法律环境与控制权转移绩效:法与金融学视角  

The Legal Environment and the Performance of Control Transfer:from Legal and Financial Perspectives

作　　者：唐英凯[1] 舒绍敏[1] 杨安华[1] 

机构地区：[1]四川大学商学院,四川成都610064

出　　处：《四川大学学报（哲学社会科学版）》2013年第6期116-125,共10页Journal of Sichuan University：Philosophy and Social Science Edition

基　　金：国家自然科学基金项目"投资者保护与控制权转移:基于法与金融学的实证分析"(71072066);四川大学杰出青年基金项目"创业板制度与投资者保护"

摘　　要：控制权市场是公司治理的重要外部机制之一,控制权转移效率反映着证券市场配置控制权资源的能力。从法与金融学视角出发,采用数据包络分析方法,考察中国证券市场法律环境对控制权转移效率的影响。研究发现:良好的法律环境不仅能使控制权转移市场更好地发挥对绩差公司的识别和锁定功能,也能使公司业绩在控制权转移后得到更好改善。研究证实了法与金融学理论在中国的实用性,并为进一步通过提高立法强度和执法效率来改善法律环境的政策制定提供经验证据。Control market is one of the most important external governance mechanisms, and the efficiency of control transfer reflects the ability of the stock market to allocate resources. Starting with legal and financial perspectives, this research adopts data envelopment analysis to investigate the effect of China＇s stock market legal environment on the efficiency of control transfer. The study finds that a good legal environment not only helps the control transfer market play a better role in recognizing and locking poor performing companies, but also contributes to an improvement of a company＇s performance after the control transfer. The study confirms the applicability of law and finance theories and provides empirical evidence for the improvement of legal environment through strengthening legislation and raising enforcement efficiency.

关 键 词：法律环境 控制权转移 投资者保护 法与金融 

分 类 号：F830.91[经济管理—金融学] D90-05[政治法律—法学理论]