证券市场规制的法与金融学研究
发布时间：2018-09-11 13:23
【摘要】：证券市场研究是法与金融学这一新兴交叉学科的中观层面。投资者保护,不仅是证券法和公司法的立法宗旨,也是法与金融学整个理论的逻辑起点和研究基础。法与金融学的传统研究框架从选取的股东保护指标为出发点,比较不同法律渊源对于各国投资者保护差异所造成的影响以及该种差异的解释,并进一步研究投资者保护对于企业价值和证券市场所造成的影响。然而,对于投资者保护的认识,必须要将投资者角色的转换和权利的变动放在动态过程中进行观察,因此对于法与金融学的原有指标选取应该进行相应拓展。此外,对于转轨经济国家的证券法发展,法律渊源的决定性作用受到质疑,因为一系列实证研究表明,法律移植的效应以及各个国家原有的文化传统和价值在解释不同国家对于投资者保护的差异方面可能更加具有相关性。 我国作为转轨经济中的代表,既具有典型性,又具有特殊性。我国特殊的股权结构必然会影响公司的治理结构,并投射在整个证券市场的发展和投资者保护的相关制度上。对于我国而言,除了法与金融学的传统衡量指标,证券法的可执行性和制度适应性、政府对证券市场监管的有效性、中小投资者诉讼救济机制的可行性和多样性、证券监管机构的独立性和有效性、信息披露制度的有效性和完整性以及内幕交易控制指标都应纳入本土化的法与金融学研究框架,并依照各个指标进行相应的制度建构。
[Abstract]:The study of securities market is the middle level of law and finance. Investor protection is not only the legislative aim of securities law and company law, but also the logical starting point and research basis of the whole theory of law and finance. The traditional research framework of law and finance compares the influence of different legal sources on investor protection differences and the explanation of the differences from the selected indicators of shareholder protection. And further study the impact of investor protection on enterprise value and securities market. However, for the recognition of investor protection, it is necessary to observe the change of investor's role and rights in the dynamic process, so the selection of the original indexes of law and finance should be expanded accordingly. In addition, the decisive role of legal sources in the development of securities laws in countries with economies in transition has been questioned because a series of empirical studies have shown that The effects of legal transplantation and the original cultural traditions and values of different countries may be more relevant in explaining the differences in investor protection in different countries. China, as a representative of transition economy, has both typicality and particularity. The special ownership structure of our country will inevitably affect the corporate governance structure and project on the development of the whole securities market and the relative system of investor protection. For our country, apart from the traditional measure of law and finance, the executability and institutional adaptability of securities law, the effectiveness of government supervision over the securities market, the feasibility and diversity of litigation relief mechanism for small and medium-sized investors, The independence and effectiveness of securities regulatory bodies, the effectiveness and integrity of information disclosure system and the control index of insider trading should be incorporated into the framework of local legal and financial research, and the corresponding system should be constructed according to each index.
【学位授予单位】：华中科技大学
【学位级别】：硕士
【学位授予年份】：2010
【分类号】：D922.28;F832.51
本文编号：2236806
[Abstract]:The study of securities market is the middle level of law and finance. Investor protection is not only the legislative aim of securities law and company law, but also the logical starting point and research basis of the whole theory of law and finance. The traditional research framework of law and finance compares the influence of different legal sources on investor protection differences and the explanation of the differences from the selected indicators of shareholder protection. And further study the impact of investor protection on enterprise value and securities market. However, for the recognition of investor protection, it is necessary to observe the change of investor's role and rights in the dynamic process, so the selection of the original indexes of law and finance should be expanded accordingly. In addition, the decisive role of legal sources in the development of securities laws in countries with economies in transition has been questioned because a series of empirical studies have shown that The effects of legal transplantation and the original cultural traditions and values of different countries may be more relevant in explaining the differences in investor protection in different countries. China, as a representative of transition economy, has both typicality and particularity. The special ownership structure of our country will inevitably affect the corporate governance structure and project on the development of the whole securities market and the relative system of investor protection. For our country, apart from the traditional measure of law and finance, the executability and institutional adaptability of securities law, the effectiveness of government supervision over the securities market, the feasibility and diversity of litigation relief mechanism for small and medium-sized investors, The independence and effectiveness of securities regulatory bodies, the effectiveness and integrity of information disclosure system and the control index of insider trading should be incorporated into the framework of local legal and financial research, and the corresponding system should be constructed according to each index.
【学位授予单位】：华中科技大学
【学位级别】：硕士
【学位授予年份】：2010
【分类号】：D922.28;F832.51
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