“法律的名义”:司法独立性提升与公司违规

发布时间：2018-01-18 12:12

  本文关键词：“法律的名义”:司法独立性提升与公司违规　出处：《金融研究》2017年05期 　论文类型：期刊论文

  更多相关文章： 司法独立性 法官异地交流 公司违规

【摘要】：本文以2008年省高院院长(法官)异地交流作为地方司法独立性提升的自然实验,检验了法官异地交流对上市公司违规的执法力度及执法可置信程度的影响。实证发现:(1)司法独立性提升不仅增加了公司违规被查处的概率,同样也加大了公司违规公告的市场负面反应。(2)相比民营企业,这一作用更多体现在国有企业中。(3)相比制度环境较差的地区,这一作用在制度环境较好的地区更明显。(4)司法独立性提升的效果不仅体现在执法力度及执法可置信程度上,其震慑作用还减少了公司"掏空型"关联交易行为。本文的研究表明司法独立性提升通过对监管部门、投资者和公司三方面的影响加强了投资者保护,其结论拓展和丰富了世界范围内司法独立性经济后果的相关研究。
[Abstract]:In 2008, the President of the Provincial High Court (judges) exchange as the local judicial independence of the natural experiment. This paper examines the influence of judges' communication in different places on the law enforcement and the confidence of law enforcement in listed companies. It is found that the promotion of judicial independence not only increases the probability of company violations being investigated. It also increases the negative market reaction of the company's illegal announcement. Compared with the private enterprises, this role is more reflected in the state-owned enterprises than the less institutional environment. This role is more obvious in areas with better institutional environment. 4) the effect of improving judicial independence is not only reflected in the strength of law enforcement and the degree of confidence in law enforcement. Its deterrent effect also reduces the behavior of "tunneling" related party transactions. The research in this paper shows that the promotion of judicial independence strengthens the investor protection through the influence on supervision department, investor and company. The conclusion expands and enriches the relevant research on the economic consequences of judicial independence in the world.
【作者单位】： 西南财经大学会计学院;
【基金】：国家自然科学基金面上项目(批准号:71672151) 教育部人文社会科学研究西部和边疆地区青年基金项目(批准号:13XJC630001)的资助
【分类号】：D90-052
【正文快照】： 一、引言“法与金融”理论强调了世界范围内法律对公司治理、金融市场发展的重要作用(LaPorta et al.,1998;2000;2002)。而司法独立性是司法公正的前提和基础,享有独立地位的司法部门能够有效制衡政府权力,促使政府做出尊重并维护私人财产和契约自由的可信承诺(North,1990),是，

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