境外上市改善公司治理的机制分析

The Mechanisms that Overseas Listed Firms Enhance Corporate Governance

境外上市不仅是联结不同公司治理模式的纽带,也是传递公司治理全球化的重要途径。研究表明境外上市不仅可以提升公司的绩效而且可以显著改善以完善投资者权利保护为重要标志的公司治理水平。这种改善公司治理的机制主要表现在境外证券市场良好的法律环境及市场竞争等法律外因素的约束、规范和引导以及境外上市行为本身对公司内部治理结构的良性改造,这一研究成果对于我国大量的境外上市公司具有较好的启示意义。

Overseas listed firms are not only the ties that link different modeds of, but also the important channel for the globalization of corporate governance. Research indicates that overseas listed rims may not only improve corporate performance but also significantly enhance the level of corporate governance by protecting investors＇ interests. And the mechanisms for improving corporate governance include not only the constraints, norms and guidelines of good legal environment and market competition, but also the benign transformation of internal corporate governance structure by listed firms. This finding may is valuable for a large number of overseas listed companies of China.