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本文以全球38个主要股票市场2000—2007年上市公司为样本研究了法律渊源和投资者保护对股票市场财务报告质量的影响。研究发现英美法系国家(地区)股票市场财务报告质量总体上高于大陆法系国家(地区)股票市场财务报告质量,但大陆法系国家(地区)中斯堪的纳维亚大陆法系国家股票市场财务报告质量显著高于英美法系国家(地区)股票市场财务报告质量,法国和德国大陆法系国家(地区)股票市场财务报告质量是最低的。投资者保护越强的国家(地区)股票市场财务报告质量更高。进一步研究发现英美法系国家(地区)投资者保护对其股票市场财务报告质量影响不显著,但在大陆法系国家(地区)投资者保护越好其股票市场财务报告质量越高。这一研究发现表明制定细致且可行的投资者保护法律、加强证券监管和执法效率是可以提高股票市场财务报告质量的,这为我国股票市场财务报告质量的提高提供了一条现实的路径。
This paper studies the influence of legal origin and investor protection on the quality of the financial reports in the stock market by taking the listed companies in 38 major stock markets in the world from 2000 to 2007 as samples. The study finds that the quality of the financial reports in the stock market of Anglo-American countries is generally higher than that of the stock market of mainland law countries and regions, but the mainland countries of Scandinavia in the civil law countries (regions) The quality of the financial reports in the stock market is significantly higher than the quality of the financial reports in the stock market of common law countries and the lowest in the stock market of France and Germany. The quality of the financial reports in the stock markets of the countries / regions where investors are protected is even higher. Further study found that the protection of investors in Anglo-American legal system countries (regions) has no significant impact on the financial reporting quality of the stock market. However, the higher the protection of investors in civil law countries (countries), the higher the quality of financial reports in the stock market. The findings of this study show that establishing a detailed and feasible investor protection law and enhancing the efficiency of securities supervision and law enforcement can improve the quality of financial reporting in the stock market, which provides a realistic path for improving the quality of financial reporting in the stock market in our country.