投资者法律保护与公司上市后长期业绩表现——基于法和金融理论的实证分析

Development of Investor Protection and IPO Long-term Performance: An Empirical Study Based on Law and Finance

公司上市后长期业绩不佳是世界范围内的一个“异象”,主流的理论解释集中在信息不对称和利益冲突两个问题上,可见投资者保护的增强有利于缓解这种“异象”。为此,本文基于法和金融理论,以1991-2000年在上海证券交易所上市的公司为样本,实证检验了我国中小投资者法律保护发展对公司上市后长期业绩的影响。研究结果表明,随着我国中小投资者法律保护的发展,公司上市后长期业绩表现不佳的“异象”有所缓解。

The underperformance of long-term IPO exists worldwide. The information asymmetry and conflict of interest between the original entrepreneurs and the new shareholders are two main explanations. Higher investor protection can reduce those explanations for the underperformance. Thus, based on law and finance theory, this paper examines the changes of the IPO long-term performance during 1991-2000, followed by the development of investor protection in security regulation, the test in this paper shows that with better investor protection of security market the operating performance of long-run IPO become better. And this result supports the assumption that the performance of long-run IPO becomes better in the time series when the investor protection matures.