Study on the Nested Structure of Corporate Governance in China's Companies Listing Abroad

摘要

The most important issue for companies listing abroad is how to reach co-exist between two different kinds of institutions which are located in the registration region and the listing place each other. How is the co-existing characteristic of institutions reflected by corporate governance as the basic institution arrangement in companies listing abroad? Focusing on these two questions, this study establishes a nested structure of corporate governance for companies listing abroad. The corporate governance is composed of three parts: the corporate governance established according to corporate laws and regimes in firm registered location; the corporate governance adjusted for corporate laws and regimes in firm cross-border listed location that belongs to the mandatory institutional change; the governance innovation for firm strategy formulation and implementation that belongs to the induced institutional change.