投资者保护测量一个研究综述

©1994-2010ChinaAcademicJournalElectronicPublishingHouse.Allrightsreserved.:(70873092);(NCET20620851);:1,1,2(1.,710049;2.,710049):,,,,,,:;;;;:F830.91:A:100325192(2010)0220076205TheMeasurementofInvestorProtection:ALiteratureReviewXUGen2wang1,MALiang1,WUJian2nan2(1.SchoolofManagement,XianJiaotongUniversity,Xian710049,China;2.SchoolofPublicPolicyandAdminis2tration,XianJiaotongUniversity,Xian710049,China)Abstract:Asthesourceofcompanygrowth,stockmarketdevelopmentandeveneconomicgrowth,investorprotectionhasbeenthehotpointofinternationalstudies,especiallyfollowingthegrowthoflawandfinanceschool.Becomingthekeyvariable,themeasurementofinvestorprotectionisvitaltoanddifficultforlotsofproblemstoexplore.Basedontriple2level(countries,regions,andcompanies)toanalyze,classicresearchesandveryrecentworkstowardsinvestorprotectionmeasurementarediscussedinthisliteraturereview,inwhichstudiesconductedbydomesticscholarsareana2lyzedspecifically.Itsfoundthatinvestigationbothfrominsideandoutsideaspectsoflistedcompaniessimultaneouslyisdeservedtobefocusedon.Keywords:investorprotection;measurement;literaturereview;lawandfinance;corporategovernance1,[1,2],?[3,4][5],,[6],LaPorta(LLSV),LLSV,,:LLSV,,;(),,,[7],,,67Vol.29,No.2FORECASTING20102©1994-2010ChinaAcademicJournalElectronicPublishingHouse.Allrightsreserved.()[8]LLSV49,,[1]LLSV,,1,0,LLSV,,,LLSVLLSV,[9],[10]2.2DLLSLLSV,[4],,Pistor[11],PistorLLSV,LaPorta[12]Djankov(DLLS)[13],:()()(),DLLS72,,,,,,,DLLS,,,,,[13]33.1LLSV,PistorDLLS,,,DLLS,,Allen[14]LLSV[1],9,,3,[15]DLLS[13],20065,?,,[14],[16],DLLS,,,,[17]3.2,16,[18],LLSV6,,7;9,,,[7],77,::©1994-2010ChinaAcademicJournalElectronicPublishingHouse.Allrightsreserved.[19],:;,LLSV;[20][21][22],,,,[5],;,[23],,,,[24],[25]4,,,,,,[26],,[27],[28],,[29],,[30]4.1[27],,,,,,,,,,[31],,[32],,,Berkman,,,[26]4.2,,,(),,,[33][29]87Vol.29,No.220102©1994-2010ChinaAcademicJournalElectronicPublishingHouse.Allrightsreserved.(,)()[30],[31],,,,,,(HB),,,,,,[34],HB,[35][36],,[37]4.3,,()(),[23],,,,,,,,,,[10],,,[10]5,[38],,,,,,,,,,,,:[1]LaPortaR,Lopez2de2SilanesF,ShleiferA,etal..Lawandfinance[J].TheJournalofPoliticalEconomy,1998,106(6):111321155.[2]LaportaR,Lopez2de2SilanesF,ShleiferA,etal..In2vestorprotectionandcorporatevaluation[J].TheJournalofFinance,2002,57(3):114721170.[3]LaPortaR,Lopez2de2SilanesF,ShleiferA,etal..Le2galdeterminantsofexternalfinance[J].TheJournalofFinance,1997,52(3):113121150.97,::©1994-2010ChinaAcademicJournalElectronicPublishingHouse.Allrightsreserved.[4].[J].,2007,(3):1382151.[5].[J].,2007,(9):1362147.[6]CheungS,JingL,RauPR,etal..Howdoesthegrab2binghandgrab?TunnelingassetsfromChineselistedcompaniestothestate[EB/OL].[7],,.[J].,2008,(2):1172125.[8]JensenM,MecklingW.Theoryofthefirm:managerialbehavior,agencycostsandownershipstructure[J].Jour2nalofFinancialEconomics,1976,3(4):3052360.[9],.[A].[C].:,2002.1222.[10],,.[A].,.[C].:,2008.1102148.[11]PistorK.Patternsoflegalchange:shareholderandcredi2torrightsintransitioneconomies[J].EuropeanBusinessOrganizationLawReview,2000,1(1):592110.[12]LaPortaR,Lopez2de2SilanesF,ShleiferA.Whatworksinsecuritieslaws[J].TheJournalofFinance,2006,61(1):1232.[13]DjankovS,LaPortaR,Lopez2de2SilanesF,etal..Thelawandeconomicsofself2dealing[J].JournalofFinancialEconomics,2008,88(3):4302465.[14]AllenF,QianJ,QianM.Law,finance,andeconomicgrowthinChina[J].JournalofFinancialEconomics,2005,77(1):572116.[15],.[M].:,2004.224.[16].[N].,2001212206.[17],.[J].,2007,(6):35240.[18],,.[J].,2004,(9):1152124.[19],.[J].(),2006,5(3):8932922.[20],,.[J].,2003,(3):9218.[21],.:[J].,2002,(10):59270.[22].[J].,2008,(2):68282.[23],.[J].,2007,(5):73279.[24]LiK,YueH,ZhaoL.Ownership,institutions,andcapitalstructure:evidencefromChina[J].JournalofComparativeEconomics,2009,37(3):4712490.[25]ZhangY,MangG.Law,economic,corporategovern2ance,andcorporatescandalinatransitioneconomy[EB/OL].[26]BerkmanH,ColeRA,FuJL.Politicalconnectionsandminorityshareholderprotection:evidencefromse2curitiesmarketregulationinChina[EB/OL].=1029886,2008206209.[27],.[J].,2005,(2):329.[28],.[J].,2001,(11):3211.[29],.[J].,2004,(7):1272133.[30],,.[J].,2007,(6):126.[31],.[J].,2007,(1):21242.[32],.:[J].,2007,(223):5247.[33],.[J].,2001,(11):66269.[34],,.[J].,2005,(2):81291.[35],.[J].,2007,(3):79287.[36],.2003[J].,2006,(2):1142118.[37]ReeseWA,WeisbachMS.Protectionofminorityshareholderinterests,cross2listingsintheUnitedStates,andsubsequentequityofferings[J].JournalofFinan2cialEconomics,2002,66(1):652104.[38]LaPortaR,Lopez2de2SilanesF,ShleiferA.Theeco2nomicconsequencesoflegalorigins[J].JournalofEco2nomicLiterature,2008,46(2):2852332.08Vol.29,No.220102