Investor Protection and Takeover in Chinese Securities Market
In the institution setup of Chinese developing and transitional economy, investor protection has been an important factor influencing Chinese securities market developing. The study has devised an index suitable to evaluate investor protection of listed companies in Chinese conditions, basing on Chinese legal system and practices of securities market, and has empirically tested the relation of investor protection and takeover of listed companies during 2002 to 2004. Our results show that, the investor protection of companies takeover is lower, the probability of being takeover is negatively related to investor protection, takeover can improve the level of investor protection, and development of corporate control market take a important role in improving investor protection in China.
investor protection takeover evaluation index corporate governance
ZENG Zhaozao LI Shanmin CHEN Yugang
School of Finance and Economics, Guangdong University of Foreign Studies, Guangzhou, P.R.China, 5104 School of Business, Sun Yat-sen University, Guangzhou, P.R.China, 510275
国际会议
威海
英文
612-618
2010-07-24（万方平台首次上网日期，不代表论文的发表时间）