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中国企业海外上市决策模型:基于管理层持股视角 被引量:1

Foreign Listing Decision-making Model of Chinese Firms:Based on the Managerial Ownership Perspective
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摘要 笔者分别从管理层未持股和持股两种情形考虑管理层私有收益的攫取,建立了中国企业海外上市决策模型,模拟管理层海外上市决策权衡过程。研究结果表明,无论管理层是否持有本企业股份,当海外上市给管理层带来的收益增加大于损失的私有收益时,管理层会实施海外上市决策。管理层损失的私有收益与中国内地及海外上市地资本市场的投资者保护程度有关。中国内地投资者保护程度越低以及海外上市地资本市场的投资者保护程度越高,海外上市决策所需的企业现金流价值增加临界值越高;管理层持股对企业现金流价值增加临界值具有非线性影响。无论企业是否实施海外上市,管理层持股均能降低管理层最佳私有收益的转移比例。管理层持股对管理层最大化总收益及股东收益均具有正向影响,但海外上市前后的正向影响程度不同。相对于海外上市前,海外上市后管理层持股对管理层及股东收益的改善程度,与海外上市地资本市场的投资者保护程度及管理层持股比重大小有关。 Based on the perspective that managers seek private interests, this paper models the tradeoff that managers face up with when deciding whether to list in developed foreign capital market. To model the tradeoff, this paper compares the foreign listing decision-making process of managers who don't own shares, and the foreign listing decision-making process of managers who own shares. The results show that the manag- ers decide to list shares in developed foreign capital market only when the net benefit to the managers from for- eign listing is higher than the loss of private benefits to the managers from foreign listing, no matter the manag- ers hold shares. The loss of private benefits is affected by both the investor protection of Chinese mainland and the investor protection of foreign capital market. The weaker the investor protection of Chinese mainland and the stronger the investor protection of foreign capital market, the higher the threshold value of future cash flow needed to justify the decision to list shares in foreign market. The managerial ownership has nonlinear influ- ence on the threshold value of future cash flow needed to justify the decision to list shares in foreign market. No matter whether firms list shares in foreign capital market, the managerial ownership can decrease the opti- mal fraction of private benefit of managers, can improve the investoFs benefits and managerial benefits. Com- pared with the improving degrees before foreign listing, both the improving degrees of managerial ownership on shareholder's benefits and managerial benefits are affected by both the investor protection of foreign capital market and the proportion of managerial ownership after foreign listing.
作者 谭庆美 李月 刘微 TAN Qing-mei LI Yue LIU Wei
出处 《中央财经大学学报》 CSSCI 北大核心 2017年第7期106-115,共10页 Journal of Central University of Finance & Economics
基金 国家自然科学基金项目"询价发行 投资者行为与IPOs市场表现"(71471130) 天津教委社科重大项目"构建技术创新的产品与资本市场机制研究"(2014ZD03)
关键词 海外上市 管理层持股 投资者保护 私有收益 股东收益 Foreign listing Managerial ownership Shareholder's benefit Investor protection Private benefit
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