法与金融理论视角下的投资者保护问题研究
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摘要
“法与金融理论”兴起于20世纪90年代中后期,以关注法律制度与金融市场发展的关系为重点,其核心是关于投资者保护问题的研究。该理论认为法律制度的差别造成了投资者保护水平的不同,进而影响到公司的股权结构、公司治理以及公司价值,并最终影响到一国金融市场以及国民经济的发展水平。中国证券监督管理委员会把保护投资者利益列为工作的重中之重,理论界和监管当局也通过各种努力保护上市公司投资者权益以促进金融市场发展,这些努力包括于2006年修订并施行的《公司法》和《证券法》,以及即将完成的股权分置改革。因此,在股权分置改革完成后,针对中国证券市场的投资者权益保护就显得尤为重要,一方面体现在如何正确认识法律制度对投资者保护的作用及其机理,另一方面体现在如何结合股权分置改革后股权全流通市场条件下中国证券市场呈现的特性而推行更加有效的法律制度。
文章以股权分置改革后全流通市场即将形成为背景,采用比较分析的方法,并结合实证研究,以法和金融理论的观点和结论为主线,对法与金融理论相关文献进行系统梳理和阐述,分析了股权分置改革后投资者受侵害的可能因素,借鉴成熟资本市场国家的立法和成功经验,研究分析股权分置改革后我国投资者权益法律保护机制及不足,进而提出可能采取的对策和建议。
“Law and finance theory”was built up in the late of 1990s. It focuses on the relation between law institutions and financial market, the core of the theory is the research on the investor protection. The“law and finance theory”tried to find out how the law institutions result in the investor protection, then influencing on the ownership of the company, corporation governance and the corporation value, and ever the development of financial market and national economy. The SEC of China has made the investor protection to be one of the most important things in its daily fairs. The government and some experts in related fields came to realize the importance of the investor protection and tried their best to make some rules and revise the law. These efforts included the revise of“The Company Law”and“The security law”and the“share reform”in listed company. In this case, the research on“law and finance”of Chinese stock market seem to be more important, which reflex on confirming the investor protective function and its mechanism from law institutions on one hand, and on promoting more valid law system combining the special property of the Chinese stock market on the other hand.
The paper tries to attain target with the comparable analysis and the empirical research under the circumstance of“share reform”. Through compared with the reasons of minority shareholder oppression and referring the experience of foreign developed countries, it presents some advices and measures to solve these problems.
文章以股权分置改革后全流通市场即将形成为背景,采用比较分析的方法,并结合实证研究,以法和金融理论的观点和结论为主线,对法与金融理论相关文献进行系统梳理和阐述,分析了股权分置改革后投资者受侵害的可能因素,借鉴成熟资本市场国家的立法和成功经验,研究分析股权分置改革后我国投资者权益法律保护机制及不足,进而提出可能采取的对策和建议。
“Law and finance theory”was built up in the late of 1990s. It focuses on the relation between law institutions and financial market, the core of the theory is the research on the investor protection. The“law and finance theory”tried to find out how the law institutions result in the investor protection, then influencing on the ownership of the company, corporation governance and the corporation value, and ever the development of financial market and national economy. The SEC of China has made the investor protection to be one of the most important things in its daily fairs. The government and some experts in related fields came to realize the importance of the investor protection and tried their best to make some rules and revise the law. These efforts included the revise of“The Company Law”and“The security law”and the“share reform”in listed company. In this case, the research on“law and finance”of Chinese stock market seem to be more important, which reflex on confirming the investor protective function and its mechanism from law institutions on one hand, and on promoting more valid law system combining the special property of the Chinese stock market on the other hand.
The paper tries to attain target with the comparable analysis and the empirical research under the circumstance of“share reform”. Through compared with the reasons of minority shareholder oppression and referring the experience of foreign developed countries, it presents some advices and measures to solve these problems.
