【作者】 吴迪；

【导师】 张炳才；

【作者基本信息】 华南理工大学 ， 会计学， 2012， 硕士

【摘要】 投资者是资本市场发展的基石，公司治理的核心在于对投资者的保护。随着中国资本市场发展到全流通时代，上市公司控股股东、高级管理人员、机构投资者等依然拥有明显的股份优势、资金优势和信息优势，将使中国资本市场的信息不对称矛盾更加突出。资本市场是一个信息化程度高、资金度强、参与广泛的市场，投资者受到良好的法律保护对于实现资本市场的稳定持续发展至关重要。对于处于新兴加转轨期的中国资本市场来说，投资者法律保护特别是投资者法律保护与企业价值间的关系日渐成为一个重要的研究课题。本文利用规范研究与实证研究相结合的方法，对中国投资者法律保护与企业价值的关系进行了研究。在文献综述的基础上，本文首先从理论分析入手，将“法与金融学”作为切入点，结合中国投资者法律保护的制度背景展开分析，利用五个相关理论对投资者法律保护的原因和意义进行了深入探讨。在实证研究方面，本文对于深沪两市于1995年前上市的236家上市公司进行了跟踪考察，选取其16年间数据（1995-2010）为研究样本，通过构造投资者法律保护指标，提出研究假设和模型，然后利用描述性统计和线性回归分析的方法对假设进行检验。本文的研究结果表明，在信息不对称的非完美市场中，由于“代理问题”及分散的中小股东“搭便车”动机的存在，使得中小股东难以约束和监督控股股东的行为，控股股东倾向于利用其信息优势地位来进行“隧道行为”攫取中小股东的利益。法律保护可以有效抑制大股东利益掠夺的行为，有利于资本市场价格发现功能及资源优化功能的发挥，投资者法律保护水平的提高有助于企业价值的提高，二者之间存在着显著的正相关关系。更多还原

【Abstract】 The investor is the cornerstone of the development of capital market, the protection ofinvestor is the core of corporate governance. With the development of China’s capital marketget into full circulation times, controlling shareholders, senior managers and institutionalinvestor still have obvious advantages in stock, capital and information, it will make thecontradiction about information asymmetry in China’s capital market more prominent.Capital market is a market with high degree informationization, strong capitalization andwidespread participation, investors have good legal protection is very important for stabilityand sustained development of capital market. For China’s capital market is experiencing thetransitional period, the legal protection of investor, especially the relationship between legalprotection of investor and corporate value, has become an important research topic.This paper uses the standard research and the empirical research methods to study therelationship between legal protection of investor and corporate value. Based on the literaturereview, this paper start from theoretical analysis, make the “law and finance” as a startingpoint, combine with the institutional background of China’s legal protection of investor, usefive related theories to discuss the reason and significance about legal protection of investor,In the empirical research, this paper make a tracking survey on236listed companies whoappeared on the market before1995, choosing16years data (1995-2010) as the researchsample, through the construction of legal investor protection index, puts forward the researchhypothesis and model, then use the descriptive statistics method and linear regressionanalysis method to examine the research hypothesis.The results of this study show that, in the information asymmetry imperfect market,because of “agency problem” and “free riding”, the medium and small shareholders canhardly restrain and supervise controlling shareholder’s behavior, the controlling shareholdersare inclined to use their information advantage position to “tunneling” grab the profit ofmedium and small shareholders. Legal protection can effectively inhibit predatory behaviorof major shareholders, it is benefit to the capital market’s economic function about pricediscovery and resource optimization, the improvement of legal protection of investor cancontribute to the improvement of enterprise value, they have significant positive correlation.更多还原