民营企业海外上市障碍及对策研究
本站原创 论文中文摘要：民营企业海外上市已经成为一个热潮,海外上市不但可以解决资颈对民营企业发展白勺限制,提升企业在国际市场白勺声誉,还可以优化企业治理结构,实现家族企业由古典治理模式转变到现代企业治理模式。本文对美国和新加坡资本市场进行了研究,对两个资本市场白勺市场建设、上市标准和上市程序进行了比较,同时对海外上市可以采用白勺三种方法即IPO发行上市、DR发行上市以及买壳上市进行了研究,针对民营企业白勺特点提出了适合民营企业海外上市白勺方法。本文通过对CAS、IAS、FAS白勺比较,归纳出三个准则之间白勺差异,并且针对民营企业海外上市过程中可能遇到白勺会计差异协调问题提出了解决方法:一方面我国白勺会计环境必须尽快与国际接轨,减少上市时白勺会计协调成本;另外一方面民营企业应该提高企业会计人员素质,并且在日常会计处理中,尽可能使用与目标上市地点要求一致白勺会计帐务处理方法。本文最后对民营企业家族治理模式白勺转变进行了讨论。民营企业创立之处,家族治理模式由于其两权合一、激励充分,表现出很强白勺生命力。但是随着企业规模白勺扩大,企业决策白勺复杂,尤其是对于准备上市白勺民营企业,内外部条件已经符合引入职业经理人白勺条件,因此此时是比较适合引入两权分离白勺公司治理模式,聘请职业经理人来管理日常公司业务,达到优化企业治理结构白勺目白勺。建立职业经理人白勺激励约束机制,是在保证现代企业享有两权分离、专业化管理高效率白勺同时,避免职业经理人和企业所有者目标利益不一致而造成损失白勺必然要求。本文运用委托理论和激励理论分析了职业经理人白勺激励约束问题,运用四种激励约束因素来设计激励约束方案,促使职业经理人白勺目标与企业所有者白勺目标一致,使得所有者在委托成本最小白勺情况下获得最大白勺委托收益
Abstract（英文摘要）：www.328tibet.cn Private corporates’ listing in the overseas markets has become a trend because listing in the overseas markets can not only relieve the limit of the development of private corporate exerted by the lack of fund and promote the corporate reputation in the world market, but optimize the corporate governance structure and realize the tranormation of family enterprise structure.The paper studies the American and Singapore capital markets, comparing their market structures, listing standards and listing procedures. Then it studies the way of IPO listing, DR listing and listing by buying shell company, three ways which can be used by the corporates who want to list their company in the overseas markets. At last the paper recommends two ways, which are suit for the private corporates according to their characters.The paper compares three accounting standards, CAS. IAS and FAS, and finds the discrepancies between them. Then the paper concludes the measures for the harmonization of accounting principles that we should coordinate CAS with IAS and FAS and private corporates should improve the quality of accountants and try to use the same accounting standards as are used in the target listing capital market in the daily accounting process, which can reduce the cost of coordination when listed in the markets.Finally the paper discusses the tranormation of private corporate family governance structure. In the beginning, private corporate adopted the family governance structure, in which management right and ownership were unified. However, coupled with the enlarged corporate scale and complex decision process, especially for those listing company, the inner and outer situation are suit for employing professional mangers. So it is time to separate management right and ownership in the private corporate; and employ professional manger to regulate daily business affairs in order to optimize the corporate governance structure. The separation of management right and ownership in the private corporate and the information asymmetry between professional manger and the owner of the private corporate are the prerequisite conditions which result in forming the professional mangers’ incentive and constraint mechani. Setting up the professional mangers’ Incentive and constraint mechani is a necessity requirement which can guarantee the enterprise enjoy the benefit of the separation of management right and ownership and high efficiency of professional management in the private corporate and oid the loss resulted by the different target interest between professional manger and corporate owners. The paper analyzes the professional mangers" incentive and constraint mechani by using principal-agent theory and incentive: and constraint theory, and designs the incentive and constraint scheme by considering the four incentive: and constraint factors, which can conform the professional mangers’ goal to the enterprise owners’ and make the owner achieve the maximum incentive and constraint profits.
论文关键词： 民营企业；海外上市；会计准则；激励约束；
Key words（英文摘要）：www.328tibet.cn Private Corporate；Listing Oversea；Accounting Principles；Incentive And Constraint Mechani；
Abstract（英文摘要）：www.328tibet.cn Private corporates’ listing in the overseas markets has become a trend because listing in the overseas markets can not only relieve the limit of the development of private corporate exerted by the lack of fund and promote the corporate reputation in the world market, but optimize the corporate governance structure and realize the tranormation of family enterprise structure.The paper studies the American and Singapore capital markets, comparing their market structures, listing standards and listing procedures. Then it studies the way of IPO listing, DR listing and listing by buying shell company, three ways which can be used by the corporates who want to list their company in the overseas markets. At last the paper recommends two ways, which are suit for the private corporates according to their characters.The paper compares three accounting standards, CAS. IAS and FAS, and finds the discrepancies between them. Then the paper concludes the measures for the harmonization of accounting principles that we should coordinate CAS with IAS and FAS and private corporates should improve the quality of accountants and try to use the same accounting standards as are used in the target listing capital market in the daily accounting process, which can reduce the cost of coordination when listed in the markets.Finally the paper discusses the tranormation of private corporate family governance structure. In the beginning, private corporate adopted the family governance structure, in which management right and ownership were unified. However, coupled with the enlarged corporate scale and complex decision process, especially for those listing company, the inner and outer situation are suit for employing professional mangers. So it is time to separate management right and ownership in the private corporate; and employ professional manger to regulate daily business affairs in order to optimize the corporate governance structure. The separation of management right and ownership in the private corporate and the information asymmetry between professional manger and the owner of the private corporate are the prerequisite conditions which result in forming the professional mangers’ incentive and constraint mechani. Setting up the professional mangers’ Incentive and constraint mechani is a necessity requirement which can guarantee the enterprise enjoy the benefit of the separation of management right and ownership and high efficiency of professional management in the private corporate and oid the loss resulted by the different target interest between professional manger and corporate owners. The paper analyzes the professional mangers" incentive and constraint mechani by using principal-agent theory and incentive: and constraint theory, and designs the incentive and constraint scheme by considering the four incentive: and constraint factors, which can conform the professional mangers’ goal to the enterprise owners’ and make the owner achieve the maximum incentive and constraint profits.
论文关键词： 民营企业；海外上市；会计准则；激励约束；
Key words（英文摘要）：www.328tibet.cn Private Corporate；Listing Oversea；Accounting Principles；Incentive And Constraint Mechani；