您現在的位置: 論文網 >> 財務管理論文 >> 投資決策論文 >> 投資者的保護——基于保護策略視角分析論文

    投資者的保護——基于保護策略視角分析

    出處:論文網
    時間:2019-04-01

    投資者的保護——基于保護策略視角分析

      一、投資者保護背景分析

      “投資保護者”是指通過上市或者注冊的公司遵守強制性披露、公司治理改革以及監管約束,向公開交易市場的投資者提供法律保護。影響一國證券市場投資者保護功能的因素很多,除了宏觀的社會、經濟、法律背景外,單就直接原因方面,既有證券市場本身的效率因素,又有公司層面的治理、經營因素,這些因素交織在一起,很難用“一劑或幾劑良藥”解決所有問題。在一個家投資者聰明、套利行為不收限制以及信息成本地下的環境中,仁慈的立法者幾乎沒有理由來超越促進理性定價這一目標,因為信息披露將使發行人質量的無差異,并且確保他們會全面反映在市場價格中。然而,我們知道真正的市場無法滿足這些強式條件。這樣就為直接控制發行人的質量提供了正當性。就其定義而言,投資者保護的所有法律策略,都與進入策略息息相關。更準確地說,投資者保護措施是公司進入并且留在公開市場中的條件,即使進入這些市場可能并非完全出于自愿;谶@一點,可以方便地將投資者保護的法律策略分為以下三種類型;第一種私人執法機構與公共執法相結合監管;第二種“看門人”機制監管;第三種對外部監管付費方的轉變,通過以上三種保護策略的詳細闡述為投資者保護提供有效的保護路徑方案。

      二、投資者保護措施

      1、私人執法機構與公共執法相結合監管

      投資者保護領域的首要私人執法機制是,股東正對以下群體提出金錢賠償的訴訟;管理人員、發行公司,審計師事務所以及其他自身信用會對市場價格殘生重大影響的公眾發言人,如信用評級機構。入了日本規定發行人承擔嚴格責任之外,我們所研究的核心國家在要求經審計的理由不這樣做或者面臨著不為市場投資者所信任的懲罰,美國實際并不是主要依賴于這樣的私人執法,實際美國更高強度的私人執法與更高強度的公共執法齊頭并進,像美英這樣的“盎格斯-撒克遜”國家的執法人員至少是我們所探究的核心國家的3倍之多,例如刑事指控以及交易所才去的執法行動。然而,在這方面,美國的正事公共執法的強度看起來也更高,因為在安然公司,是同公司登備受關注的案件中,美國隊高管及控股股東做出了正真的監禁判決。這種嚴厲的處罰,與諸如帕瑪拉公司一案等案情相當的歐洲案件偶爾做出的“在家監禁”判決形成了鮮明的對比。

      2、“看門人”機制監管

      我們都知道,就現代大企業的股東所持股票比例3%-8%就算大股東,其又因為公司的全球化分散在世界各地,故而另外一種主流的投資者保護意識形態則是科菲教授提出的“看門人”機制理論,即法律增選第三方以協助監管公司發行人披露信息或準手其他形式的衣服,我們將這種混合執法模式成為外部監管理論,或者說是“看門人”機制,在所有的研究核心國家中,法律通過施加責任予以干預,以鼓勵看門人督促信息披露并在更廣泛意義上提升市場信息的質量。就鼓勵公司遵守規則而言,法律通過規定私下施加的責任,公開制裁或者兩者兼而有之,來激勵看門人履行職責。隨著監管干預的增加,看門人對于私人主題的責任也與日俱增,特別是在美國,審計師責任的擴張已經促使法院和立法部門都試圖限制此種形式的責任。然而,即便如此,這些核心研究國家中的公司丑聞依然頻發,特別是當可以巨劍投資者是財務報表的使用者時,針對審計師的訴訟又在攀升,可能會帶來新一輪限制審計師責任的風潮。

      3、對外部監管付費方的轉變

      由于上市公司管理層先天享有信息披露上的優勢,他們在信息披露的優勢表現為對信息的壟斷性、超前性和專業性的占有。然而在傳統的公司法上,人們忽略了對這種信息優勢的控制,而是假想信息在股東、管理層和投資者之間是完全透明的(transparency)。所有的“事件”和“丑聞”都是傳統上被認為不具有商業道德的管理人員投機性的濫用手上的權利所產生的后果。針對公司法上這種對信息優勢控制的制度上的缺失,我們發現了它們均將對上市公司的信息披露作為規制上市公司管理層行為的重要部分,而且通過一些非正當手段進行對外部監管人的干涉,例如公司的CFO對所雇傭的會計事物所的審計師會計師的審計行為的干涉,這事因為公司是會計所的付費方,在雇傭關系中占有主導地位,基于此,我們是否應當將這鐘對市場不利的關系打破,去采用把審計、會計費用分配到投資人的所賣的股份中收取費用,使得這些信息披露的監管人行為對投資人負責,徹底改善公眾公司在信息優勢的壟斷地位,通過以上的實證分析,可以明確對上市公司信息披露進行對外部監管付費方的轉變是十分必要的。

      結 語

      本文所討論的主要內容是投資者保護通過私人執法機構與公共執法相結合監管、“看門人”機制監管、對外部監管付費方的轉變三種保護路徑分析,所參照的現實例證和分析素材都是來源于國外的立法實踐,涉及到中國的部分很少,不免使人對本文的現實意義產生懷疑。但是筆者認為以上三種對投資者保護機制是證券市場乃至整個資本市場的基石,它的變革關乎整個資本市場的進步。其將避免重蹈“安然事件”的覆轍的利器,這樣則投資者幸甚,資本市場經濟幸甚。

    投資者的保護——基于保護策略視角分析

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