中国证券投资者保护水平的实证研究

发布时间：2018-07-08 15:15

本文选题：证券市场 + 投资者保护　；参考：《东南学术》2013年05期

【摘要】：证券市场中的投资者保护水平是衡量证券市场效率的重要指标。中国的证券市场具有明显的政府主导性,政府从实现国家利益和实现该利益所耗费的成本两个角度进行考察,相机调控资本市场的发展节奏,因此也影响到了资本市场中的投资者保护水平。文章通过公司特质信息这一指标对我国证券市场纵向发展过程中的证券投资者保护水平进行实证研究。实证结果显示:(1)从证券市场的纵向发展来看,证券投资者保护水平逐渐提高,其间经历着不断的波动;(2)制度建设对证券投资者保护水平的贡献呈现出量变到质变的过程,经过一段时间的完善,证券投资者保护水平会有一个突发性的大幅上涨;(3)影响证券投资者保护的政策、法律法规、事件的发生能够带来公司特质信息的上升,在证券市场的制度建设中,政府的定位与决策对证券投资者保护水平至关重要。
[Abstract]:The level of investor protection in the securities market is an important index to measure the efficiency of the securities market. China's securities market is dominated by the government. The government inspects the development rhythm of the capital market from the two angles of realizing the national interest and the cost of realizing the interest, so as to control the pace of the development of the capital market. Therefore, it also affects the level of investor protection in the capital market. This paper makes an empirical study on the level of protection of securities investors in the process of longitudinal development of China's securities market through the index of corporate trait information. The empirical results show that: (1) from the perspective of the vertical development of the securities market, the level of protection of securities investors is gradually improved, during which there are constant fluctuations; (2) the contribution of institutional construction to the level of protection of securities investors shows a process of quantitative change to qualitative change. After a period of improvement, the level of protection of securities investors will rise suddenly and substantially. (3) policies, laws, regulations and incidents that affect the protection of securities investors can bring about an increase in the company's characteristic information. In the system construction of securities market, the position and decision of government is very important to the level of protection of securities investors.
【作者单位】：集美大学财经学院金融系;厦门大学经济学院金融系;
【基金】：教育部人文社会科学规划项目(项目编号:12JYC790011) 福建省教育厅杰出青年项目(项目编号JA12186S)
【分类号】：F832.51;F224

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