中国股票市场对上市公司违规行为有治理效应吗?

Has the Chinese Stock Market Effectively Governed the Listed Company's Contrary Behavior?

中国股票市场对上市公司的违规行为是否进行了有效治理,上市公司投资者是否对上市公司发生的违规行为给予了惩罚。研究结果表明。股票市场并未对上市公司的违规行为进行惩罚,通过股票市场产生的外部治理机制失效。因此.除了以更科学、合理的制度安排等事前契约来规范主体行为外,客观上还必须要有更具指导性的行为准则——公司治理的伦理道德体系。

Whether the Chinese stock market has effectively governed the listed company＇s contrary behavior, whether the listed investors has given the penalty to the listed company owning to its contrary behavior. The research showed that the stock market hasn＇t carries on the penalty to be listed company＇s contrary behavior yet. Exterior government mechanism formed through the stock market becomes invalid. Therefore, apart from havior by the means of more scientific, reasonable system arrangement, it is essential the guidance objectively -- the theory morality system for the company management. standardizing the main body be- to have the behavior criterion as