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本文将我国中小投资者法律保护的发展从1992至2010年分为了四个阶段,分别是初始阶段(1992-1994)、发展阶段(1994-1999)、完善阶段(1999-2005)、规范阶段(2005-2010),续编了由沈艺峰等于2004年编写的中小投资者法律保护分值。实证检验了我国中小投资者法律保护发展的不同阶段年报披露的信息含量问题。检验结果发现,我国中小投资者法律保护分值与年报披露窗口期的累计异常收益率存在显著正相关关系。中小投资者得到法律保护较好的阶段,年报的信息含量较高。反之,在法律保护不健全的情况下,年报的信息含量较低。本文还发现,我国中小投资者法律保护的增强不仅仅提高了年报整体的信息含量,还增强了年报中盈余的信息含量。本文支持了Leuz等学者的“转移假说”。
This article divides the development of legal protection for small and medium-sized investors in China from 1992 to 2010 into four stages, namely, the initial stage (1992-1994), the development stage (1994-1999), the improvement stage (1999-2005), the normative stage 2005-2010), re-edited by Shen Yifeng equal to 2004 prepared by the small investor legal protection score. Empirical test the small and medium-sized investors in the legal protection of the development of different stages of disclosure of information content issues. The test results show that there is a significant positive correlation between the legal protection scores of small and medium investors in our country and the cumulative abnormal return rate in the disclosure window of the annual report. Small and medium-sized investors get a better stage of legal protection, the annual report of higher information content. On the contrary, in the case of imperfect legal protection, the information contained in the annual report is low. The paper also finds that the enhancement of legal protection for small and medium-sized investors in our country not only improves the overall information content of the annual report, but also enhances the information content of the surplus in the annual report. This article supports Leuz and other scholars “transfer hypothesis ”.