本文關(guān)鍵詞：我國中小投資者保護(hù)對公司價(jià)值影響的分析　出處：《遼寧大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 中小投資者 評價(jià)體系 企業(yè)價(jià)值

【摘要】：在現(xiàn)代經(jīng)濟(jì)發(fā)展及金融業(yè)多元化的進(jìn)程中，“金融消費(fèi)者”這個概念的出現(xiàn)越來越頻繁。金融危機(jī)后，發(fā)達(dá)國家吸取經(jīng)驗(yàn)教訓(xùn)，制定了相應(yīng)的制度，成立了相應(yīng)的監(jiān)管部門來系統(tǒng)地保護(hù)金融消費(fèi)者。然而，在我國，金融消費(fèi)者和投資者是由“一行三會”來保護(hù)的，這種格局并不能很好地適應(yīng)現(xiàn)代金融的發(fā)展，因此，并不能做到有效地保護(hù)金融消費(fèi)者。出現(xiàn)這種情況的主要原因是把投資者孤立在金融消費(fèi)者之外，認(rèn)為他們是兩類完全不同的群體。 中小投資者是指對公司不享有控制權(quán)、無法對公司的決策實(shí)施影響的除機(jī)構(gòu)投資者以外的個人投資者，他們在證券市場上主要投資于股票、債券等金融產(chǎn)品。他們參與證券市場的主要目的是為了優(yōu)化家庭或個人的財(cái)富結(jié)構(gòu)，以實(shí)現(xiàn)家庭或個人財(cái)富的保值增值，而這些財(cái)富的增加最終還是被用于家庭或個人消費(fèi)。但是，由于法制建設(shè)不完善等方面的限制，他們的群體力量較小，不能得到對稱的信息，此外，他們基本上不具備專業(yè)知識，無法對金融產(chǎn)品或服務(wù)做出正確的判斷。在投資時(shí)，個人投資者所表現(xiàn)出來的對金融產(chǎn)品或服務(wù)的判斷及風(fēng)險(xiǎn)承受等能力幾乎接近于或等同于消費(fèi)者，鑒于此，中小投資者和金融消費(fèi)者可以歸為同一類群體。 作為我國證券市場的主體，中小投資者的參與對我國證券市場的穩(wěn)定、規(guī)模壯大及結(jié)構(gòu)優(yōu)化，上市公司的價(jià)值，整個社會的穩(wěn)定都具有重要的意義。雖然我國證券市場在過去的二十多年里取得了很大成就，但仍存在著上市公司財(cái)務(wù)造假、惡意炒作、內(nèi)幕交易等行為，嚴(yán)重?fù)p害了中小投資者的利益，這使他們逐漸對證券市場、上市公司失去信心，非常不利于證券市場基本功能的實(shí)現(xiàn)，也影響到公司價(jià)值及公司的現(xiàn)實(shí)利益和長遠(yuǎn)發(fā)展。因此，為了促進(jìn)證券市場和上市公司的健康、持續(xù)發(fā)展，要十分重視對中小投資者的保護(hù)。 本文認(rèn)同投資者屬于金融消費(fèi)者的看法，并以中小投資者為代表研究金融消費(fèi)者保護(hù)對公司價(jià)值的影響。 本文的分析思路如下： 首先是緒論，這部分主要介紹了文章的研究背景，研究意義，研究內(nèi)容和方法，并分別從國內(nèi)和國外兩個方面總結(jié)了關(guān)于投資者保護(hù)及其對公司價(jià)值影響的研究成果。 第一章是理論闡述部分。在這部分中主要介紹了中小投資者保護(hù)、公司價(jià)值及兩者作用機(jī)制方面的理論。 第二章主要是確立一個指標(biāo)來客觀評價(jià)中小投資者被保護(hù)的水平。在分別考慮了最能反映出中小投資者保護(hù)程度的幾種因素后，構(gòu)建了一個綜合獨(dú)立董事比例指標(biāo)、中小投資者持股比例指標(biāo)、現(xiàn)金股利指標(biāo)、信息披露質(zhì)量指標(biāo)和公司誠信指標(biāo)的體系，以合理、客觀地反映中小投資者被保護(hù)的水平。 第三章是實(shí)證分析。根據(jù)前面的理論分析，首先提出本文的假設(shè)，即中小投資者保護(hù)水平和公司價(jià)值正相關(guān)，然后選擇了在上交所上市的主板A股的198家制造業(yè)2012年的數(shù)據(jù)作為樣本，確定了被解釋變量、解釋變量和控制變量，構(gòu)建了相應(yīng)的模型，，并利用SPSS16.0進(jìn)行回歸分析。 最后是總結(jié)結(jié)論，提出建議。在對實(shí)證結(jié)果進(jìn)行分析的基礎(chǔ)上得出結(jié)論，并提出了關(guān)于提高中小投資者保護(hù)水平的建議，最后總結(jié)了本文的不足和可待挖掘之處。
[Abstract]:In the modern economic development and diversification of financial industry in the process of the concept of "financial consumer" appears more and more frequent. After the financial crisis, developed countries to draw lessons, the establishment of a corresponding system, set up the appropriate regulatory authorities to protect the financial system to consumers. However, in our country, financial consumers and investors from "three" to protect, this pattern is not well adapted to the development of modern finance, therefore, it is not effective to protect financial consumers. The main reason is the investors isolated in the financial consumer, that they are two different groups.
Small and medium-sized investors refers to the company does not have the control right, not the implementation of impact on the company's decision in addition to institutional investors outside the individual investors in the stock market, they mainly invest in stocks, bonds and other financial products. Their main purpose is to participate in the stock market wealth structure optimization of families or individuals, families or individuals to achieve increasing the value of wealth, and these increased wealth will eventually be used for family or personal consumption. However, due to the construction of legal system is not perfect and other restrictions, their collective strength is small, can not get the symmetric information, in addition, they basically do not have the expertise, unable to make a correct judgment of financial products or services. In the investment, individual investors show on the financial product or service judgment and risk to bear ability is close to or equal to the consumer, in view of In this case, small and medium investors and financial consumers can be classified as the same group.
