摘要
Abstract
This paper points out that VIE structure has unique dual moral hazards which lack control measures. Based on the cross-sectional data of American China-concept stocks in 2016, using the generalized least squares method (GLS), this paper empirically tests the impact of VIE structure on corporate valuation, and then conducts a robustness test. Empirical studies have found that the market has not lowered corporate valuation due to the risk of it's VIE structure. This shows that the current level of information disclosure is not enough to make investors aware of the specific risks of the VIE structure. In the trend of overseas China-concept stocks' return to the A-shares has speeded up, in order to better protect the interests of investors, the regulators should learn from the supervision experience of the HKEX, strengthen the information disclosure of retuning VIE enterprises, and improve the pertinence, timeliness and integrity of information disclosure.关键词
VIE模式/双重道德风险/公司治理/实证检验/公司估值Key words
VIE structure/dual moral hazards/corporate governance/empirical test/corporate valuation
