中国上市公司投资者保护测度与评价

Measurement and Evaluation on Investor Protection in Chinese Listed Companies

投资者保护，尤其是中小投资者权益的保护是资本市场发展的关键。鉴于现有研究对投资者保护的度量存在同质性、外生性假设等缺陷，本文在分析投资者保护制度安排的基础上，构建了测度中国上市公司投资者保护水平的指标体系。运用这套指标体系和相关的方法，重点对2006--2008年间中国上市公司投资者保护水平进行测度，并对结果进行相关性分析。测度的结果表明：无论是宏观层面的立法与司法体系、证券市场监管、地方政府治理和中介组织发展，还是微观层面的公司治理机制，均对上市公司投资者权益保护产生了正面影响并呈现逐年向好的趋势。我们构建的指数能相对客观地反映投资者对中国上市公司投资者保护水平的心理评价，相关的数据既可用于截面比较研究，还可开展时间序列分析，从而为推动投资者保护的深入研究提供有益的参考和数据准备。

Investor protection, especially protecting minority investors＇ rights, is the key to capital market development. Whereas limitations, such as homogeneous hypotheses and exogenous hypotheses, remain in current researches of measuring the degree of investor protection, based on analyzing the institutional mechanism of investor protection, this study constructs an index system which measures the degree of investor protection in Chinese listed companies. Using this system and relevant methods, we emphasize on measuring the degree of investor protection in Chinese listed companies between 2006 and 2008, and carry out analysis on relevance results. Measurement results indicate that, macro-aspects, such as legislative and judiciary systems, securities market regulation, regional government governance, and development of intermediate institutions, as well as micro-perspectives, such as corporate governance mechanism, impact investor protection of listed companies positively and also demonstrate a tendency of melioration year by year. The constructed index system relatively objectively reflects investors＇ psychological evaluation on the degree of investor protection in Chinese listed companies. Relevant data can be used in cross-sectional comparative researches and time series analysis, thus provide useful reference and data reserve for promoting researches on investor protection.