中國企業海外上市決策之探討：以H股公司為例

The Overseas Listing Decision : Evidence from Chinese H-share companies

呂其岳(Chi-Yueh Lu)

指導教授 ： 孔繁華

淡江大學/管理學院/會計學系碩士班/碩士(2010年)

https://doi.org/10.6846/TKU.2010.00484

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。

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

並列摘要

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.

並列關鍵字

Overseas Listing ； H-shares companies ； Corporate Governance ； Political Connection ； Earnings Conservatism

參考文獻

林烱垚，1994，大陸證券市場現況，行政院大陸委員會。

Ball, R., and Shivakumar, L., 2005. Earnings quality in UK private firms: comparative loss recognition timeliness. Journal of Accounting and Economics 39(1): 83-128.

Ball, R., Kothari, S. P., and Robin, A., 2000. The effect of international institutional factors on properties of accounting earnings. Journal of Accounting and Economics 29(1): 1-51.

Ball, R., Robin, A., and Wu, J., 2003. Incentives versus standards: properties of accounting income in four East Asian countries. Journal of Accounting and Economics 36(1-3): 235-270.

Basu, S., 1997. The conservatism principle and the asymmetric timeliness of earnings. Journal of Accounting and Economics 24(1): 3-37.