【作者】 王凌；

【导师】 张维；

【作者基本信息】 天津大学 ， 管理科学与工程， 2007， 博士

【摘要】 本文在第一章绪论部分首先明确金融在经济发展中起着至关重要的作用,在此基础上引出本文所作研究的核心问题——为什么有的国家形成了有利于经济发展的金融体系,而有的国家则没有。然后总结前人工作,人们已经意识到制度在金融发展中起到重要的作用。在阐述制度问题时,分别简介所涉及到的三个制度分析流派,点出本文的重要理论研究工作“基于非公平补偿的交易成本变化”的理论意义;为分析清楚制度不公所导致的社会交易成本的变化情况本文推导了非公平补偿的大小变化与公共强制权所保障的公平程度之间的因果关系;既而明确了公共期权的价值与非公平补偿成减函数关系,得出公司及其衍生资产与公共期权成增函数关系;得到结论:越公平的国家,公司价值越高,财富创造的也就越多。针对这一理论结论本文就沪深两市的并购事件作了一个实证,应用期限依赖性检验证实了我国上市公司在并购的市场反应中存在显著的泡沫成分,比较了沪深两市对并购事件的不同反应程度;从中国特殊的制度背景出发对并购事件引起的市场异常反应进行了合理的解释。本文从法经济学的角度对有关文献进行梳理初步建立了一个分析金融市场自律、政府监管与法律规制之间的关系的框架,然后从法律实施保护投资者功能的角度提出有关公平实质意义的问题,建立了资本市场治理运行系统动态模型;以此为基点从制度的实现角度考虑提出了需要解决法律在社会经济生活中位置的问题;针对法律定位的问题本文利用ISM结构化分析技术,对IOSCO总结出的有关资本市场治理体系的构成要素进行分析;推导出一个证券及期货市场治理体系的结构化模型,明确了法律基础位置的关键性意义。更多还原

【Abstract】 Chapter 1 is an introduction that firstly explicitly states that finance plays a crucial role in economic development, and then that, on this basis, mentions this paper research center why some countries have formed financial system that is conducive to economic development but why not some countries. This paper then aggregates previous work, which shows that it has been aware of the institution has played an important role in the financial development. After brief introduction respectively three schools involved in the institution analysis, This paper points out the theoretical significance of important theoretical research work that is“changes in the transaction costs based on unfair compensation”in this paper. To analyze how unfair institution is as a result of the changes of the social transaction costs, This paper derivates causation between unfair compensation changes and degree how much public mandatory powers provide protection of the right of citizens to participate in the fair, then gives a proof that there is a decreasing function relationship between public options and the value of unfair compensation, and there is a increasing function relationship between public options and assets of the company and its derivatives. This paper draws a conclusion that more fair country is, the higher the value of the company is, and more equitable national wealth is created by the more. Against this theory Conclusion, This paper makes an empirical study about merger & acquisition in Shenzhen security market and Shanghai security market. Findings by duration dependence test indicate that there are significant bubbles in market response to merger & acquisition. This paper compares the different responses caused by the same event between Shenzhen security market and Shanghai security market. This dissertation is devoted to the research on a sound interpretation to abnormal market response to the merger & acquisition based on special Chinese institution.This paper cards documents on the screen from the perspective of Law and Economics, establishes the analysis framework of the relationship between financial market discipline, government regulation and the legal regulation, make a clear logic synthesis theory for further research, then from the implementation of laws to protect investors proposes what is the essence of fair, establishes a capital market management system running dynamic model, on this basis raises question what position laws have in the socio-economic life from the implementation of the institution. This dissertation then derives a governance model of securities and futures markets in the structure by using Interpretative Structural Modeling to analysis elements that IOSCO summed up in the capital market management system, against the issue of legal status, and then clear that legal foundation is a key.更多还原