摘要
一个国家的法律对投资者利益保护程度会因其法律起源不同而不同,进而影响到证券市场的发展质量。上市公司作为证券市场的主体,被市场赋予的市场价值是衡量公司增长潜力和投资者信心的重要指标。本文对我国中小投资者利益保护与上市公司价值进行了实证检验。结果表明,法律对中小投资者利益保护程度与公司价值的正向作用显著,也就是说,在中国资本市场和法律保护发展的历史进程中,随着法律保护程度的加强,上市公司的价值也在不断提高。
The extent of one country＇s law protecting minority investors is different because of its law origin, and then will affect the quality of the improvement of security market. As the principle part of security market, corporate endowed by security market with valuation, which is the important index of weighing growing potential and confidence of investors. And what＇s the relationship of both, in this article, we will test that. There is positive relationship between investors legal protection and corporate valuation in China.
出处
《数量经济技术经济研究》
CSSCI
北大核心
2009年第7期120-133,共14页
Journal of Quantitative & Technological Economics
基金
国家社科基金项目"多层次资本市场建设及监管问题研究"的阶段性成果(批准号:05BJL026)
