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系統識別號 U0002-1807201023592300
中文論文名稱 中國企業海外上市決策之探討:以H股公司為例
英文論文名稱 The Overseas Listing Decision : Evidence from Chinese H-share companies
校院名稱 淡江大學
系所名稱(中) 會計學系碩士班
系所名稱(英) Department of Accounting
學年度 98
學期 2
出版年 99
研究生中文姓名 呂其岳
研究生英文姓名 Chi-Yueh Lu
學號 697600350
學位類別 碩士
語文別 中文
口試日期 2004-06-21
論文頁數 56頁
口試委員 指導教授-孔繁華
委員-丁誌魰
委員-賴丞坡
中文關鍵字 海外上市  H股公司  公司治理  政治關聯性  盈餘穩健性 
英文關鍵字 Overseas Listing  H-shares companies  Corporate Governance  Political Connection  Earnings Conservatism 
學科別分類 學科別社會科學商學
中文摘要 本研究主要在探討公司治理與政治關聯性對中國企業海外上市決策之影響。中國政府自證券市場發展初期即選擇部分國有企業赴海外證券市場上市以其改善國有企業的公司治理,因此預期海外上市公司的公司治理機制優於其他中國上市公司。另外,由於海外上市公司大多為國有企業之性質,其海外上市決策易受政治因素影響,包括達成經濟計劃目標、提升國際聲譽、改革國有企業績效及提升政府人物影響力等目的,因此預期海外上市公司會比其他中國上市公司存在較高程度的政治關聯性。第二部分,本研究探討中國海外上市公司是否隨中國的法規制度改革,改善公司治理,因而提升會計資訊品質;以及海外上市後,公司治理是否會因遵循上市地較嚴格的監管規範而改善。
本研究針對2003年至2008年在香港交易所上市之H股公司為研究對象,主要研究發現為(1) H股公司比A股較少存在控制股東、存在較高程度股權制衡、存在較多獨立董事人數以及較少存在董事長兼任總經理。(2)H股公司比A股公司存在較多管理階層或董事長具備政府官員或軍方職務的經歷及較大之規模。第二部分的實證結果並未支持H股公司具備盈餘穩健性,另結果證實了H股公司會計盈餘穩健性的程度優於A股公司。
英文摘要 This study examines the effect of corporate governance and political connection on overseas listing decision of Chinese H-share companies. At the initial stage of securities market development, Chinese government picked some state-owned enterprises to go public in overseas securities markets for improving their corporate governance. Therefore, it is expected that the corporate governance mechanisms of overseas listed companies will be superior to other Chinese listed companies. Besides, as most of the overseas listed companies belong to state-owned enterprises, their overseas listing strategies, for realizing economic planning goals, raising international reputation, improving their performances and enhancing political figures’ influence, are susceptible to political factors. Therefore, it is expected that these overseas listed companies will have higher-degree political connection than other Chinese listed companies. In its second part, this study explores whether the Chinese companies listed overseas will make reform according to relevant Chinese regulation systems to improve their corporate governance, and thus further to improve the quality of accounting information. Besides, it explores whether the Chinese companies listed overseas will obtain improvement in corporate governance due to abiding by relatively strict supervision norms in the listing places.
Taking the H-share companies listed in Hong Kong Stock Exchange from 2003 to 2008 as research objects, this study reaches the following major findings: (1) H-share company has fewer controlling shareholders than A-share company, with higher-degree of check-and-balance of stock ownership, more independent directors and fewer presidents serving as general manager concurrently; (2) H-share company has more management hierarchies or its president has experience in serving as government official or holding a military post and it has larger scale than A-share company; (3) The empirical results of the second part of this study doesn’t support that H-share company has earnings conservatism, and the results demonstrate that the degree of the earnings conservatism of H-share company is better than that of A-share company.
論文目次 目錄
目錄I
表目錄II
圖目錄III
第壹章 緒論1
第一節 研究背景與動機1
第二節 研究目的4
第三節 研究架構5
第四節 研究流程6
第貳章 文獻探討與假說建立7
第一節 中國資本市場發展及海外上市公司背景7
第二節 公司治理與中國企業海外上市決策14
第三節 政治關聯性與中國企業海外上市決策21
第四節 海外上市公司盈餘品質23
第參章 研究方法29
第一節 研究模型及變數定義29
第二節 樣本選取與資料來源33
第肆章 實證結果與分析34
第一節 敘述性統計 34
第二節 迴歸結果分析38
第三節 敏感性測試 43
第伍章 結論47
第一節 研究結論47
第二節 研究限制與研究貢獻49
參考文獻50
中文部分50
英文部分51

表目錄
表1 H股公司產業分布情形12
表2 H股公司之規模12
表3 H股與A股整體融資額之比較(單位:億人民幣)13
表4 本研究樣本上市地點之分布33
表5 公司治理及政治關聯性之敘述性統計量35
表6 盈餘對訊息反映時效不對稱性之敘述性統計量36
表7 公司治理及政治關聯性之相關係數37
表8 公司治理與政治關聯性對中國企業海外上市決策之影響-LOGISTIC迴歸結果 40
表9 H股公司會計盈餘穩健之整體分析41
表10 H股及其他A股公司會計盈餘穩健性分析42
表11 LOGISTIC迴歸結果(敏感性測試)44
表12 H股公司會計盈餘穩健之整體分析(敏感性測試)45


圖目錄
圖1 研究流程圖6
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