CAJ | 학술논문

股权分置改革对提高投资者保护水平、完善公司治理机制具有积极作用。这一改革符合＂法与金融＂的基本原理,沪深两市在股权分置改革前后五年间发生的控制权转移事件为其提供了一个可靠样本,＂法与金融＂理论从控制权转移市场公告反应的角度,为投资者保护效应提供了新的证据。
고권분치개혁대제고투자자보호수평、완선공사치리궤제구유적겁작용。저일개혁부합＂법여금융＂적기본원리,호심량시재고권분치개혁전후오년간발생적공제권전이사건위기제공료일개가고양본,＂법여금융＂이론종공제권전이시장공고반응적각도,위투자자보호효응제공료신적증거。
Based on the principle of ＂law and finance＂,this paper examine the relevant influence on the control transfer events announcement effects from the reform of non-tradable shares,which happened from 2003 to 2007 happens in two market,108 cases as samples.The results shows that reform of non-tradable shares played a positive role in improving investor protection level and perfecting the corporate governance mechanisms.Based on,The paper explains the investor protection connotation of Chinese reform of non-tradable shares base the ＂law and finance＂ theory,and provides new evidence to validating the investor protection effect from reform of non-tradable shares.