【作者】 陈诚；

【导师】 陈耿；

【作者基本信息】 重庆大学 ， 金融学， 2011， 硕士

【摘要】 保护投资者合法权益,一直以来都是我国证券监管工作的重中之重。特别是2008年年底爆发的国际金融危机,也给监管层加强投资者权益保护带来更多启示。这场金融危机在一定程度上也是投资者保护和教育的危机,是投资者对金融市场发展信心的危机。在这场危机之后,各国都在努力构建更加完善健全的投资者教育工作体系。完善和健全投资者保护机制是金融市场稳定发展的必然要求。文章在总结和归纳国内外投资者保护研究领域的基础上,确立了本文的研究主线:投资者保护与证券市场的稳定性。在理论分析的基础上,随后运用问卷调查与实证分析的研究方法,发现中小投资者对大股东隧道行为、投资者保护问题有所认识和理解。投资者保护的好坏会影响到投资者信心、买卖行为、投资策略以及对市场整体发展的看法。这些影响会通过投资者的反应最终反馈到市场,并对市场造成负面冲击。而实证的研究结果表明在代表投资者保护水平的五个变量中,除“法律执行指数”外,“修正的董事制约指数”、“自我交易制约指数”、“会计标准级别指数”及“信息披露指数”都与市场抗冲击性显著正相关,这意味着投资者保护水平的提升有助于市场抗冲击性的增强。综合来看,投资者保护状况的改善的确有助于增强投资者信心,从而有利于资本市场稳定性(抗冲击能力)的提高。最后,文章根据研究结果提出了几点建议以改善投资者保护状况和防范金融风险,包括完善监事会、董事会之间的关系、完善独立董事制度、规范控股股东的行为、完善投票方式、完善信息披露制度、完善证券市场监督体制。更多还原

【Abstract】 Protecting investor’s legal equities, always is the key of our country securities supervision. Especially is the international financial crisis that exploded in the end of 2008, which has also bringed more apocalypses for governors to strengthen the protection of investor’s equities. This financial crisis is the crisis of investor’s protection and education to some extent, and is also the crisis of investor’s confidence for financial market development. After this crisis, all countries are trying hard to set up a more perfect and sound system for investor’s education. A perfect and sound protection mechanism for investors is the inevitable request for stable development of the finance markets.The article sums up and concludes the research field of investor’s protection both at home and abroad, on this basis we established the research area of the article: The investor’s protection and the stability of capital market. Based on the theory, we maked use of the search method of questionnaire and substantial evidence analysis later on, discovering the small investor have understanding and comprehension to the strong stockholder’s tunnel-behavior and the question of investor’s protection. The quality of investor’s protection will effect investor’s confidence, transaction behavior, investment strategies and the viewpoint of market’s whole development. These impacts will get to market by the way of investor’s reaction, bringing negative impact to market. But the search result of substantial evidence expresses in five variables of representing the investor’s protection level, in addition to " the law runs index", " correction director’s check and supervision index", " check and supervision index of self-trade" and " class index of accounting standard " and "information disclosure index" all shows conspicuous positive correlation with anti- impact in the market, this means promoting the level of investor’s protection will help the enhancement of anti- impact in the market. Synthesis to see, improving the state of investor’s protection will surely contribute to strengthen investor’s confidence and thus is advantageous to the elevation of capital market’s stability (anti- impact capability).Finally, according to search, article gived some suggestions to improve the condition of investor’s protection and guarding against financial risk, include perfecting the relation of supervisory board and the board of director, perfecting independent director’s system, standardizing the behavior of controlling shareholders, perfecting voting method, perfecting the system of information supervision, and perfecting the supervision system of the securities markets.更多还原