本文關(guān)鍵詞：“法律的名義”:司法獨(dú)立性提升與公司違規(guī)　出處：《金融研究》2017年05期 　論文類型：期刊論文

  更多相關(guān)文章： 司法獨(dú)立性 法官異地交流 公司違規(guī)

【摘要】：本文以2008年省高院院長(法官)異地交流作為地方司法獨(dú)立性提升的自然實(shí)驗(yàn),檢驗(yàn)了法官異地交流對(duì)上市公司違規(guī)的執(zhí)法力度及執(zhí)法可置信程度的影響。實(shí)證發(fā)現(xiàn):(1)司法獨(dú)立性提升不僅增加了公司違規(guī)被查處的概率,同樣也加大了公司違規(guī)公告的市場負(fù)面反應(yīng)。(2)相比民營企業(yè),這一作用更多體現(xiàn)在國有企業(yè)中。(3)相比制度環(huán)境較差的地區(qū),這一作用在制度環(huán)境較好的地區(qū)更明顯。(4)司法獨(dú)立性提升的效果不僅體現(xiàn)在執(zhí)法力度及執(zhí)法可置信程度上,其震懾作用還減少了公司"掏空型"關(guān)聯(lián)交易行為。本文的研究表明司法獨(dú)立性提升通過對(duì)監(jiān)管部門、投資者和公司三方面的影響加強(qiáng)了投資者保護(hù),其結(jié)論拓展和豐富了世界范圍內(nèi)司法獨(dú)立性經(jīng)濟(jì)后果的相關(guān)研究。
[Abstract]:In 2008, the President of the Provincial High Court (judges) exchange as the local judicial independence of the natural experiment. This paper examines the influence of judges' communication in different places on the law enforcement and the confidence of law enforcement in listed companies. It is found that the promotion of judicial independence not only increases the probability of company violations being investigated. It also increases the negative market reaction of the company's illegal announcement. Compared with the private enterprises, this role is more reflected in the state-owned enterprises than the less institutional environment. This role is more obvious in areas with better institutional environment. 4) the effect of improving judicial independence is not only reflected in the strength of law enforcement and the degree of confidence in law enforcement. Its deterrent effect also reduces the behavior of "tunneling" related party transactions. The research in this paper shows that the promotion of judicial independence strengthens the investor protection through the influence on supervision department, investor and company. The conclusion expands and enriches the relevant research on the economic consequences of judicial independence in the world.
【作者單位】： 西南財(cái)經(jīng)大學(xué)會(huì)計(jì)學(xué)院;
【基金】：國家自然科學(xué)基金面上項(xiàng)目(批準(zhǔn)號(hào):71672151) 教育部人文社會(huì)科學(xué)研究西部和邊疆地區(qū)青年基金項(xiàng)目(批準(zhǔn)號(hào):13XJC630001)的資助
【分類號(hào)】：D90-052
【正文快照】： 一、引言“法與金融”理論強(qiáng)調(diào)了世界范圍內(nèi)法律對(duì)公司治理、金融市場發(fā)展的重要作用(LaPorta et al.,1998;2000;2002)。而司法獨(dú)立性是司法公正的前提和基礎(chǔ),享有獨(dú)立地位的司法部門能夠有效制衡政府權(quán)力,促使政府做出尊重并維護(hù)私人財(cái)產(chǎn)和契約自由的可信承諾(North,1990),是，

本文編號(hào)：1440893