境外上市背景下治理机制对公司价值的影响——基于融资决策传导效应的研究

The Influence of Governance Mechanisms on Corporate Value for Enterprises Listed Abroad from the Transmission Effect of Financing Decisions Perspective

本文从财务管理的环境起点论出发,在分析境外上市①对治理机制和公司价值影响的基础上,尝试深入研究改善治理对提升公司价值的传导效应。本文认为在治理机制、理财决策和公司价值之间存在着一条纽带将三者紧密地联系在一起。以在香港主板上市的中资公司为样本,本文研究发现融资决策是治理机制与公司价值之间的中介变量,即中国公司的境外上市改善了其治理机制,而良好的治理机制通过优化公司理财决策,促进了公司价值的增长。

Proceeding from the environment theory of financial management,this paper analyzes the influence of listing abroad on governance mechanisms and corporate value,and further studies the transmission effect of improvement in governance mechanisms on corporate value enhancement in depth.This study considers that governance mechanisms,financial decisions and corporate value are closely linked through a certain path.Based on the data of China's enterprises listed on HKSE(main board),it identifies that financing decisions play a transmission role in corporate governance influencing firm value.Specifically,listing abroad can improve governance mechanisms,and good governance mechanisms can enhance corporate value by optimizing financial decisions.