公司治理監管規則對上市公司股價和績效的影響

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公司治理監管規則對上市公司股價和績效的影響

 

Author: 王紅梅
Wang, Hongmei
Title: 公司治理監管規則對上市公司股價和績效的影響
Gong si zhi li jian guan gui ze dui shang shi gong si gu jia he ji xiao de ying xiang
The impact of corporate governance regulations on stock prices and corporate performance in China
Degree: D.B.A.
Year: 2004
Subject: Hong Kong Polytechnic University -- Dissertations.
Corporate governance -- China.
Department: Graduate School of Business
Pages: xii, 103 leaves : charts ; 30 cm.
Language: Chinese
InnoPac Record: http://library.polyu.edu.hk/record=b1986344
URI: http://theses.lib.polyu.edu.hk/handle/200/775
Abstract: This thesis examines the impact of two important pieces of regulations on corporate governance by the China Securities Regulatory Commission (CSRC), which are the "Code of Corporate Governance for Listed Companies in China" introduced in 2001 and the "Guidelines for Introducing Independent Directors to the Board of Directors of Listed Companies" in 2000. In particular, the thesis first examines the market reactions to the regulations, and then the changes in firm performances after the regulations became effective. We classify finns into separate groups based on their corporate governance structures. First, firms are divided into three groups according to the level of ownership by the largest shareholder: Firms with high, medium, and low ownership concentrations. Another classification scheme is based on the degree of conformity of existing corporate governance structure with the required structure. Again firms are divided into three groups with high, medium, and low conformity. We find that the market reacts positively to the announcement of the Guidelines. However, market reactions to the announcement of the Code are mixed across different groups of firms classified according to ownership concentration and regulation conformity, although the overall market reaction is negative. Specifically, the Code has a significant positive impact on companies with high ownership concentration and companies with high degrees of conformity to the required corporate governance structure. For the rest of the firm groups, the Code has a negative impact on their share prices. We also examine the impact of the regulations on subsequent corporate performance. Our analyses suggest that the resultant improvement in corporate governance does not lead to any significant enhancement in corporate performance. Our findings are useful to the regulators, listed firms, and investors at large. First of all, not all regulations bring about the intended reactions in the market (the release of the Code produced a negative reaction on average). However, we must point out that it is certainly not the role of the regulators to ensure a positive reaction to any regulations. Secondly, corporate governance reforms will take a long time to accomplish, and their benefits will take even longer to be realized. Our results indicate there is not any performance improvement two years after the regulations were implemented. Finally, when introducing new regulations, the regulators must be mindful of the institutional differences between one country and another. What works in one setting does not necessarily mean it will work in another setting. This point is particularly important given China's listed firms are, first of all, mostly state-owned, and are usually controlled by a single or a few shareholders. Most of corporate governance mechanisms are developed in the US or UK, where ownership is usually private and is usually wide dispersed.

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