VIE境外上市模式、盈余质量及企业价值

As a way of Chinese enterprises overseas listing, the mode of variable interest entity, is the product to avoid government regulation under special institutional background in china, which is of great significance to corporate finance and development. It has been found that companies listed overseas in different ways have different enterprise value, but so far few studies have systematically investigated how the overseas listing mode of variable interest entity affects corporate value. This project will explore the influence mechanism of the variable interest entity mode on enterprise value creation. First , the subject, taking the lack of regulatory environment as the starting point, will explore systematically the influence of the mode of variable interest entity on enterprises, from three progressive modules on earnings management, earnings persistence and enterprise value. Then, using the opportunity offered by the variable interest entity mode changes in the regulatory environment, this subject, will systematically analyze the influence of changes in the regulatory regime on surplus management of overseas listed companies with variable interest entity mode. The finding will expand research horizons in the overseas listing field and enrich academic accumulation related variable interest entity. In addition, it will provide empirical evidence for policy-makers to assess the effect of overseas listing with variable interest entity mode and implementation effectiveness of regulatory policy related the mode of variable interest entity, and thus will provide decision-making reference for the subsequent introduction of regulatory policies on variable interest entity mode.

VIE模式，作为我国企业境外上市的一种方式，是我国特殊制度背景下规避监管的产物，其对企业融资、发展具有重要意义。已有研究发现，不同境外上市方式下企业价值不同，但迄今鲜有研究系统考察VIE境外上市模式如何影响企业价值。本课题从VIE模式监管环境的缺失及监管环境的变迁出发，以会计质量为切入点，就 VIE境外上市模式对企业价值创造的影响机理进行探讨。首先，本课题以VIE模式监管环境缺失为出发点，从盈余管理、盈余持续性与企业价值三个模块层层递进，探讨VIE境外上市模式对企业的影响，然后，以VIE模式监管环境变迁为契机，系统分析监管制度的变迁对我国VIE模式境外上市企业盈余质量的影响。研究工作一方面将拓展境外上市领域的研究视野、增加VIE领域的学术积累，另一方面可为政策制定者评估VIE模式境外上市效果及VIE模式监管政策的执行效果提供经验证据，从而为后续VIE模式相关监管政策的出台提供决策参考。

随着VIE模式在中国企业的高度应用，对于VIE模式如何监管才能更有利于中国企业的发展问题备受争议。VIE模式监管政策的完善急需系统的理论分析及丰富的经验证据，而我国现阶段尚缺乏对VIE模式境外上市问题的系统分析及实证检验。.本课题从制度变迁影响公司行为视角出发，以会计质量为切入点，就 VIE境外上市模式对企业价值创造的影响机理进行探讨。本课题研究发现：与非VIE模式境外上市企业相比，以VIE模式境外上市的企业上市前盈余管理程度相对较高， VIE企业上市后盈余持续性相对较低，进而导致VIE模式境外上市企业的经营业绩、市场业绩相对较差。本课题共发表标注本项目的论文19篇，同时建立了VIE企业数据库。.本项目的研究一方面会拓展境外上市领域的研究视野、增加VIE领域的学术积累，另一方面可为政策制定者评估VIE模式境外上市效果及VIE模式监管政策的执行效果提供经验证据，从而为后续VIE模式相关监管政策的出台提供决策参考。