The Research On Overseas Listing Decision-making Model Of CCS From The Perspective Of Controlling Shareholders

Since the 1990 s,the pace of economic and financial globalization has been accelerating,As the result,Chinese enterprises have since opened the way to start overseas listing.Among them,the United States,Hong Kong and Singapore are the preferred places for Chinese mainland enterprises to list overseas.According to the corporate governance principle,the controlling shareholders have the decision-making power in the enterprise,so they play an important role in the overseas listing of enterprises.Based on the maximization of the total returns of controlling shareholders,this paper establishes a theoretical model of overseas listing decision-making,determines the influencing factors of the total returns of controlling shareholders,and explores how the changes of the total returns of controlling shareholders will affect the decision-making of overseas listing.In addition,simulation will be used to further verify the rationality of the conclusions of the theoretical model.The results show that controlling shareholders’ overseas listing decision-making is actually a decision-making process aiming at maximizing the expected earnings present value of them and weighing their own earnings loss and increase.From the perspective of influencing factors,the controlling shareholder’s shareholding proportion and the net cash flow of the enterprise have nonlinear influence on the overseas listing decision.The greater the degree of investor protection after overseas listing,the less likely the controlling shareholders will make overseas listing decisions.The lower the cost of capital after overseas listing,the higher the net cash flow multiplier brought from overseas listing and the lower the listed maintenance cost is,the stronger the willingness to list overseas.For the minority shareholders,they can obtain more profits after overseas listing through the promotion of corporate value,the reduction of the probability of controlling shareholders obtaining private benefits and the transfer ratio of controlling shareholders’ private benefits.