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本文首先借鉴LLSV(2002)及Doidge等(2004)的模型框架,分析了公共治理环境对于上市公司股权分置改革对价补偿水平的可能影响。然后本文利用纯送股形式的上市公司股权分置改革方案数据实证考察了这种影响。本文的研究表明,在中国证券市场存在公共治理溢价,投资者关注上市公司的公共治理环境并采取了具有区别性的反馈行为,监管者在改善公共治理环境方面做出的努力将显著提高证券市场对于普通投资者的吸引力。
This paper starts with the model framework of LLSV (2002) and Doidge et al. (2004), and analyzes the possible impact of public governance environment on the compensation level of the share-trading reform of listed companies. Then this paper uses the data of stock transfer plan of listed companies in the form of pure bonus to empirically examine the impact. The research in this paper shows that there is a public governance premium in China’s securities market, investors pay attention to the public governance environment of listed companies and take a distinctive feedback behavior, and regulators’ efforts to improve public governance environment will significantly improve the security market Attractive for ordinary investors.