摘要
证券纠纷特别代表人诉讼制度,作为我国证券市场注册制改革的重要配套政策及投资者保护制度的顶层制度创新,甫一出台便被寄予保护中小投资者的极大期待。为此,本文通过研究我国资本市场中适用于特别代表人诉讼制度的第一案——康美药业案的宣判和执行所引起的市场反应,检验特别代表人诉讼制度实施实际发挥的投资者保护效用。研究发现,整体上市场对于特别代表人诉讼制度的落地实施给予了充分的、积极的市场反应,表明特别代表人诉讼制度能提振投资者信心,切实起到投资者保护的效果。研究还验证了特别代表人诉讼制度落地实施能对上市公司发挥威慑治理效应,这对于投资者保护“市场化”、“法制化”的高质量发展起到了推动作用。
The special representative litigation,as an important system innovation of investor protection system in Chinese securities market,investors are looking forward to its role after the issued.Therefore,this research takes Kangmei Pharmaceutical,the first case of the special representative action system,as the research object,examines the market reaction caused by the judgment and execution of the case,and tests the effect of the implementation of the special representative action system on investor protection.It is found that the market on the whole has given a full and positive response to the implementation of the special representative action system,indicating that the special representative action system can effectively play a role in protecting investors.The research also found that the deterrent effect of the implementation of the system plays a governance effect of punishing evil and promoting good on listed companies,which is conducive to improving the level of investor protection and legal construction in the capital market.
出处
《会计研究》
CSSCI
北大核心
2023年第4期118-131,共14页
Accounting Research
基金
国家社科基金一般项目(22BGL091)的资助
关键词
特别代表人诉讼制度
投资者保护
市场反应
The Special Representative Litigation
Investor Protection
Market Response
作者简介
通讯作者:杨金凤,yangjinfeng21@sdjzu.edu.cn。
