside the corporate governance of state-owned enterprises. Securities market from the aspects of the financing mechanism, the mechanism of price fluctuations, incentive and restraint mechanisms, supervision and management mechanism affect the governance of listed companies. Outside the developed capital markets higher in information disclosure, accounting standards, investor protection requirements, can provide a more binding environment for corporate governance. Therefore, overseas listing can have a positive impact on the corporate governance of state-owned enterprises. This article also through empirical analysis and inspection role in promoting corporate governance of state-owned enterprises listed overseas. Mainly reflected in: the the overseas listed state-owned holding company has a more robust system of the Board, to some extent reduce the phenomenon of internal control; relatively dynamic, long-term incentives, the manager's expected income and long-term development are closely linked, reduce the cost of the principal-agent; reducing the related party transactions, thereby increasing the level of corporate governance. In addition, Hong Kong and the Mainland securities market regulatory system and the regulatory environment were analyzed, and come to the conclusion of the system of governance of listed companies outside environment is better than a company listed on the mainland.

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CLC: > Economic > Fiscal, monetary > Finance, banking > World of finance, banking > Financial market
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