引文
①LLSV.Legal determinants of external finance[J]. Journal of Finance,1998.栾天虹翻译
①引自唐英凯,赵宏宇,“基于控制权私有收益的现代公司治理框架优化”,经济体制改革,2006 年 8 月。
②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,2004 年 4 月
①陈建良,周军.最优股权结构与保护中小投资者利益[J].财贸经济,2006 年 9 月
②赵旭东.新旧公司法比较分析.[M].人民法院出版社,2005:60-67。
①吴晓求.股权分置改革后的中国资本市场[M].中国人民大学出版社,2006:255 页。
[1]Allen F, Qian J. Law, Finance, and Economic Growth in China [J].Journal of Financial Economics, 2005(4):57-114
[2]Beck T, Demirguc-kunt, Levine. Law and Finance: Why does legal origin matter [J]. Journal of Comparative Economics, 2006(5):97-119
[3]Beck T, Demirguc-Kunt, Maksimovic. Financial, Legal Institutions and Firm Size [EB/OL]. http://www.worldbank.org/finance/assets/990-8.html:2006-01-12
[4]Coffee J C. Privatization and Corporate Governance: The Lessons from Securities Market Failure [J]. Journal of corporation law,1999(3):1-39
[5]Dyck, Zinglaes. Private Benefits of Control: An International Comparison[J]. Journal of Finance, 2006(8):88-89
[6]Johnson, Simon, Shleifer, et al. Privatization and Corporate Governance in the Asian Financial Crisis [M]. Cambridge: Mass, 1999
[7]La Porta R, Lopez-de-Silanes, Shleifer, et al. Legal Determinant of External Finance [J]. Journal of Finance, 1997(3):1131-1150
[8]La Porta R, Lopez-de-Silanes, Shleifer, et al. Law and Finance [J]. Journal of Political Economy, 1998(6):1113-1155
[9]La Porta R, Lopez-de-Silanes, Shleifer, et al. Investor protection and corporate value [J]. Journal of Finance, 2002(3): 1209-1219
[10]Levine. Finance and Growth: Theory and Evidence [J]. Journal of Financial Intermediation, 2002(11): 1-30
[11]Lins, Karl V. Equity ownership and fine value in emerging markets [J]. Journal of Financial and Quantitative Analysis,2003(3): 22-27
[12]Piston k, Xu C. Governing Stock Markets in Transition Economies: Lessons from China[M]. New York: 2005
[13]Paul M, Healy, Krishna et al. Information symmetry, corporate disclosure and the capital market: A review of the empirical disclosure literatures [J]. Journal of Accounting and Economics. 2001(3):401-440
[14]Shleifer A, Robert, Vishny. A Survey of Corporate Governance [J]. Journal of Finance, 1997(52): 737-783.
[15]Zingales, Luigi. What Determines the Value of Corporate Vote? [J]. Journal of Economics, 1995(10):1075-1110
[16]吴晓求.股权分置改革后的中国资本市场[M].中国人民大学出版社,2006
[17]盛学军主编.欧洲证券法研究[M].法律出版社,2005
[18]吕红兵,李康.股权分置改革的法律问题:律师视点[M].法律出版社,2006
[19]刘俊海.股份有限公司股东权的保护[M].法律出版社,2004
[20]成思危.诊断与治疗—揭示中国的股票市场[M].经济科学出版社,2003
[21]黄复兴.中国证券市场制度风险研究[M].上海社会科学出版社,2004
[22]赵旭东.公司法评论[M].人民法院出版社,2006
[23] 袁振兴,杨淑娥.现金股利政策:法律保护的结果还是法律保护的替代—来自我国上市公司的证据[J].财贸研究,2006(5):45-51
[24]王正位,朱武祥.投资者利益保护与新兴市场证券发行管制[J].南开经济研究,2006(1):36-40
[25]汪兴隆.法与金融体系比较研究综述[J].上海经济研究,2005(10):39-45
[26]栾天虹.投资者法律保护理论述评[J].浙江学刊,2005(3):190-194
[27]谈儒勇.法与金融文献综述及研究展望[J].上海财经大学学报,2005(10):74-81
[28]沈艺峰,许年行,杨熠.中小投资者法律保护历史实践的实证检验[J].经济研究,2004(9):33-40
[29]张晓燕.论投资者保护的法律变革一从法系之间的比较看中国对投资者保护的法律变革[EB/OL].http://www.uibe.edu.cn,2007-12-01
[30]沈艺峰,肖珉,黄娟娟.中小投资者法律保护与公司权益资本成本[J].经济研究,2005(6):60-73
[31]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
[32]唐宗明,奚俊芳,蒋位.大股东侵害小股东的原因及影响因素分析[J].上海交通大学学报,2003(4):96-99.
