投资者利益保护效果评价研究

国内外已有的关于投资者利益保护的研究主要是从不同的制度、法律背景出发,探讨不同的投资者利益保护状况所导致的经济后果。但是这种研究方法不适用于评价同一制度背景下不同公司投资者利益保护效果的差异,以及这些差异所导致的不同经济后果的研究。针对这一问题,本文主要从微观公司组织这一角度,兼顾制度执行层面,对既定制度背景下,如何评价投资者利益保护效果进行了一定的思考。与Laporta等从事前角度评价投资者利益保护的方法不同的是,本文主要是从事后角度进行考量的,认为投资者利益保护效果应从效率和公平两个层次进行评价,主要的评价指标可以选择投资者获得的投资回报、公司质量和公司诚信三个方面。

Evaluation of the Effects of the Investor Protection

Recent literature about investor protection mainly study its different economic results from different institution and legal background.But this method cannot be used to evaluate the effects of different firm's investor protection and its economic results in a country with the same institute.The paper,starting from the organization of the firm and the facet of the institution enforced,discusses it.Different with the "ex ante" method of Laporta et al.,we think from "post ante" that investor protection in the same institute and legal background should take the efficiency and equality into account,and its content should be consisted of three parts,that is investor's earnings from investment,firm's high quality and trustworthiness.