投资者保护研究综述：财务会计信息的作用

资本市场的信息不对称不仅阻碍了资源的有效配置,而且妨碍了投资者获取投资回报。财务会计信息在投资者保护中具有重要作用,它可以减轻由于信息不对称带来的两个基本问题:信息问题和代理问题。本文提出一个扩展的框架分析财务会计信息在缓解信息不对称、促进投资者保护中的作用机制,以及公司层面、市场层面和国家层面一些重要因素对这种作用机制的影响。在此基础之上,本文综述了近期国外研究中的主要相关文献,并为未来研究提出建议。

A Review of the Empirical Research on Investor Protection:The Role of Financial Accounting Information

Information asymmetry in the capital markets impedes not only the efficient al- location of resources,but also the investors'getting a return on their investment.Financial accounting information can mitigate the information and agency problems in capital markets, so it does have an important role in investor protection.This paper first provides an extended framework for analyzing how financial accounting information works on investor protection. We then review the current international empirical literatures in this research area and suggest opportunities for further research.