中国投资者法律保护与企业价值关系研究

发布时间：2018-05-04 02:02

本文选题：投资者法律保护 + 企业价值　；参考：《华南理工大学》2012年硕士论文

【摘要】：投资者是资本市场发展的基石，公司治理的核心在于对投资者的保护。随着中国资本市场发展到全流通时代，上市公司控股股东、高级管理人员、机构投资者等依然拥有明显的股份优势、资金优势和信息优势，将使中国资本市场的信息不对称矛盾更加突出。资本市场是一个信息化程度高、资金度强、参与广泛的市场，投资者受到良好的法律保护对于实现资本市场的稳定持续发展至关重要。对于处于新兴加转轨期的中国资本市场来说，投资者法律保护特别是投资者法律保护与企业价值间的关系日渐成为一个重要的研究课题。本文利用规范研究与实证研究相结合的方法，对中国投资者法律保护与企业价值的关系进行了研究。在文献综述的基础上，本文首先从理论分析入手，将“法与金融学”作为切入点，结合中国投资者法律保护的制度背景展开分析，利用五个相关理论对投资者法律保护的原因和意义进行了深入探讨。在实证研究方面，本文对于深沪两市于1995年前上市的236家上市公司进行了跟踪考察，选取其16年间数据（1995-2010）为研究样本，通过构造投资者法律保护指标，提出研究假设和模型，然后利用描述性统计和线性回归分析的方法对假设进行检验。本文的研究结果表明，在信息不对称的非完美市场中，由于“代理问题”及分散的中小股东“搭便车”动机的存在，使得中小股东难以约束和监督控股股东的行为，，控股股东倾向于利用其信息优势地位来进行“隧道行为”攫取中小股东的利益。法律保护可以有效抑制大股东利益掠夺的行为，有利于资本市场价格发现功能及资源优化功能的发挥，投资者法律保护水平的提高有助于企业价值的提高，二者之间存在着显著的正相关关系。
[Abstract]:Investors are the cornerstone of capital market development, the core of corporate governance lies in the protection of investors. With the development of China's capital market into an era of full circulation, the controlling shareholders, senior management personnel, and institutional investors of listed companies still have obvious advantages in shares, capital and information. Will make the information asymmetry contradiction of Chinese capital market more prominent. The capital market is a high degree of information, a strong degree of capital, participate in a wide range of markets, investors receive good legal protection for the realization of stable and sustainable development of the capital market is essential. For the Chinese capital market in the period of emerging and transition, the relationship between the legal protection of investors, especially the legal protection of investors and the value of enterprises has become an important research topic. In this paper, the relationship between the legal protection of Chinese investors and the value of enterprises is studied by means of the combination of normative research and empirical research. On the basis of literature review, this paper begins with the theoretical analysis, taking "Law and Finance" as the starting point, combining with the institutional background of the legal protection of Chinese investors. This paper discusses the reasons and significance of investor legal protection by using five relevant theories. In the aspect of empirical research, this paper makes a follow-up investigation on 236 listed companies listed in Shenzhen and Shanghai stock markets before 1995, selects the data of 16 years as the research sample, and puts forward the research hypotheses and models by constructing the index of investor legal protection. Then the hypothesis is tested by descriptive statistics and linear regression analysis. The results of this paper show that in the imperfect market with asymmetric information, it is difficult for minority shareholders to restrain and supervise the behavior of controlling shareholders because of the existence of "agency problem" and "hitchhiking" motivation of dispersed minority shareholders. Controlling shareholders tend to take advantage of their information advantage to "tunnel behavior" to seize the interests of minority shareholders. The legal protection can effectively restrain the behavior of the large shareholders' interest plundering, and is beneficial to the capital market price discovery function and the resource optimization function. The improvement of the investor's legal protection level is helpful to the enterprise value enhancement. There is a significant positive correlation between the two.
【学位授予单位】：华南理工大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：D922.28;F832.51

【参考文献】