| 债权人权利保护法律颁布的市场反应——基于法和金融理论的研究 |
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| 引用本文： | 魏锋,薛飞.债权人权利保护法律颁布的市场反应——基于法和金融理论的研究[J].财经研究,2010(4). |
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| 作者姓名： | 魏锋 薛飞 |
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| 作者单位： | 重庆大学贸易与行政学院;重庆大学贸易与行政学院 |
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| 基金项目： | 国家自然科学基金资助项目(70772100);;重庆大学研究生科技创新基金(批准号:200911A0A0090325);;重庆大学“211工程”三期访学交流项目专项基金(项目编号:FX20090102009)的资助 |
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| 摘 要： | 法律对银行债权人权利的保护可以通过书面法律的制定及完善得以实现。那么,债权人权利保护法律的颁布和修订是否会引起市场投资者的反应?文章运用事件法考察了《物权法》、新《公司法》和新《企业破产法》的颁布和修订对我国上市银行股价的影响。研究结果表明,三部法律公布事件对上市银行的股价均有显著的冲击效应,这说明债权人权利保护法律的颁布和修订引起了市场投资者强烈的反应;进一步地我们发现,不同法律事件下不同银行的股价所受影响各异,这可能源于上市银行的终极控制人以及三部法律关于债权人保护条款的侧重点和法律规定的强度不同。
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| 关 键 词： | 债权人保护 法和金融 事件研究法 |
Market Reaction to Promulgation of Laws on Creditor Rights Protection:Based on Study on Theories of Law and Finance |
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| WEI Feng,XUE Fei.Market Reaction to Promulgation of Laws on Creditor Rights Protection:Based on Study on Theories of Law and Finance[J].The Study of Finance and Economics,2010(4). |
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| Authors: | WEI Feng XUE Fei |
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| Institution: | College of Trade and Public Administration;Chong QingUniversity;Chongqing 400030;China |
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| Abstract: | The enactment and perfection of written law may realize legal creditor protection.Then,does the promulgation and amendments of creditor rights protection laws affect market investors' behaviors? The paper investigates the shock effect of promulgation of three laws closely relevant to creditor rights protection on stock price of listed commercial banks by event study.The promulgation of three laws including Company Law,Enterprise Bankruptcy Law and Real Right Law has significant shock effects on stock price ... |
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| Keywords: | creditor protection law and finance event study |
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