制度导向下的公司质量研究——基于中美上市公司监管制度的差异

Quallity of Listed Companies Research under Different Regulations

本文选取中美两国IPO制度、信息披露制度以及退市制度来体现监管制度的差异,以我国2008-2010三年间在美IPO的上市公司和国内IPO的公司为研究样本,对其上市后续三年内财务效益、偿债能力、资产质量、市场表现及发展能力几个方面进行综合对比,从而分析中美两国上市公司监管制度下的上市公司质量差异。

The regulation of securities market in China has a lot of problems to solve and we need improve the level of supervision consistently.For comparability,this article selects the IPO system,information disclosure system and delisting system to reflect differences in regulatory regime.We choose the companies that list in America and China from 2008 to 2010 as our sample companies,and we compare the performance of the companies three years after they are listed in the stock market to find the difference under two different regulations.