中文摘要：

基于法与金融学理论，对保障了流通股股东知情权的投资者关系、反映投资者法律保护程度的地区法制水平与对价形成的关系进行了研究。结果发现，在不存在政府干预的样本中，投资者关系与地区法制水平对对价的影响显著为正，但在整体样本和存在政府干预的国有上市公司样本中，这种影响并不显著。这意味着，在股权分置改革中，对投资者的法律保护并不能起到保护投资者利益的作用，只有在政府干预较少的环境下，对投资者的法律保护才能起到保护投资者利益的作用。

英文摘要：

This paper analyses how investor- relations and regional legal system affect consideration ratio based on the theory of law and finance. The investigation finds that investor - relations and regional legal couldn＇t remarkably affect consideration ratio in the sample with government intervention and the whole sample, but investor- relations and regional legal could remarkably affect consideration ratio in the sample without government intervention. The result means that investor law protection couldn＇t protect investors＇ benefit with the environment of government intervention.