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公司治理作为解决现代公司所有权与控制权分离问题的制度安排,最近几十年在全球范围内受到理论界和实务界前所未有的关注。投资者保护作为公司治理核心问题,也是公司治理所要实现的基本目标一直受到人们的关注。近年来随着国外许多大公司财务丑闻的出现,投资者的信心严重受挫,市场的发展受到阻碍,关于投资者保护的问题也成为了研究的焦点。一、投资者保护、资本市场发展与经济增长资本市场的发展对一国经济的增长具有极为重要的作用。已有的研究表明:对投资者、特别是中小投资者权益的保护是建立发达的资本市场的关键因
As the institutional arrangement to solve the problem of the separation of ownership and control of the modern company, corporate governance has drawn unprecedented attention from theorists and practitioners worldwide in recent decades. As the core issue of corporate governance, investor protection is also the basic goal of corporate governance that has always been the subject of attention. In recent years, with the advent of many foreign large-scale financial scandals, investors’ confidence has been seriously frustrated and the development of the market has been hindered. The issue of investor protection has also become the focus of research. I. Protection of Investors, Development of Capital Market and Economic Growth The development of capital market plays an extremely important role in the economic growth of a country. Existing research shows that the protection of the rights and interests of investors, especially small and medium-sized investors, is the key factor in establishing a developed capital market