基于投资收益的中小投资者保护效率研究

The Empirical Test of the Efficiency of Minority Investor’s Protect Based on Investment Profit

本文基于投资收益构建了新的衡量中小投资者保护效率的指标,并实证检验了我国证券市场投资者保护效率问题。结果表明在中国证券市场,股权分散与合理制衡、国有所有权性质、信息对称程度高、交易活跃的上市公司的中小投资者保护效率较高。同时,属于金字塔式系族结构、机构持股比例高的上市公司的投资者保护效率较低。本文提供了不同股权结构、所有权性质、信息对称程度、金字塔式系族结构等因素的差异导致中小投资者保护效率差异的实证证据,也证实了在中国证券市场中机构投资者和债权人无法发挥监督公司和保护外部投资者的作用。

This paper studied the protection of minority investors in China securities market based on new index of the dollar profit. We found that more disperser of equity, the state-owned, more information symmetrical, more active of trade of listed companies, the more efficiency of the protection of minority investors. But, pyramidal structural, higher institution holder rate, better performance listed companies, the less efficiency of the protection of minority investors. Our study gives the empirical evidence about the impact factors of difference efficiency of the protection of minority investors in different companies.