投资者保护与金融风险防范研究
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摘要
保护投资者合法权益,一直以来都是我国证券监管工作的重中之重。特别是2008年年底爆发的国际金融危机,也给监管层加强投资者权益保护带来更多启示。这场金融危机在一定程度上也是投资者保护和教育的危机,是投资者对金融市场发展信心的危机。在这场危机之后,各国都在努力构建更加完善健全的投资者教育工作体系。完善和健全投资者保护机制是金融市场稳定发展的必然要求。
文章在总结和归纳国内外投资者保护研究领域的基础上,确立了本文的研究主线:投资者保护与证券市场的稳定性。在理论分析的基础上,随后运用问卷调查与实证分析的研究方法,发现中小投资者对大股东隧道行为、投资者保护问题有所认识和理解。投资者保护的好坏会影响到投资者信心、买卖行为、投资策略以及对市场整体发展的看法。这些影响会通过投资者的反应最终反馈到市场,并对市场造成负面冲击。而实证的研究结果表明在代表投资者保护水平的五个变量中,除“法律执行指数”外,“修正的董事制约指数”、“自我交易制约指数”、“会计标准级别指数”及“信息披露指数”都与市场抗冲击性显著正相关,这意味着投资者保护水平的提升有助于市场抗冲击性的增强。综合来看,投资者保护状况的改善的确有助于增强投资者信心,从而有利于资本市场稳定性(抗冲击能力)的提高。
最后,文章根据研究结果提出了几点建议以改善投资者保护状况和防范金融风险,包括完善监事会、董事会之间的关系、完善独立董事制度、规范控股股东的行为、完善投票方式、完善信息披露制度、完善证券市场监督体制。
Protecting investor's legal equities, always is the key of our country securities supervision. Especially is the international financial crisis that exploded in the end of 2008, which has also bringed more apocalypses for governors to strengthen the protection of investor's equities. This financial crisis is the crisis of investor's protection and education to some extent, and is also the crisis of investor's confidence for financial market development. After this crisis, all countries are trying hard to set up a more perfect and sound system for investor's education. A perfect and sound protection mechanism for investors is the inevitable request for stable development of the finance markets.
The article sums up and concludes the research field of investor's protection both at home and abroad, on this basis we established the research area of the article: The investor's protection and the stability of capital market. Based on the theory, we maked use of the search method of questionnaire and substantial evidence analysis later on, discovering the small investor have understanding and comprehension to the strong stockholder's tunnel-behavior and the question of investor's protection. The quality of investor's protection will effect investor's confidence, transaction behavior, investment strategies and the viewpoint of market's whole development. These impacts will get to market by the way of investor's reaction, bringing negative impact to market. But the search result of substantial evidence expresses in five variables of representing the investor's protection level, in addition to " the law runs index", " correction director's check and supervision index", " check and supervision index of self-trade" and " class index of accounting standard " and "information disclosure index" all shows conspicuous positive correlation with anti- impact in the market, this means promoting the level of investor's protection will help the enhancement of anti- impact in the market. Synthesis to see, improving the state of investor's protection will surely contribute to strengthen investor's confidence and thus is advantageous to the elevation of capital market's stability (anti- impact capability).
Finally, according to search, article gived some suggestions to improve the condition of investor's protection and guarding against financial risk, include perfecting the relation of supervisory board and the board of director, perfecting independent director's system, standardizing the behavior of controlling shareholders, perfecting voting method, perfecting the system of information supervision, and perfecting the supervision system of the securities markets.
文章在总结和归纳国内外投资者保护研究领域的基础上,确立了本文的研究主线:投资者保护与证券市场的稳定性。在理论分析的基础上,随后运用问卷调查与实证分析的研究方法,发现中小投资者对大股东隧道行为、投资者保护问题有所认识和理解。投资者保护的好坏会影响到投资者信心、买卖行为、投资策略以及对市场整体发展的看法。这些影响会通过投资者的反应最终反馈到市场,并对市场造成负面冲击。而实证的研究结果表明在代表投资者保护水平的五个变量中,除“法律执行指数”外,“修正的董事制约指数”、“自我交易制约指数”、“会计标准级别指数”及“信息披露指数”都与市场抗冲击性显著正相关,这意味着投资者保护水平的提升有助于市场抗冲击性的增强。综合来看,投资者保护状况的改善的确有助于增强投资者信心,从而有利于资本市场稳定性(抗冲击能力)的提高。
最后,文章根据研究结果提出了几点建议以改善投资者保护状况和防范金融风险,包括完善监事会、董事会之间的关系、完善独立董事制度、规范控股股东的行为、完善投票方式、完善信息披露制度、完善证券市场监督体制。
Protecting investor's legal equities, always is the key of our country securities supervision. Especially is the international financial crisis that exploded in the end of 2008, which has also bringed more apocalypses for governors to strengthen the protection of investor's equities. This financial crisis is the crisis of investor's protection and education to some extent, and is also the crisis of investor's confidence for financial market development. After this crisis, all countries are trying hard to set up a more perfect and sound system for investor's education. A perfect and sound protection mechanism for investors is the inevitable request for stable development of the finance markets.
