以La Porta、Shleifer等为代表的“法与金融”学派研究发现,一国资本市场的发达程度,很大程度上取决于该国投资者保护的强弱。投资者保护旨在通过一系列机制的安排,维护资本市场公平竞争,有效地降低企业内部人(管理层和大股东)对中小投资者利益的侵占,改善投资者的决策环境,保证相关利益者的利益得到实现,进而维护资本市场的投资信心,实现资本市场的可持续发展。股利和资本利得是A股投资者实现回报的基本途径,而A股上市公司长期以来存在着低分红、不分红现象,使得投资者只能通过买卖股票获取资本利 The study of “law and finance”, represented by La Porta and Shleifer, found that the development of a country’s capital market depends largely on the strength of investor protection in the country. The purpose of investor protection is to safeguard the fair competition in the capital market through a series of mechanisms and arrangements so as to effectively reduce the encroachment of the interests of small and medium-sized investors by the insiders (management and major shareholders) in the enterprise, improve the decision-making environment for investors, and ensure that the relevant stakeholders The benefits are then realized, so as to safeguard the investment confidence in the capital market and achieve the sustainable development of the capital market. Dividends and capital gains are the basic ways for A-share investors to achieve returns. However, A-share listed companies have long had low-dividend and non-dividend payouts, so investors can only obtain capital gains through buying and selling stocks