作为资本市场的根本大法,《证券法》为改善资本市场监管环境和提高上市公司质量提供了制度保障。文章通过分析2019年12月28日新《证券法》审议通过的市场反应,研究了法律基础建设对公司违法违规成本、信息环境和投资者保护的影响。研究发现,市场对新《证券法》的审议通过给予了充分的关注,对于违法违规风险较高的公司,市场反应较差,而对于信息环境较好和投资者保护水平较高的公司,市场反应则较好。文章还发现,新《证券法》引导市场资金流向主板上市公司,但对中小板和创业板企业表现出信心不足;此外,与正式实施日相比,法律修订的市场反应更多地体现在审议通过日。文章从法律基础建设角度为资本市场的全面深化改革和持续高质量发展提供了重要启示。
法律基础建设与资本市场高质量发展——基于新《证券法》的事件研究
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引用本文
陈运森, 袁薇, 兰天琪. 法律基础建设与资本市场高质量发展——基于新《证券法》的事件研究[J]. 财经研究, 2020, 46(10): 79-92.
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