CAJ | 학술논문

法律环境与证券市场发展的关系问题一直备受学界的关注。成熟的制度安排可提供稳定的、可预测的产权保护和产权交易,实现市场资源要素的优化配置。2005年修改的中国《证券法》放宽了证券市场的交易品种和证券发行审批制度。该变化对证券市场的发展具有积极作用。分析《证券法》修改前后法律环境差异对所上市公司价值的影响机制,从定量的角度研究新《证券法》中针对证券公司的改革条例对这些公司整体市场价值所造成的影响,发现改革条例的实施有效提高了这些公司的市值规模。
법률배경여증권시장발전적관계문제일직비수학계적관주。성숙적제도안배가제공은정적、가예측적산권보호화산권교역,실현시장자원요소적우화배치。2005년수개적중국《증권법》방관료증권시장적교역품충화증권발행심비제도。해변화대증권시장적발전구유적겁작용。분석《증권법》수개전후법률배경차이대소상시공사개치적영향궤제,종정량적각도연구신《증권법》중침대증권공사적개혁조례대저사공사정체시장개치소조성적영향,발현개혁조례적실시유효제고료저사공사적시치규모。
The issue of the relationship between legal environment and securities market development has been paid attention and controversy by the academic circle.The mature institution can offer stable and expected property protection and property exchange to optimize the allocation of market resources. The modified Chinese securities law in the year 2005 relaxes the exchange products and the issuing mode of securities and thus whether the changes have positive influence on the development of the market？ The paper analyzes the mechanism of the differences in legal environment on the value of listed companies,and quantitatively study the influence of the new regulations for companies in the modified Chinese securities law on their market value. The results show that the enforcement of the new regulations efficiently improves the market value of securities companies.