| 我国控制权转移与投资者保护关系的实证研究 |
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| 引用本文： | 曾昭灶,李善民,陈玉罡. 我国控制权转移与投资者保护关系的实证研究[J]. 管理学报, 2012, 0(7): 960-967 |
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| 作者姓名： | 曾昭灶 李善民 陈玉罡 |
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| 作者单位： | 广东外语外贸大学财经学院;中山大学管理学院 |
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| 基金项目： | 国家自然科学基金资助项目(70972074);教育部人文社会科学研究基金资助项目(09YJA630155);广东省自然科学基金资助项目(9451042001004036);广东外语外贸大学人才引进启动资助项目 |
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| 摘 要： | 在新兴转轨的制度背景下,基于我国法律制度和资本市场实践,设计了适合我国国情的上市公司投资者保护水平的评价指标,并据此对我国上市公司控制权转移与投资者保护之间的关系进行了实证研究。实证结果表明,发生控制权转移公司的投资者保护水平较低,控制权转移发生可能性与投资者保护负相关;控制权转移可以在短期内提高公司的投资者保护水平。
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| 关 键 词： | 投资者保护 控制权转移 评价指数 公司治理 |
An Empirical Study on Investor Protection and Corporate Control Transfer in Chinese Securities Market |
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| ZENG Zhaozao,LI Shanmin,CHEN Yugang. An Empirical Study on Investor Protection and Corporate Control Transfer in Chinese Securities Market[J]. Chinese JOurnal of Management, 2012, 0(7): 960-967 |
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| Authors: | ZENG Zhaozao LI Shanmin CHEN Yugang |
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| Affiliation: | 1.Guangdong University of Foreign Studies,Guangzhou,China; 2.Sun Yat-sen University,Guangzhou,China) |
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| Abstract: | The study proposes an index for evaluating investor protection of listed companies in Chinese conditions based on Chinese legal system and practices of securities market,and empirically tests the relationship between investor protection and takeover of listed companies during 2002 to 2004.Our results show that the investor protection of companies with takeover is lower,the probability of takeover is negatively related to investor protection,takeover can improve the level of investor protection,and development of corporate control market take an important role in improving investor protection in China. |
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| Keywords: | investor protection takeover evaluation index corporate governance |
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