经济学家
經濟學傢
경제학가
Economist
2009年
12期
48~60
,共null页
国有股权 替代性投资者保护 logistic检验
國有股權 替代性投資者保護 logistic檢驗
국유고권 체대성투자자보호 logistic검험
State-owned equities; Alternative protection for investors; Logistic test;
在我国转轨时期市场秩序、法律体系和管制制度不完善的制度环境下,标准的投资者保护机制不能有效地发挥作用,而国有控股的股权结构通过支撑外部投资者信心以及控制上市公司内部人的掠夺激励为投资者提供了替代性的保护,从而支持了我国股票市场早期的超常规发展。
在我國轉軌時期市場秩序、法律體繫和管製製度不完善的製度環境下,標準的投資者保護機製不能有效地髮揮作用,而國有控股的股權結構通過支撐外部投資者信心以及控製上市公司內部人的掠奪激勵為投資者提供瞭替代性的保護,從而支持瞭我國股票市場早期的超常規髮展。
재아국전궤시기시장질서、법률체계화관제제도불완선적제도배경하,표준적투자자보호궤제불능유효지발휘작용,이국유공고적고권결구통과지탱외부투자자신심이급공제상시공사내부인적략탈격려위투자자제공료체대성적보호,종이지지료아국고표시장조기적초상규발전。
Under the institutional environment of imperfect market order, legal system and regulation system during the transition period in China, standard mechanism for protecting investors can not play an effective role, but the equity structure of state-owned shares can give alternative protection for investors through building the confidence of outside investors and controlling the insiders predatory incentives so as to support the unusual development of the earlier Chinese stock market.
