执法环境对我国上市公司治理影响的实证研究

王涛; 余劲松

执法环境对我国上市公司治理影响的实证研究

引用本文：王涛,余劲松.执法环境对我国上市公司治理影响的实证研究[J].财经理论与实践,2011,(1):53-57

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作者	单位
王涛,余劲松	（1 重庆大学经济与工商管理学院,重庆400030；2 西南政法大学经济学院,重庆401120）

中文摘要:良好的公司治理是提高上市公司质量和促进证券市场发展的重要因素。在近20年的发展历程中，我国股票市场的发展取得了举世瞩目的成就，但上市公司治理水平仍有待进一步提高。本文从涉及诉讼裁决上市公司数、被证监会或两个交易所处罚或处分上市公司数和地区万人拥有律师数三个指标来衡量执法环境，利用2004~2007年分地区面板数据检验其对上市公司治理的影响。研究表明上市公司治理与居民法制意识正相关，与以证监会为中心的行政执法活动负相关，而与以法院为核心的诉讼裁决执法活动没有显著影响。

中文关键词:股票市场执法活动上市公司治理

An Empirical Study on the Effect of Law Enforcement Environment on the Corporate Governance of the Listed Companies in China

Abstract:Corporate governance is crucial to the improvement of the quality of the listed companies and to the development of stock market. In the past two decades, the development of stock market has achieved great progress, but the average level of corporate governance is unsatisfactory. In this paper, three indexes as following are used to evaluate the law enforcement environment: the number that how many the listed companies have been litigated, the number that how many listed companies have been fined by Securities Regulatory Commission (SRC) or by over two exchanges, and lawyer number per ten thousand citizens in a certain place. The effect of law enforcement environment on the corporate governance has been analyzed using the regional panel data during 2004 to 2007. The results show that corporate governance is positive related to legal awareness, while is negative related to administrative law enforcement activities by SRC. However, the effect from law enforcement committed by courts is weak.

keywords:Stock Market Law Enforcement Listed Companies Corporate Governance

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