【摘要】：證券市場研究是法與金融學這一新興交叉學科的中觀層面。投資者保護,不僅是證券法和公司法的立法宗旨,也是法與金融學整個理論的邏輯起點和研究基礎。法與金融學的傳統研究框架從選取的股東保護指標為出發(fā)點,比較不同法律淵源對于各國投資者保護差異所造成的影響以及該種差異的解釋,并進一步研究投資者保護對于企業(yè)價值和證券市場所造成的影響。然而,對于投資者保護的認識,必須要將投資者角色的轉換和權利的變動放在動態(tài)過程中進行觀察,因此對于法與金融學的原有指標選取應該進行相應拓展。此外,對于轉軌經濟國家的證券法發(fā)展,法律淵源的決定性作用受到質疑,因為一系列實證研究表明,法律移植的效應以及各個國家原有的文化傳統和價值在解釋不同國家對于投資者保護的差異方面可能更加具有相關性。 我國作為轉軌經濟中的代表,既具有典型性,又具有特殊性。我國特殊的股權結構必然會影響公司的治理結構,并投射在整個證券市場的發(fā)展和投資者保護的相關制度上。對于我國而言,除了法與金融學的傳統衡量指標,證券法的可執(zhí)行性和制度適應性、政府對證券市場監(jiān)管的有效性、中小投資者訴訟救濟機制的可行性和多樣性、證券監(jiān)管機構的獨立性和有效性、信息披露制度的有效性和完整性以及內幕交易控制指標都應納入本土化的法與金融學研究框架,并依照各個指標進行相應的制度建構。
[Abstract]:The study of securities market is the middle level of law and finance. Investor protection is not only the legislative aim of securities law and company law, but also the logical starting point and research basis of the whole theory of law and finance. The traditional research framework of law and finance compares the influence of different legal sources on investor protection differences and the explanation of the differences from the selected indicators of shareholder protection. And further study the impact of investor protection on enterprise value and securities market. However, for the recognition of investor protection, it is necessary to observe the change of investor's role and rights in the dynamic process, so the selection of the original indexes of law and finance should be expanded accordingly. In addition, the decisive role of legal sources in the development of securities laws in countries with economies in transition has been questioned because a series of empirical studies have shown that The effects of legal transplantation and the original cultural traditions and values of different countries may be more relevant in explaining the differences in investor protection in different countries. China, as a representative of transition economy, has both typicality and particularity. The special ownership structure of our country will inevitably affect the corporate governance structure and project on the development of the whole securities market and the relative system of investor protection. For our country, apart from the traditional measure of law and finance, the executability and institutional adaptability of securities law, the effectiveness of government supervision over the securities market, the feasibility and diversity of litigation relief mechanism for small and medium-sized investors, The independence and effectiveness of securities regulatory bodies, the effectiveness and integrity of information disclosure system and the control index of insider trading should be incorporated into the framework of local legal and financial research, and the corresponding system should be constructed according to each index.
【學位授予單位】：華中科技大學
【學位級別】：碩士
【學位授予年份】：2010
【分類號】：D922.28;F832.51

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