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投资者保护是关乎证券市场能否健康发展的核心问题,也一直是学术界关注的重要研究热点,如何有效测度证券市场的投资者保护效率成为相关研究能否得以进一步深化的关键问题。本文从宏观层面、控制权价值、交易信息不对称和上市公司信息披露等视角总结了有关投资者保护效率测度的研究成果,并对各种测度方法的优劣进行了剖析,同时指出了未来的研究方向。
Investor protection is a key issue that concerns the healthy development of the securities market. It has also been an important research hot spot in academia. How to effectively measure the investor protection efficiency in the securities market has become a key question whether the relevant research can be further deepened. This paper summarizes the research results about the measure of investor protection efficiency from the perspective of macro level, control value, transaction information asymmetry and information disclosure of listed companies, and analyzes the pros and cons of various measurement methods, and points out the future research direction.