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An Empirical Research on the Relationship between Corporate Governance and Corporate Value for Crossing-Listing Companies

Author: RenZuo
Tutor: YinZhongMin
School: Xi'an University of Technology
Course: Finance
Keywords: Cross-listing The value of the company Corporate Governance
CLC: F831.51;F224
Type: Master's thesis
Year: 2010
Downloads: 343
Quote: 0
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Abstract


With the development of financial globalization , more and more Chinese enterprises to go abroad to select the overseas market , and many of these enterprises listed overseas and choose to return to the A-share market , making the cross-listing as the current development of China's securities market remarkable phenomenon , Chinese companies cross-listing of the relatively short history of the domestic to the topic of the research is still in its infancy . Drawing on previous research on the basis of special institutional background of China's stock market and the characteristics of cross - listed companies cross-listing of Chinese enterprises , the value of the company to the point of view of corporate governance research to study the cross-listing in China whether a company has a higher value , cross - listed companies to improve corporate governance and thus improve the value of their companies . This paper begins with an overview elaborated the relationship between cross - listing and corporate governance as well as corporate governance and the value of the company , and in-depth analysis on the basis of the enterprise thereby increasing the value of the company to improve corporate governance by cross-listing , and corresponding assumptions . The sample was divided into cross-listing abroad ( AH shares listed in Hong Kong and mainland ) , within the cross-listing ( at the same time the issue of A shares and B shares of the Company AB shares listed company ) , and the only issue A shares three categories for analysis and contrast , screening by listed companies for the 2006-2008 three sample processing, using T-test and Manny-Whitney test , the value of the company is higher than the value of the company within the cross-listing and issue of A shares only draw cross - listed companies outside the value of the listed company , but cross the territory of the value of the company of the listed company and not higher than the only company to issue A shares . Empirical research by multiple regression analysis found that , by improving the incentive Ownership Concentration and senior cross-listing , and thus enhance the value of the company ; while not significantly improve the independence of the board of the company's value . Finally, we come to the conclusion , from a corporate governance perspective put forward suggestions and countermeasures , choose to play a positive role in cross-listing of Chinese enterprises .

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CLC: > Economic > Economic planning and management > Economic calculation, economic and mathematical methods > Economic and mathematical methods
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