The article sums up and concludes the research field of investor's protection both at home and abroad, on this basis we established the research area of the article: The investor's protection and the stability of capital market. Based on the theory, we maked use of the search method of questionnaire and substantial evidence analysis later on, discovering the small investor have understanding and comprehension to the strong stockholder's tunnel-behavior and the question of investor's protection. The quality of investor's protection will effect investor's confidence, transaction behavior, investment strategies and the viewpoint of market's whole development. These impacts will get to market by the way of investor's reaction, bringing negative impact to market. But the search result of substantial evidence expresses in five variables of representing the investor's protection level, in addition to " the law runs index", " correction director's check and supervision index", " check and supervision index of self-trade" and " class index of accounting standard " and "information disclosure index" all shows conspicuous positive correlation with anti- impact in the market, this means promoting the level of investor's protection will help the enhancement of anti- impact in the market. Synthesis to see, improving the state of investor's protection will surely contribute to strengthen investor's confidence and thus is advantageous to the elevation of capital market's stability (anti- impact capability).
Finally, according to search, article gived some suggestions to improve the condition of investor's protection and guarding against financial risk, include perfecting the relation of supervisory board and the board of director, perfecting independent director's system, standardizing the behavior of controlling shareholders, perfecting voting method, perfecting the system of information supervision, and perfecting the supervision system of the securities markets.
引文
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何浚.上市公司治理结构的实证分析[J].经济研究, 1998(5): 50-57.
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杨红,杨淑娥,张栋.基于熵理论的上市公司信息披露质量度量[J].系统工程, 2007(9): 16-21.
余明桂,夏新平,吴少凡.公司治理研究新趋势[J].外国经济与管理, 2004(2): 28-32.
张涛.论我国证券市场中小投资者利益保护问题[J].·时代财贸, 2008(10).
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郝丽辉.关于中小投资者法律保护若干问题的思考[J].·法制与社会, 2009(4).
何德旭.借鉴国际经验.构建中国证券投资者保护基金制度[J].中国党政干部论坛, 2005, (11): 23-24.
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李颖,卢静.会计信息与投资者保护[J].·北京机械工业学报, 2008(12).
刘布泽.浅析当前上市公司投资者保护措施[J].·消费导刊, 2008(9).
刘洁.海外投资者保护基金制度及借鉴[N].证券市场导报, 2005.8.17.
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沈艺峰,宋菁,肖珉. <投资者保护还是政治关系保护——全球金融危机中的中国上市公司治理>.第五届公司治理国际研讨会参会论文, 2008.
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唐宗明,蒋位.中国上市公司大股东侵害度实证分析[J].经济研究, 2002(4): 44-50.
汪毅慧,廖理,邓小铁.不对称信息.交易成本与投资者保护:内地(中国大陆)和香港的比较研[J].金融研究, 2003(10): 27-36.
王克敏,陈井勇.股权结构.投资者保护与公司绩效[J].管理世界, 2004(7): 127-133.
吴淑琨.股权结构与公司绩效的U型关系研究[J].中国工业经济, 2002(1): 80-87.
许小年.以法人机构为主体建立公司治理机制和资本市场[J].改革, 1997(5): 28-34.
严若松.公司隧道效应研究评述[J].经济理论与经济管理, 2008(10): 37-40.
杨贵宾,王晓芳.投资者保护.证券市场与经济增长[J].系统工程理论方法应用, 2004(6): 524-529.
杨如彦,鲁再平,孟辉.对我国证券公司监管效果的分析[N].经济导报, 2002.9.12.
杨红,杨淑娥,张栋.基于熵理论的上市公司信息披露质量度量[J].系统工程, 2007(9): 16-21.
余明桂,夏新平,吴少凡.公司治理研究新趋势[J].外国经济与管理, 2004(2): 28-32.
张涛.论我国证券市场中小投资者利益保护问题[J].·时代财贸, 2008(10).
曾颖,陆正飞.信息披露质量与股权融资成本[J].经济研究, 2006(2): 69-91.
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Andrei Shleifer, Daniel Wolfenzon,“Investor protection and equity markets”, Journal of Financial Economics, 2002, 66: 3-27.
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Agrawal, A. , Mandelker, C. N. Large shareholders and the monitoring of managers: The case of antitakeover charter amendments[J]. The Journal of Financial and Quantitative Analysis, 1990, 25(2): 143-161.
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Asquith, P. , Mullins, D. The impact of initiating dividend payments on shareholders wealth. Journal of Business, 1983, 56: 77-96.
Bai, C. , Liu, Q. , Lu, J. etal. Corporate governance and market valuation in China[J].Journal of Comparative Economics, 2004, 32: 599-616.
Ball, R. , Robin, A. &Wu, J. S. Incentives versus standards: properties of accounting income in four East Asian countries[J].Journal of Accounting and Economics, 2003, 36: 235-270.
Bebchuk, L. A. , Roe, M. J. A theory of path dependence in corporate ownership and governance[J].Stanford Law Review, 1999, 52: 127-170.
Belkaoui, A. , Kahl, A. Corporate financial disclosure in Canada. Research monograph of Canadian Certified General Accountants Association, Vancouver.
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Black, B. , Kraakman, R. &Tarassova, A. Russian privatization and corporate governance: What went wrong? Stanford Law Review, 2000, 52(6): 1731-1808.
Bertrand, M. , Mehta, P. &Mullainathan, S. Ferreting out tunneling: Anapplication to Indian business groups[J].'The Quarterly Journal of Economics, 2002, 117(1): 121-148.
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