[33]卢峰,姚洋.金融压抑下的法治、金融发展和经济增长[J].中国社会科学,2004(1):25-30
[34]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):35-43
[35]巴曙松.后股权分置时代监管体系面临重构压力[J].证券日报,2007-3-16
[36]王鹏.后股权分置时代公司并购的思考[J].企业家改革与活力,2006(9):25-34
[37]贺宏.最优股权结构与保护中小投资者利益[J].财贸经济,2007(9):36-42
[38]张育军.后股权分置时代监管、创新与市场发展[J].证券市场导报,2006-07-04
[39]刘彦成,刘炜.后股权分置时代上市公司大股东交易行为研究[J].证券市场导报,2006-09-10
[40]魏建华.股权分置改革方案中的对价分析[J].经济理论与经济管理,2005(8):25-33
[41]张建伟.法与金融学:路径依赖于金融法变革[J].学术月刊,2005(10):35-41
[42]郑志刚.新兴市场分散投资者投资“金字塔结构”公司的激励[J].经济研究,2005(4):39-45
[43]谢文峰.股权分置改革的法律思考[D].江西财经大学,2006
[44]中国证券业协会官方网站投资者教育频道,[EB/OL]. http://www.sac.net.cn/tzzjy/index.asp
[45]任志宏.股权分置改革的意义及面临的问题[EB/OL]. http://www.xinzhitax.com/html/21457.asp,2006-09-16
[46]吴晓求.股权分置改革催生全新资本市场[EB/OL]. http://www.cs.com.cn/gqfz/yjjx/t20060108_ 837760.htm
①引自唐英凯,赵宏宇,“基于控制权私有收益的现代公司治理框架优化”,经济体制改革,2006 年 8 月。
②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,2004 年 4 月
①陈建良,周军.最优股权结构与保护中小投资者利益[J].财贸经济,2006 年 9 月
②赵旭东.新旧公司法比较分析.[M].人民法院出版社,2005:60-67。
①吴晓求.股权分置改革后的中国资本市场[M].中国人民大学出版社,2006:255 页。
[1]Allen F, Qian J. Law, Finance, and Economic Growth in China [J].Journal of Financial Economics, 2005(4):57-114
[2]Beck T, Demirguc-kunt, Levine. Law and Finance: Why does legal origin matter [J]. Journal of Comparative Economics, 2006(5):97-119
[3]Beck T, Demirguc-Kunt, Maksimovic. Financial, Legal Institutions and Firm Size [EB/OL]. http://www.worldbank.org/finance/assets/990-8.html:2006-01-12
[4]Coffee J C. Privatization and Corporate Governance: The Lessons from Securities Market Failure [J]. Journal of corporation law,1999(3):1-39
[5]Dyck, Zinglaes. Private Benefits of Control: An International Comparison[J]. Journal of Finance, 2006(8):88-89
[6]Johnson, Simon, Shleifer, et al. Privatization and Corporate Governance in the Asian Financial Crisis [M]. Cambridge: Mass, 1999
[7]La Porta R, Lopez-de-Silanes, Shleifer, et al. Legal Determinant of External Finance [J]. Journal of Finance, 1997(3):1131-1150
[8]La Porta R, Lopez-de-Silanes, Shleifer, et al. Law and Finance [J]. Journal of Political Economy, 1998(6):1113-1155
[9]La Porta R, Lopez-de-Silanes, Shleifer, et al. Investor protection and corporate value [J]. Journal of Finance, 2002(3): 1209-1219
[10]Levine. Finance and Growth: Theory and Evidence [J]. Journal of Financial Intermediation, 2002(11): 1-30
[11]Lins, Karl V. Equity ownership and fine value in emerging markets [J]. Journal of Financial and Quantitative Analysis,2003(3): 22-27
[12]Piston k, Xu C. Governing Stock Markets in Transition Economies: Lessons from China[M]. New York: 2005
[13]Paul M, Healy, Krishna et al. Information symmetry, corporate disclosure and the capital market: A review of the empirical disclosure literatures [J]. Journal of Accounting and Economics. 2001(3):401-440
[14]Shleifer A, Robert, Vishny. A Survey of Corporate Governance [J]. Journal of Finance, 1997(52): 737-783.
