投资者保护、集中的所有权与公司价值

在不同的国家中,对投资者保护的法律制度、法律执行质量和会计标准存在很大的差异。在一定程度上,股权集中是对投资者法律保护的替代。对投资者的法律保护与公司价值间存在正相关关系;集中的所有权有助于改善公司价值。为了保护投资者的利益,我国应该完善对投资者的法律保护,提高执法质量和会计质量,促进股权的适度集中。

Protection of Investors, Ownership Concentration and Firm Value

There are significant differences in terms of legal institution of investor protection,legal enforcement quality and accounting standards in various countries.To some degree,ownership concentration is a substitute for investor protection.There is positive correlationship between investor protection and firm value.Ownership concentration is contributive to firm value.In order to protect the interests of investors,China shall improve the legal protection of investors,enhance legal enforcement quality and accounting quality so as to boost the proper ownership concentration.