Overseas listing, voluntary corporate governance and performance

Abstract

This paper analyzes the evolution of Sinopec’s corporate governance system and performance in the domestic capital market after its overseas listing. Results show that Sinopec’s governance system successfully evolves from a mandatory type to a voluntary type as a result of conformation to legal regulatory systems in the overseas market as exogenous forces and company voluntary decision-makings as endogenous forces. Sinopec takes the initiative to carry out corporate governance innovation, which has significantly improved its performance in the domestic capital market.

摘要

通过分析“中石化”海外上市后在国内资本市场上公司治理制度的跃迁和绩效表现, 发现“中石化”在海外市场法律监맜制度的外生博弈规则和公司内生性的行动决策规则相互博弈中成功地实现了公司治理制度的变迁。 在国内资本市场上, 其主动进行公司治理创新活动, 由此显著提高了公司绩效。