制度执行视角下的投资者保护与控制权私利

The Investor Protection and Private Benefits of Control from the System Implementation Perspective

随着我国资本市场的迅速发展,投资者保护成为我国理论界与监管界关注的重要问题。文章从法执行的视角回顾了投资者保护制度对控制权私利影响效应的有关文献,分析了我国投资者保护法执行状况,实证检验了投资者实际保护对控制权私利水平影响效应。研究发现,我国投资者保护的法执行力较弱,投者实际保护效应并不显著;重树监管目标,提高法执行效率应是未来投资者保护制度改善的重点。

With the rapid development of China＇s capital markets, investor protection has become one of the important topics of corporate governance research. This article reviews and constructs the empirical regression model to test the effect of investor protection on private benefits of control from the legal enforcement perspective. The results indicate that the law enforcement of investor protection is weak in China, therefore the protective effect is not significant. Finally, the author puts forth some effective policies and suggestions to strengthen the multilayer system of investor protection, such as focusing on supervision targets, enhancing law enforcement efficiency.