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在我国转轨时期市场秩序、法律体系和管制制度不完善的制度环境下,标准的投资者保护机制不能有效地发挥作用,而国有控股的股权结构通过支撑外部投资者信心以及控制上市公司内部人的掠夺激励为投资者提供了替代性的保护,从而支持了我国股票市场早期的超常规发展。
Under the institutional environment of imperfect market order, legal system and control system during the transitional period of our country, the standard investor protection mechanism can not effectively play its role. However, the ownership structure of the state-controlled shareholding structure can be improved by supporting the confidence of outside investors and controlling the insiders Predatory incentives provide investors with alternative protection, thus supporting the early unconventional development of the stock market in our country.