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本文以中国上市公司2003-2005年3270个观测值为样本,对投资者法律保护与公司价值关系进行了实证研究。研究发现:在全样本下,投资者法律保护程度与公司价值显著正相关;在分组研究中,国有控股上市公司组中投资者法律保护程度与公司价值显著正相关,但在民营控股上市公司组中投资者法律保护程度与公司价值不相关。研究表明:法律影响投资者行为预期,但在不同所有权性质下,法律对投资者行为预期产生的影响不同。这揭示出我国经济转型期法律与信用关系呈现的主要特点:在依托政府信用的经济活动中法律与信用相辅相承,而建立在私人信用基础上的经济活动,法律还没有显现出对私人信用的部分替代,也没有与私人信用形成共生促进的关系。
In this paper, 3270 observations of 2003-2005 from listed companies in China are taken as samples to make an empirical study on the relationship between investor legal protection and corporate value. The research shows that under the whole sample, the level of legal protection of investors is significantly and positively correlated with the company’s value. In the group study, the degree of legal protection of investors in the state-controlled listed companies is significantly and positively correlated with the company’s value. However, The degree of legal protection of investors is not related to the company’s value. The research shows that law affects the expected behavior of investors, but under different ownership, the impact of law on investor behavior expectation is different. This reveals the main features of the relationship between law and credit during the economic transition in our country. In the economic activities relying on government credit, law and credit are mutually supportive. However, the economic activity based on private credit has not yet been shown in the law for private individuals Partial replacement of credit, and no symbiotic relationship with private credit.