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Research On The Influence Of Corporate Governance On The Alteration Of Financing Capital Of The Listed Company

Posted on:2019-04-19Degree:MasterType:Thesis
Country:ChinaCandidate:J Q WangFull Text:PDF
GTID:2359330545481445Subject:Accounting
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According to Chinese "Guidelines for the Supervision of Listed Companies No.2-Regulatory Requirements for the Management and Use of Proceeds Raised by Listed Companies",the board of directors of a listed company shall fully demonstrate the feasibility of the projects for raising funds and make sure that the investment projects have a good market prospect and profitability,effectively preventing investment risks and improveing the efficiency of the use of proceeds.However,in the current A-share market,there is a intensifying trend of the change of IPO funds.In response to this phenomenon,this article based on corporate governance perspective,aimed to explore the factors that affect the raising IPO fund changes.Based on the research on the change of IPO funds raising at home and abroad,this article uses the normative research methods and empirical research methods.Use the principal component analysis process to establish the comprehensive index of corporate governance which is used as an explanatory variable to determine the degree of change in IPO funds raised to be explained variables.Use the size of the company,the debt ratio,the growth of the company,ROE as the control variables to established regression models to verify the relationship between corporate governance and IPO funds change.The research idea of this article is as follows: The first step is to elaborate the background of the topic,the purpose of the research and the significance of the research.The second step is to introduce the theoretical basis related to the change of IPO funds,combing literature research at home and abroad.The third step is to put forward the basic hypothesis of this article,elaborates the choice of variables in this paper.The fourth step is the empirical process.Firstly,it is the principal component analysis process.This process is mainly based on the 17 corporate governance indicators in this paper,and draws a comprehensive index of corporate governance.Secondly,carry out the empirical research on the explained variable.The fifth step is the research results and conclusions of this paper.The conclusion of this paper is that there is a significant negative correlation between corporate governance and the alteration of financing capital of the listed company.Companiescan improve corporate governance to change this phenomenon.At the same time,control variables such as company size,asset-liability ratio of the company,and company growth have an impact on the changes in the investment of IPO proceeds.This article aims at the current situation of corporate governance in China and raised funds regulatory conditions made a total of three recommendations.Firstly,the rights and interests of minority shareholders should be protected.Firstly,it focus on large shareholders holding a higher proportion of companies,the second consideration is to promote the cumulative voting system to increase the minority shareholders the right.Secondly,improve the company’s board of directors governance mechanism.Reduce the combination of two positions,while improving the board of special committees.Finally,supervisory board should step up their supervision of the changes in the funds raised for IPO.The innovation of this paper is mainly based on the corporate governance to explore the relationship between corporate governance and the degree of change in IPO funds invested.It uses the principal component analysis method to generate corporate governance indicators.This is a more comprehensive study of corporate governance and IPO fund-raising changes.The mainly shortcoming of this article is that this article do not involve macroeconomic factors,having some limitations.In addition,due to the complexity of economic issues,problems such as insufficient model accuracy may exist.
Keywords/Search Tags:the Alteration of Financing Capital of the Listed Company, Corporate Governance, Ownership structure
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