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我国中小投资者法律保护历史实践的实证检验
引用本文:沈艺峰,许年行,杨熠.我国中小投资者法律保护历史实践的实证检验[J].经济研究,2004(9).
作者姓名:沈艺峰  许年行  杨熠
作者单位:厦门大学管理学院财务研究与发展中心 361005 (沈艺峰,许年行),厦门大学管理学院财务研究与发展中心 361005(杨熠)
摘    要:本文实证检验我国不同历史阶段中的中小投资者法律保护问题。检验结果发现 ,在我国中小投资者法律保护的不同阶段 ,首次公开发行 (IPOs)的初始收益率存在显著的差别 ,说明在中小投资者法律保护的不同阶段里 ,中小投资者的市场保护意识不同 ,两者之间存在显著的负相关关系。中小投资者得到法律保护较好的阶段 ,其对市场保护的依赖性较低 ,即所要求的IPOs的初始收益率较高。反之 ,在法律保护不健全的情况下 ,中小投资者往往首先寻求市场保护。随着中小投资者法律保护的逐步完善 ,中小投资者对市场保护的依赖性会逐步减少。随着中小投资者法律保护从初始阶段进入发展与完善阶段之后 ,IPOs的初始收益率会有所降低。本文从完全不同的角度支持了LaPorta等人的主要观点。

关 键 词:中小投资者  法律保护  首次公开发行

Test on the Law Protection of Minority Investors in Different Stages
Shen Yifeng,Xu Nianhang,Yang Yi.Test on the Law Protection of Minority Investors in Different Stages[J].Economic Research Journal,2004(9).
Authors:Shen Yifeng  Xu Nianhang  Yang Yi
Institution:Xiamen University
Abstract:This paper studied the protection of minority investors in the different stages. We found that the initial returns of IPOs in the different periods of law protection were significantly different from each other, which indicated that market protection requirement of minority investors declined with the development of law protection. In the period with better law protection of minority investors, they relied less on market protection and required lower initial return of IPOs, while they resorted to market protection first in poor law protection stage. With the improvement of law protection of minority investors, they relieved their market dependence accordingly. Our test showed that the initial returns of IPOs reduced when law protection went to a better stage from the initial stage. And this study supported the main ideas of La Porta et al. from a very different viewpoint.
Keywords:Minority Investors  Law Protection  IPOs  
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