中小投资者保护对公司绩效影响的研究

发布时间：2018-05-17 03:19

本文选题：公司治理 + 中小投资者保护　；参考：《山东财经大学》2013年硕士论文

【摘要】：中小投资者在我国证券市场上具有重要地位，他们的投资行为关系到上市公司和证券市场的持续发展。中小投资者保护问题是近些年来国内外理论界和实务界普遍关注的热点问题。自从我国证券市场建立以来，中小投资者利益受到侵害的现象就一直存在，因此需要更深入的研究投资者保护问题，分析上市公司保护中小投资者的必要性，以便能够构建一个中小投资者保护体系。另外，与较为普遍的国家层面的对比分析不同，本论文从公司治理结构的角度出发，研究上市公司中小投资者保护对公司绩效的影响。本论文首先分析了我国中小投资者保护的理论基础、内容、现状以及存在问题的原因，然后针对公司治理结构对中小投资者保护的影响，从股权结构、董事会、信息披露三个方面构建了衡量上市公司对中小投资者保护的指标评价体系，此部分是本论文的第一个研究内容。然后，基于前面计算的投资者保护指数与公司绩效进行回归，通过实证研究来验证公司层面的投资者保护对公司绩效的影响。结果表明，公司层面的中小投资者保护指数与公司绩效呈显著正相关。最后，本论文从五个方面提出了政策建议：股权结构、董事会、监事会、信息披露以及中小投资者本身基于上述研究，本论文认为，公司层面的投资者保护确实存在差异，加强中小投资者保护有利于降低代理成本，提高公司绩效。
[Abstract]:Small and medium investors have an important position in China's securities market. Their investment behavior is related to the continuous development of listed companies and the securities market. The protection of small and medium-sized investors is a hot issue in the theoretical and practical circles both at home and abroad in recent years. Since the establishment of the stock market in China, the interests of small and medium-sized investors have been invaded. The phenomenon of harm always exists, so it is necessary to study the problem of investor protection in depth and analyze the necessity of protecting small and medium investors by listed companies so as to build a small and medium investor protection system. In addition, it is different from the comparative analysis of the more common national level. This paper is from the perspective of corporate governance. City Public
This paper first analyzes the theoretical basis, content, status and reasons for the protection of small and medium investors in our country, and then, according to the influence of the corporate governance structure on the protection of small and medium investors, it constructs the listed companies from three aspects of the ownership structure, the board of directors and the information disclosure. The index evaluation system for the protection of small and medium investors is the first research content of this paper. Then, the investor protection index, based on the previous calculation, is returned to the company performance to verify the impact of investor protection on the company performance at the company level. The results show that the small and medium investor protection at the company level is guaranteed. Finally, the paper puts forward policy suggestions from five aspects: ownership structure, board of directors, board of supervisors, information disclosure, and information disclosure.
Based on the above research, the medium and small investors believe that there are differences in investor protection at the company level. Strengthening the protection of small and medium investors is beneficial to reduce the agency cost and improve the performance of the company.
【学位授予单位】：山东财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51;F224

【参考文献】