经研究发现，公司治理结构对上市公司退市存在显著影响。其中，独立董事
占比越高、属国有控股的企业、第一大股东持股比例以及第二至十大股东持股比
例越大，退市概率越大。同时，董事会人数越多和董事长与总经理两权合一将降
低退市可能性。同时，经研究发现，上市公司市场业绩对上市公司退市也存在影
响作用，但相对公司治理结构，多数市场业绩变量并不显著影响上市公司退市，
如流动比率越多，退市可能性会增大，总资产越多，退市概率会越小
为此，本文建议为保持上市公司持续在市，从长远发展的角度考虑，应该进
一步健全董事会功能，发挥群策群力的民主决策机制，加大董事会规模，适当控
制独立董事占比，尽量董事长与总经理兼任，尽量控制前十大股东持股比例过高，
增强公司实力，充分调动所有股东参与上市公司监督管理的积极性
关键词：公司治理，海外退市，实证分析III
ABSTRACT
Due to the time-saving for domestic listing, the financing for the larger global
capital markets, and the promotion of international fame, more and more Chinese
companies choose to overseas （such as the United States, Britain, Singapore and
other regions） listed. At the same time, overseas listing of Chinese enterprises
delisting phenomenon often occur. Data show that, 2012-2013, 2015-2016 years has
occurred twice overseas listing of Chinese enterprises to withdraw from the market
tide, which became a hot topic of social concern. Why Chinese listed companies will
withdraw from the market What factors affect the overseas listing of Chinese
enterprises delisting For listed companies to delisting the impact of factors, domestic
and foreign scholars have also been studied. In this paper, we use Logistic model to
control the listing place, the number of years in the city and the industry category, and
control the number of stocks, total assets and other markets of the delisted companies
and listed companies in the United States, London and Singapore in 2007-2015. The
influence of corporate governance structure variables on the delisting behavior of
listed companies is analyzed by empirical analysis, using the logistic model,
comprehensively with the difference between voluntary delisting and involuntary
delisting.
This paper finds that the corporate governance structure has a significant impact
on the delisting of listed companies. Among them, the proportion of independent
directors and whether the state-owned holding the impact of the delisting of the role is
relatively greater, the higher the proportion of independent directors, the proportion of
shares held by the largest shareholder, the second to the top ten shareholders
state-controlled enterprises are more likely to delisting. Secondly, the number of the
board of directors increased, or keep the director and CEO on the same person,
respectively, will reduce the delisting probabilities. However, whether the chairman
and general manager of the delimitation does not have a significant impact on the
delisting effect. At the same time, the paper also finds out that the market performance
of listed companies has effect on the delisting of listed companies, but related to the
corporate governance structure, most market performance variables do notIV
significantly affect the delisting of listed companies, such as stock quantity, total
assets, .
This paper argues that the use of cross-sectional data is difficult to clarify what
factors affect the delisting of listed companies. Of all the factors that affect the
delisting of listed companies, the characteristics of board of directors and ownership
structure are the key factors. To this end, this paper suggests that in order to keep the
listed companies in the city, from the perspective of long-term development, we
should further perfect the function of board of directors, play a democratic
decision-making mechanism, increase the numbers of directors, and control the
independent directors . At the same time, it is better to keep the CEO and the director
on one person, to further focus on equity, priority to control the top ten shareholders to
fully mobilize all the shareholders to participate in the supervision and management
of listed companies’enthusiasm.
KEYWORDS
：
Corporate governance, Overseas delisting, Empirical analysisIII
目录
摘要
........I
ABSTRACT...III
第章 绪论
......1
1.1 研究背景...........1
1.2 研究意义...........2
1.2.1 理论意义 .3
1.2.2 实践意义 .4
1.3 研究内容与框架...........5
1.4 研究创新点.......6
第章 国内外研究现状
..........7
2.1 国外公司治理和海外退市的研究.......7
2.1.1 国外退市研究 ....7
2.1.2 国外公司治理对退市的影响研究 ........8
2.2 国内公司治理和海外退市的研究....11
2.2.1 国内关于退市研究 ......11
2.2.2 国内公司治理对退市的影响研究 ......12
2.3 国内外研究情况总结15
第章 研究设计
........17
3.1 理论分析与研究假设17
3.2 模型设计........21
3.3 变量选择........22
3.4 数据来源........23
第章 公司治理结构对退市影响的实证分析
.......25
4.1 描述性统计....25
4.1.1 退市企业样本 ..25
4.1.2 在市企业样本 ..26
4.1.3 退市与在市企业比较 ...28
4.2 相关性分析...........
。。。以上简介无排版格式，详细内容请下载查看
==>>