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Corporate Governance of Listed Companies with Financial Ethics Empirical Analysis

Author: LiZhenLin
Tutor: HuangJuan
School: Southwestern University of Finance and Economics
Course: Accounting
Keywords: Corporate Governance Financial Ethics An Empirical Study
CLC: F276.6
Type: Master's thesis
Year: 2011
Downloads: 137
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Abstract

Background As the world economy and the financial industry continues to develop in the 1990s, China has successively established the Shanghai Stock Exchange and Shenzhen Stock Exchange, which opened a new era of regularization securities transactions in China. China's securities market after 20 years of continuous development and improvement, the formation of a good trading environment and a series of related laws and regulations system, but the overall trend is good, the market still appears a lot of financial false, fraud, and foreign listed companies The information is not really the phenomenon is repeated more than fat, this disease is attributed to the point is that listed companies' financial ethics missing. Lack of listed companies' financial ethics is not only the characteristics of China's securities market, it is also plagued by economic and financial industry is relatively developed capitalist countries. Before the economic crisis in 1929 and 1933, the U.S. stock market for their own interests, in total disregard of personal and corporate financial ethics, making a false information, misappropriation of public property, and private gain. The 20th century, very good to the United States, Enron, WorldCom and many other international well-known large companies have also outgoing accounting scandals in the securities market development. Since the Enron bankruptcy cases, the performance of the U.S. stock market to a continuous's decline trend, one of the most critical problem is that listed companies in a fraudulent manner to plunder the wealth of the investors and stakeholders, manifested is investors lost confidence and trust in the stock market. This event also does not stop there, the Madoff fraud case also shocked the world, the 2008 financial crisis, false information, the bubble economy makes the global securities market is full of anxiety and panic. China's stock market bear market around 2000, is the root cause of which is more false information in the market, there are many illegal plunder of the wealth of investors phenomenon. Second, the purpose of this study is based on the performance of the market in systematic summary of the conclusion of the theory of financial ethics and financial ethical behavior, combined with corporate governance due to differences in corporate governance and financial behavior that can lead to a variety of financial ethics conflict phenomenon, and through different financial ethics atmosphere and financial ethics conflict behavior analysis, to re-examine the current stock market fraud, concealment, fraud and financial ethics phenomenon. And prove that it can not by law be completely prohibited reason, a new perspective to understand the characteristics of the financial ethical implications of the market environment, seize the root cause, in essence, to solve the problem. Research on this issue, this paper will propose appropriate recommendations for changes to the conclusions of the study as well as healthy and sustainable development of the optimal policy is conducive to the stock market. , But also conducive to the coordinated development of the securities market in a variety of factors, shaping a balance and diversity of the structure of investors and further stabilize the securities market, improve the maturity of the securities market and market efficiency. In summary purpose of this paper is to recognize and find financial ethics and corporate governance interactive relationships among the factors to find out the root of the listed companies' financial false optimization securities market theory to help provide for the establishment of market self-regulation and effective supervision. Third, the main content and opinions Chapter I: Introduction This section paper introduces the listed companies corporate governance and financial ethics research background, significance and research ideas, methods and research in innovation and inadequacies. Through the survey can be found in the time of the start of the study in this respect at home and abroad are relatively late, have not formed a complete theoretical system of set theory recognized, in this case the direction of the thesis: the corporate governance of listed companies Empirical Analysis of financial ethics. Chapter II: the literature review section, this section introduces the ethics of corporate governance and corporate finance relevant research results at home and abroad, and selective induction of various theoretical conclusions in this article, as this study a research primer. Reference to the existing theoretical conclusions can be clearly pointed out that the existing theories leading research on this issue. This chapter discusses not only learned the basic theoretical framework of the current governance of listed companies and financial ethics and basic meaning of listed companies in the stock market can also learn financial ethical conflicts related content and scope. In short, through literature review, we can to a certain extent on financial ethics have a more clear understanding, to facilitate more in-depth study of this topic. Chapter: the theoretical part of this article is to discuss the interaction between listed companies corporate governance and financial ethics. Relationship through the corporate governance of listed companies' financial ethics, financial ethics of corporate governance of listed companies, corporate governance of listed companies financial ethics three main aspects of this topic in-depth analysis and understanding, and further deepen both understanding of the relationship between the related analysis to identify factors that can influence each other, on a theoretical level. Chapter 4: The empirical part of the basic situation of the listed companies financial ethics investigation obtained through the questionnaire survey form listed companies according to the survey, from CSMAR database collection company governance, according to the the Nankai company governance Index six Latitude, they are the behavior of the controlling shareholder, board governance, governance of the board of supervisors, managers governance, stakeholders and information disclosure six aspects. On this basis, the average weighting method assignment analysis to investigate the current situation of listed companies' financial ethics, to identify the problems between Corporate Governance and Financial Ethics, and analysis of the respective corporate governance will produce six Latitude indicators . The focus of this chapter between Corporate Governance and Financial Ethics related factors as well as the extent, through the establishment of a model that reflects the relationship between the relevant factors, to identify and summarize the theory and data analysis related factors summarize, analyze the corresponding intrinsic link between the corporate governance of listed companies and financial ethics, and come to listed companies' financial ethics regulation is a fundamental solution to the corporate governance of financial problems. Chapter: conclusions of this study and outlook. Through the above analysis, you can find the topics relevant conclusions and recommendations to further improve the relevant theoretical and practical mode of operation. Listed companies' financial ethical strengthen corporate governance, and to provide a more thorough manner; find a corporate governance of financial ethics career ideological construction and the formation of an effective way, the two promote each other and improve each other. Lastly, I hope that by the laws and regulations for non-level, can open up a new path for our corporate governance research areas. Fourth, the main contribution to research this article mainly through the analysis of the interaction between listed companies corporate governance and financial ethics, and then find out the interaction between the corporate governance of listed companies' financial Ethics, and by the analysis and understanding of the relevant factors, some of the recommendations on corporate governance and the boss financial ethics standardized construction and improvement program, to develop a good ethical atmosphere in the stock market, a fundamental solution to many financial issues by listed companies. The focus of this study and the difficulty is finding the relevant factors and prove that the relationship between the two. Bound to the underlying assumptions in the course of the study, it is assumed that it is bound to cause specific and limitations of the study, these form a broad understanding will have a lack of study. However, in the study of economics and management, it is assumed that is essential, and only gradually remove the complex factors of an important factor, in order to directly draw specific conclusions of the theoretical. This study is also true, may be slightly on the width of the study is insufficient, but the basic proof paper will not have much impact.

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