The Research On The Effects Of Cross Listing On The Corporate Governance Of Chinese Enterprises

The practice of cross-listed generated in the1970s, through the form of capital operation, the enterprises of many countries in the world had improved the efficiency of the business run. China’s stock market started relatively late, and the development time is not very long, so there are defects such as imperfect laws and regulations, and non-tradable shares. Compared with some developed countries in the world today on the stock market, there are relatively large gap in the amount of financing, system design, supervision, examination and approval system. So some Chinese mainland enterprises through cross-border listing to meet the various needs of its business development, and In the process of Chinese companies listing overseas, Hongkong has become the preferred choice of a considerable part of the enterprise.Mainland Chinese enterprises’cross-border listing journey began in Hongkong in1993. That year, Tsingtao Beer successfully listed on the stock exchange of Hongkong. After this, more and more mainland enterprises Regarded HongKong as a premier destination of cross-border listing and financing development, and the financing amount also becomed more and more big. In theory, the academic study of Chinese enterprises cross-border listing behavior more focus in China’s enterprises cross-border listing motivation, cross-border listing choice of location, the pattern design of cross-border listings, etc. Although in the ninety’s last century, foreign scholars began to appear the motives of listed companies in corporate governance, but compared with the cross-border listing’s scale of mainland enterprises in our country, Chinese academics impact on cross-border listed companies corporate governance theory and empirical research is still relatively lagging behind.In this paper, the theoretical part first necessary combing review the literature on previous research on cross-border listing, corporate governance and its evaluation, next to the board of directors of the company currently existing in China’s listed companies internal power imbalances, management incentive and constraint mechanism is not sound, the state-owned stake in a single large lagging information disclosure, and discusses the general situation, then analyze the impact of cross-border listing on the stock market mechanism in the rule-bound, manager incentive and restraint mechanisms, the equity optimization mechanism, supervision and management mechanism dimensions listed companies bring. Finally, the current domestic and extensive research for the evaluation of corporate governance, reasonable and prudent from the structure and functioning of the board of directors, management hiring incentives and constraints, shareholding structure and the controlling shareholder of behavior and reputation of the company and information the disclosure of which four aspects of architecture from the index system of governance of the objective and quantitative evaluation of listed companies has laid a theoretical foundation for subsequent empirical research.After completing the theoretical analysis with the empirical method, this paper studies the effect of Chinese cross-border listing of Enterprise Inc governance. The author firstly analyzes from the development process, the financing situation and industrial distribution of China enterprises in the present situation of Hongkong cross-border listing, next, by comparing the mainland and Hong Kong legal source and the analysis of the principles of corporate governance of listed companies is different the mainland and Hong Kong listed companies on the governance environment, then according to the theory of link structure of listed Enterprise Inc governance evaluation index system, comparing the A+H shares and A shares listed enterprises cross-border listed on the mainland Chinese Enterprise Inc governance level, found in the structure of board of directors and the operation, ownership structure and shareholder behavior, information disclosure and Governance Indicators on cross-border listing of Chinese enterprises is better than the Chinese companies that only listed in mainland, but the performance of the management of selection, incentive and restraint is poor. Because the corporate governance as a modern enterprise system arrangement, its ultimate aim is to through the coordination of interests of company stakeholders, strengthen the company decision-making scientific and competitive ability of development, In order to improve corporate performance and value, cross-border listing of corporate governance will eventually be passed to reflect on the impact of the performance and value of the listed companies. Therefore, the end of this article also examined the impact of cross-border listing of corporate governance performance, found that the increase of cross-border listing of Chinese enterprises, the level of corporate governance, the stake of the largest shareholder level, whether associated with the controlling shareholder transactions and general manager whether from the controlling shareholders improvement can significantly affect the performance of the company, while the correlation between strong only in the mainland Chinese companies listed in the level of corporate governance and corporate performance. At the end of the article, the author carry on the induction summary to the research results, and then put forward reasonable suggestions on the Chinese mainland enterprises future cross-border listing and improve the level of corporate governance.