投资者保护与公司治理

Investor Protection and Corporate Governance

公司治理是近 30年来理论研究的热点 ,但人们大多把注意力集中于对经理行为的研究 ,而忽视了对投资者保护的关注。随着以哈特为代表的新产权学派的兴起 ,特别是LLSV( 1 998)的实证数据使得人们把视角转为对投资者保护机制的关注。我们发现 ,在投资者保护的研究框架下 ,可以更好地理解公司治理 ,以及它们对一国金融市场和经济发展的重要性。

Corporate governance is the focus of economic theories in the last thirty years, but economists have pard more attention to the research of manager's behaviors and neglected the aspect of investor protection.Following the rise of new property theories,especially the LLSV's (1998) thesis, we begin to focus on the investor protection mechanism. In the new research framework, we can well understand the corporate governance and its importance to the financial market and economic development of a country.