投资者保护微观效应文献综述：基于影响机制复杂性与结果多样性的新观察  

Literature Review on Micro-effects of Investor Protection:Based on the New Observation about the Complexity of the Impact and the Diversity of Result

作　　者：李维安[1] 王倩[2] 

机构地区：[1]南开大学公司治理研究中心 [2]南开大学公司治理研究中心/南开大学商学院

出　　处：《南开管理评论》2011年第6期4-15,共12页Nankai Business Review

基　　金：国家社科基金重大项目(10ZD&035);教育部人文社会科学重点研究基地重大项目(08JJD630007);国家自然科学基金项目(71172066)资助

摘　　要：投资者保护作为一项重要的法律制度在20世纪90年代末引起了学者们普遍的重视,并涌现了大量相关文献。本文着重总结投资者保护对企业微观行为影响有关的文献,同时与以往研究不同的是,本文强调投资者保护影响机制的复杂性以及影响结果的多样性。基于这样的逻辑,本文将有关文献分为两类:第一类研究集中于讨论投资者保护在改善公司治理和企业价值的重要作用,这类研究非常丰富;第二类研究则发现投资者保护对企业风险的降低和其他利益相关者的利益存在不可忽略的负面影响,这类研究方兴未艾。本文的文献梳理不仅有助于更好地理解投资者保护的影响,还为未来的研究提供了新的思路。As an important legal institution, investor protection at- tracts widespread attention of scholars in the late 1990＇s, and there are also a large number of relevant literatures. This paper summarizes the literature about the impact that the investor protection has on the microlevel behaviors of enterprises. Most of the studies about investor protection use the ideas in LLSV analytical framework which divides the studies into three basic types, including the positive effect of investor protection on corporate governance, corporate finance and firm value. We argue that although investor protection has an important position in firms, such classifications cannot reflect the whole role of it. When investor protection works, it must interact with other mechanisms in different environment and the process is very complicated. Taking the interaction into account, we may get a different conclusion. Therefore, different from previous studies, this article emphasizes the influence complexity of investor protection and diversity of the results. Based on this logic, this article divides the literature into two categories： the first type of studies focus on the discussion of investor protection in improving corporate governance and firm value, and such research is very rich; the second type of studies find that investor protection has very significantly negative impact on corporate risk reduction and the interests of other stakeholders, and such researches are rising. Summarizing the literature in this article not only helps to better understand the impact of investor protection, but also provides new issues for future research. On one hand, scholars should make more studies about the impact of investor protection in different institution, politics, culture and economies. On the other hand, we can do more works in financial sector. Investor protection has significant effect on firm risk, and risk-minimizing is the most important goal in financial industry, so clarifying the relationship between investor protection and risk-

关 键 词：投资者保护 代理成本 公司治理 交叉效应 风险承担 

分 类 号：F830.91[经济管理—金融学]