股权分置改革的投资者保护效应:基于“法与金融”理论的实证检验  

Investor Protection Effect from Reform of Non-tradable Shares:Empirical Research Based on the Principle of Law and Finance

作　　者：唐英凯[1] 周静[2] 舒绍敏[1] 

机构地区：[1]四川大学工商管理学院,四川成都610064 [2]西南财经大学国际商学院,四川成都611130

出　　处：《四川大学学报（哲学社会科学版）》2012年第6期141-150,共10页Journal of Sichuan University：Philosophy and Social Science Edition

基　　金：国家自然科学基金项目(71072066);四川大学杰出青年基金项目(SKJC201007);四川大学学科前沿与交叉创新项基金(SKQY201224)

摘　　要：股权分置改革对提高投资者保护水平、完善公司治理机制具有积极作用。这一改革符合"法与金融"的基本原理,沪深两市在股权分置改革前后五年间发生的控制权转移事件为其提供了一个可靠样本,"法与金融"理论从控制权转移市场公告反应的角度,为投资者保护效应提供了新的证据。Based on the principle of ＂law and finance＂,this paper examine the relevant influence on the control transfer events announcement effects from the reform of non-tradable shares,which happened from 2003 to 2007 happens in two market,108 cases as samples.The results shows that reform of non-tradable shares played a positive role in improving investor protection level and perfecting the corporate governance mechanisms.Based on,The paper explains the investor protection connotation of Chinese reform of non-tradable shares base the ＂law and finance＂ theory,and provides new evidence to validating the investor protection effect from reform of non-tradable shares.

关 键 词：法与金融 股权分置改革 控制权转移 投资者保护 公告效应 

分 类 号：F123.15[经济管理—世界经济]