[15]Zingales, Luigi. What Determines the Value of Corporate Vote? [J]. Journal of Economics, 1995(10):1075-1110
[16]吴晓求.股权分置改革后的中国资本市场[M].中国人民大学出版社,2006
[17]盛学军主编.欧洲证券法研究[M].法律出版社,2005
[18]吕红兵,李康.股权分置改革的法律问题:律师视点[M].法律出版社,2006
[19]刘俊海.股份有限公司股东权的保护[M].法律出版社,2004
[20]成思危.诊断与治疗—揭示中国的股票市场[M].经济科学出版社,2003
[21]黄复兴.中国证券市场制度风险研究[M].上海社会科学出版社,2004
[22]赵旭东.公司法评论[M].人民法院出版社,2006
[23] 袁振兴,杨淑娥.现金股利政策:法律保护的结果还是法律保护的替代—来自我国上市公司的证据[J].财贸研究,2006(5):45-51
[24]王正位,朱武祥.投资者利益保护与新兴市场证券发行管制[J].南开经济研究,2006(1):36-40
[25]汪兴隆.法与金融体系比较研究综述[J].上海经济研究,2005(10):39-45
[26]栾天虹.投资者法律保护理论述评[J].浙江学刊,2005(3):190-194
[27]谈儒勇.法与金融文献综述及研究展望[J].上海财经大学学报,2005(10):74-81
[28]沈艺峰,许年行,杨熠.中小投资者法律保护历史实践的实证检验[J].经济研究,2004(9):33-40
[29]张晓燕.论投资者保护的法律变革一从法系之间的比较看中国对投资者保护的法律变革[EB/OL].http://www.uibe.edu.cn,2007-12-01
[30]沈艺峰,肖珉,黄娟娟.中小投资者法律保护与公司权益资本成本[J].经济研究,2005(6):60-73
[31]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
[32]唐宗明,奚俊芳,蒋位.大股东侵害小股东的原因及影响因素分析[J].上海交通大学学报,2003(4):96-99.
[33]卢峰,姚洋.金融压抑下的法治、金融发展和经济增长[J].中国社会科学,2004(1):25-30
[34]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):35-43
[35]巴曙松.后股权分置时代监管体系面临重构压力[J].证券日报,2007-3-16
[36]王鹏.后股权分置时代公司并购的思考[J].企业家改革与活力,2006(9):25-34
[37]贺宏.最优股权结构与保护中小投资者利益[J].财贸经济,2007(9):36-42
[38]张育军.后股权分置时代监管、创新与市场发展[J].证券市场导报,2006-07-04
[39]刘彦成,刘炜.后股权分置时代上市公司大股东交易行为研究[J].证券市场导报,2006-09-10
[40]魏建华.股权分置改革方案中的对价分析[J].经济理论与经济管理,2005(8):25-33
[41]张建伟.法与金融学:路径依赖于金融法变革[J].学术月刊,2005(10):35-41
[42]郑志刚.新兴市场分散投资者投资“金字塔结构”公司的激励[J].经济研究,2005(4):39-45
[43]谢文峰.股权分置改革的法律思考[D].江西财经大学,2006
[44]中国证券业协会官方网站投资者教育频道,[EB/OL]. http://www.sac.net.cn/tzzjy/index.asp
[45]任志宏.股权分置改革的意义及面临的问题[EB/OL]. http://www.xinzhitax.com/html/21457.asp,2006-09-16
[46]吴晓求.股权分置改革催生全新资本市场[EB/OL]. http://www.cs.com.cn/gqfz/yjjx/t20060108_ 837760.htm