摘要
公司治理的一个重要功能就是保护投资者 ,特别是中小投资者包括股东和债权人的利益。研究表明 ,一个国家资本市场发展的宽度和深度、新证券发行的速度、公司所有权结构、股利政策、公司价值和投资配置的效率 ,在很大程度上决定于这个国家对外部投资者保护的程度 ,投资者保护好的国家 ,控股股东对少数股东的掠夺少 ,公司价值高 ;投资者保护弱的国家 ,控股股东对少数股东的掠夺严重 ,公司价值低。我国上市公司中 ,由于特殊的股权结构、低效率的治理结构和不完善的法律环境 ,使得控股股东对中小投资者的剥夺异常严重。因此 ,在建立现代企业制度过程中 ,完善法律环境 ,加强法制建设 ,优化治理结构 ,提高治理效率 ,切实保护投资者的利益 。
One of the important funtions of corporate governance is to protect the interests of investors. The range and depth of the capital market development of a country, the issuing speed of the new securities, structure of corporate ownership, policy of security interests, corporate value and the efficiency of investment allocation depend on the protection level to the outside investors to a great extent. In the listed corporates of China, proprietary shareholders exploit the middle and small investors heavily . So perfecting the legal environment, strengthening legal construction, optimizing governance structure, improving governance efficiency and protecting the interests of investors are very important to the improvement of enterprise value and the sustained development of economy of our country.
出处
《西南民族学院学报（哲学社会科学版）》
北大核心
2002年第8期1-7,276,共7页
Journal of Southwest University for Nationalities(Philosophy and Social Sciences)
