中国股票市场上的股权分置改革和公司治理【外文翻译】

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1、外文翻译原文Non-TradableShareReformandCorporateGovernanceintheChineseStockMarketMaterialSource:CorporateGovernance:AnInternationalReview,2009,17（4）:457–475Author:Yin-HuaYe,Pei-GiShu,Yu-HuiSu1.AbstractResearchQuestion/Issue:PriortoChina’ssplit-sharestructurereform,domesticsharesweredividedintonon-tradab

2、leandtradableshares.Non-tradableshareholdersrepresentthegovernment,holdroughlyatwo-thirdsmajority,andmanagethefirms,whiletradableshareholdershavelittlepowertoaffectthedecisionsmadebynon-tradableshareholders.Thisisatypicalstructuretoexhibitagencyproblems.The2005structurereformprogramstipulatesthat

3、non-tradableshareholdershavetobargainwithtradableshareholdersinordertogainliquidity.Thepricethatnon-tradableshareholderspaytotradableshareholdersforgainingliquidityisdefinedas“compensation”.Weexploretheissueofwhycorporategovernancemightplayanimportantroleinaffectingthelevelofcompensation.Research

4、Findings/Insights:Firmswithaweakgovernancestructureorsevereagencyproblemsarerequiredtohaveahigherlevelofcompensation.Thelevelofcompensationispositivelycorrelatedwiththenon-tradableshareholding,thepledgeratio,andrelated-partytransactions,andisnegativelycorrelatedwithforeignshareholdings.Thesameset

5、ofvariablesdictatestheex-postwealtheffectoftradableshareholders,butinthereversedirection.Theoretical/AcademicImplications:Thesharereformprovidesanaturalsettingthatallowstradableshareholderstoreflecttheirconcernswithagencyproblems.Themechanismcouldamelioratetheagencyproblems.Corporategovernance,in

6、abroadsense,isrelatedtocompensationandtheex-postwealtheffectoftradableshares.Practitioner/PolicyImplications:Asuccessfulmechanismshouldbedesignedtohaveminorityshareholdersinvolvedintheprocessandhavethefinalcompensationreflectthequalityofcorporategovernance.2.IntroductionInthepastfewdecades,mostem

7、ergingmarketshaveattemptedtobuilda6strongsecuritiesmarket.However,itishardtodoatall,andimpossibletodoquickly.Thecentralreasonwhybuildingastrongsecuritiesmarketissohardisthatthesecuritiesmarketdependsonacomplexnetworkof