我国中小投资者保护对公司价值影响的分析

发布时间：2018-01-15 09:03

本文关键词：我国中小投资者保护对公司价值影响的分析　出处：《辽宁大学》2014年硕士论文　论文类型：学位论文

【摘要】：在现代经济发展及金融业多元化的进程中，“金融消费者”这个概念的出现越来越频繁。金融危机后，发达国家吸取经验教训，制定了相应的制度，成立了相应的监管部门来系统地保护金融消费者。然而，在我国，金融消费者和投资者是由“一行三会”来保护的，这种格局并不能很好地适应现代金融的发展，因此，并不能做到有效地保护金融消费者。出现这种情况的主要原因是把投资者孤立在金融消费者之外，认为他们是两类完全不同的群体。中小投资者是指对公司不享有控制权、无法对公司的决策实施影响的除机构投资者以外的个人投资者，他们在证券市场上主要投资于股票、债券等金融产品。他们参与证券市场的主要目的是为了优化家庭或个人的财富结构，以实现家庭或个人财富的保值增值，而这些财富的增加最终还是被用于家庭或个人消费。但是，由于法制建设不完善等方面的限制，他们的群体力量较小，不能得到对称的信息，此外，他们基本上不具备专业知识，无法对金融产品或服务做出正确的判断。在投资时，个人投资者所表现出来的对金融产品或服务的判断及风险承受等能力几乎接近于或等同于消费者，鉴于此，中小投资者和金融消费者可以归为同一类群体。作为我国证券市场的主体，中小投资者的参与对我国证券市场的稳定、规模壮大及结构优化，上市公司的价值，整个社会的稳定都具有重要的意义。虽然我国证券市场在过去的二十多年里取得了很大成就，但仍存在着上市公司财务造假、恶意炒作、内幕交易等行为，严重损害了中小投资者的利益，这使他们逐渐对证券市场、上市公司失去信心，非常不利于证券市场基本功能的实现，也影响到公司价值及公司的现实利益和长远发展。因此，为了促进证券市场和上市公司的健康、持续发展，要十分重视对中小投资者的保护。本文认同投资者属于金融消费者的看法，并以中小投资者为代表研究金融消费者保护对公司价值的影响。本文的分析思路如下：首先是绪论，这部分主要介绍了文章的研究背景，研究意义，研究内容和方法，并分别从国内和国外两个方面总结了关于投资者保护及其对公司价值影响的研究成果。第一章是理论阐述部分。在这部分中主要介绍了中小投资者保护、公司价值及两者作用机制方面的理论。第二章主要是确立一个指标来客观评价中小投资者被保护的水平。在分别考虑了最能反映出中小投资者保护程度的几种因素后，构建了一个综合独立董事比例指标、中小投资者持股比例指标、现金股利指标、信息披露质量指标和公司诚信指标的体系，以合理、客观地反映中小投资者被保护的水平。第三章是实证分析。根据前面的理论分析，首先提出本文的假设，即中小投资者保护水平和公司价值正相关，然后选择了在上交所上市的主板A股的198家制造业2012年的数据作为样本，确定了被解释变量、解释变量和控制变量，构建了相应的模型，，并利用SPSS16.0进行回归分析。最后是总结结论，提出建议。在对实证结果进行分析的基础上得出结论，并提出了关于提高中小投资者保护水平的建议，最后总结了本文的不足和可待挖掘之处。
[Abstract]:In the modern economic development and diversification of financial industry in the process of the concept of "financial consumer" appears more and more frequent. After the financial crisis, developed countries to draw lessons, the establishment of a corresponding system, set up the appropriate regulatory authorities to protect the financial system to consumers. However, in our country, financial consumers and investors from "three" to protect, this pattern is not well adapted to the development of modern finance, therefore, it is not effective to protect financial consumers. The main reason is the investors isolated in the financial consumer, that they are two different groups.
Small and medium-sized investors refers to the company does not have the control right, not the implementation of impact on the company's decision in addition to institutional investors outside the individual investors in the stock market, they mainly invest in stocks, bonds and other financial products. Their main purpose is to participate in the stock market wealth structure optimization of families or individuals, families or individuals to achieve increasing the value of wealth, and these increased wealth will eventually be used for family or personal consumption. However, due to the construction of legal system is not perfect and other restrictions, their collective strength is small, can not get the symmetric information, in addition, they basically do not have the expertise, unable to make a correct judgment of financial products or services. In the investment, individual investors show on the financial product or service judgment and risk to bear ability is close to or equal to the consumer, in view of In this case, small and medium investors and financial consumers can be classified as the same group.
As the main body of China's securities market, small investors participate in the stability of the securities market of our country, expanding the scale and structure optimization, the value of listed companies plays an important role in the stability of the whole society. Although China's stock market in the past more than 20 years has made great achievements, but there are still financial fraud. Listed companies malicious speculation, insider trading and other acts, serious damage to the interests of investors, which makes them gradually to the securities market, listed companies lose confidence, is not conducive to the realization of the basic functions of the stock market, but also affect the real value of the company and the interests and the long-term development of the company. Therefore, in order to promote the securities market and listed companies the healthy and sustainable development, we must attach great importance to the protection of small investors.
This article identifies the investor's view of the financial consumer and studies the impact of the financial consumer protection on the value of the company on behalf of the small and medium investors.
The analysis of this paper is as follows:
The first part is the introduction. This part mainly introduces the research background, research significance, research contents and methods, and summarizes the research results on investor protection and its impact on company value from two aspects, domestic and overseas.
The first chapter is the theoretical section. In this part, it mainly introduces the theory of the protection of small and medium investors, the value of the company and the mechanism of the two.
The second chapter is to establish an index to objectively evaluate the level of protection of small investors are in. Are considered to reflect the degree of investor protection factors, constructs a comprehensive index of the proportion of independent directors, investors shareholding ratio index, cash dividend index, the quality of information disclosure index and corporate integrity index the system, with a reasonable, objectively reflect the small and medium-sized investors are protected.
The third chapter is empirical analysis. According to the above theoretical analysis, firstly put forward the hypothesis, namely the investor protection level and firm value are related, and then select the listing on the Shanghai Stock Exchange Board of A shares of the 198 industry in 2012 as the sample data, the explanatory variables, explanatory variables and control variables. Construct the corresponding model, and regression analysis was carried out using SPSS16.0.
Finally, we summarize the conclusions and make recommendations. Based on the analysis of the empirical results, we draw the conclusion and put forward suggestions for improving the protection level of small and medium-sized investors. Finally, we summarize the shortcomings of this paper and the areas to be excavated.

【学位授予单位】：辽宁大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F275

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