【作者】 陈美蓉；

【导师】 史本山；

【作者基本信息】 西南交通大学 ， 技术经济及管理， 2005， 硕士

【摘要】 证券市场中上市公司存在的大量违规行为严重破坏了证券市场的信誉基础,极大地损害了广大中小投资者的投资信心和经济利益。中小投资者对于规范上市公司行为的有着强烈的政策需求。制订能维护市场“三公”原则的公共政策是政府职能部门应尽的义务,是政府所能提供的一种特殊公共福利,无法像私人物品一样在市场上出售和定价,其经济价值可以通过广大投资者为实现该政策的实施而愿意支付的金额来反映。 本文采用条件意愿价值法来研究中小投资者对设想中政府规范上市公司行为的公共政策的支付意愿,旨在为监管部门获知市场需求、改进工作提供数量依据,确保从社会福利最大化出发,制订并严格实施各项有利于证券市场健康发展的规章和制度。 本文首先针对我国上市公司存在的违规行为,提出了一系列有效解决既有问题的公共政策,并对该政策所蕴涵的价值进行分析;其次对条件意愿价值法的理论基础、支付意愿导出方法、基本程序作简要的介绍;再次,基于预调查获得的开放式问题结果,确立了正式调查的报价值,并分别就支付卡片法和二选一法获得的正式调查数据进行了统计学分析。分析结果显示,中小投资者的支付意愿中位数位于44.66～50元/(年*人)之间;对不同程度的违规减少,中小投资者的支付意愿具有显著差异,研究中没有出现禀赋效应;最后,文章分别采用多元线性和logistic回归技术对支付卡片法和二选一法调查数据进行了分析,回归方程的拟合程度分别为90.7%(线性回归Adj.R~2)和89.0%(Nagelkerke R~2),进入模型的解释变量主要包括问卷编号、个人年收入、文化程度和资金规模。根据调查结果,文章提出了规范上市公司行为的具体措施。 本文的创新之处在于将国外主要用于评价环境公共物品价值的条件意愿价值法应用到国内中小投资者对公共政策的支付意愿的定量研究,开拓了该方法新的应用领域,从公共政策的研究角度来说,则引入了一种全新的研究方法,为国内政府相关职能部门从社会福利最大化出发制订公共政策提供定量的数据支持。更多还原

【Abstract】 A lot of illegal behaviors of listed-companies existing in the stock market endenger the credit base of the market and destroy the economic interests and confidence of public investors badly. Public investors have a strong need for public policies to restrain those behaviors of companies on the stock market. Government has the responsibility to keep the market equitable, open, fair and square. It’s a special social welfare which can be offered by government. Not being sold or priced on market as private goods, the value of such a public policy can only be explained by the money that investors willing to pay for it and the benefit it can bring to them.By contingent valuation method (CVM), this thesis study public investors’ willingness to pay (WTP) for policies to restrain illegal behaviors of listed companies. The willingness to pay (WTP) gives a strong evidence for government to know exactly what the market really needs and how to improve their work. On the basis of that, government can prepare regulations or specifications which can maximum the social welfare and advance the development of the stock market.Firstly, aiming at the existing illegal behaviors on the market, the thesis brings forward a series of public policies which can solve those problems effectively and analyses the possible values of the policies. Secondly, the theoretical basis, different WTP eliciting methods and the basic procedures of CVM are introduced. Based on the result of the beforehand survey, the bids used in the final survey questionnaire are determined. The results of the final data show that the public investors’ WTP are between 44.66-50YUAN per capita each year. Investors’ WTP for 50% and 90%’s reduction of illegal behaviors are different notably, which means that there is no anchoring effect appeared in the study. At last, the thesis gives the multivariate linear regression and logistic regression of the data obtained from the payment-card and dichotomous questionnaire. The adjusted R square of linear regression and Nagelkerke R square of logistic regression are 90.7% and 89.0% respectively. Variants enter the final regression model are questionnaire code, individual’s income, education and invest scale. According to the survey data, the thesis gives the detail measure to restrain illegal behaviors of listed-companies so as to protect public investors’interests.The innovation of the thesis is that it uses CVM; the popular method to value environment public goods; to study domestic public investors’ WTP quantitatively. It explores the research field of CVM and induces a brand-new method to research public policy because it can provide detail data for decision-makers.更多还原