As the main body of China's securities market, small investors participate in the stability of the securities market of our country, expanding the scale and structure optimization, the value of listed companies plays an important role in the stability of the whole society. Although China's stock market in the past more than 20 years has made great achievements, but there are still financial fraud. Listed companies malicious speculation, insider trading and other acts, serious damage to the interests of investors, which makes them gradually to the securities market, listed companies lose confidence, is not conducive to the realization of the basic functions of the stock market, but also affect the real value of the company and the interests and the long-term development of the company. Therefore, in order to promote the securities market and listed companies the healthy and sustainable development, we must attach great importance to the protection of small investors.
This article identifies the investor's view of the financial consumer and studies the impact of the financial consumer protection on the value of the company on behalf of the small and medium investors.
The analysis of this paper is as follows:
The first part is the introduction. This part mainly introduces the research background, research significance, research contents and methods, and summarizes the research results on investor protection and its impact on company value from two aspects, domestic and overseas.
The first chapter is the theoretical section. In this part, it mainly introduces the theory of the protection of small and medium investors, the value of the company and the mechanism of the two.
The second chapter is to establish an index to objectively evaluate the level of protection of small investors are in. Are considered to reflect the degree of investor protection factors, constructs a comprehensive index of the proportion of independent directors, investors shareholding ratio index, cash dividend index, the quality of information disclosure index and corporate integrity index the system, with a reasonable, objectively reflect the small and medium-sized investors are protected.
The third chapter is empirical analysis. According to the above theoretical analysis, firstly put forward the hypothesis, namely the investor protection level and firm value are related, and then select the listing on the Shanghai Stock Exchange Board of A shares of the 198 industry in 2012 as the sample data, the explanatory variables, explanatory variables and control variables. Construct the corresponding model, and regression analysis was carried out using SPSS16.0.
Finally, we summarize the conclusions and make recommendations. Based on the analysis of the empirical results, we draw the conclusion and put forward suggestions for improving the protection level of small and medium-sized investors. Finally, we summarize the shortcomings of this paper and the areas to be excavated.

【學(xué)位授予單位】：遼寧大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F832.51;F275

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