Research On Obstacles Of Private Corporate Listing Oversea Markets And Measures

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 transformation 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 transformation 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 mechanism. Setting up the professional mangers' Incentive and constraint mechanism 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 avoid the loss resulted by the different target interest between professional manger and corporate owners. The paper analyzes the professional mangers" incentive and constraint mechanism 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.