中文摘要：

本文以中国上市公司2003-2005年3270个观测值为样本,对投资者法律保护与公司价值关系进行了实证研究。研究发现：在全样本下,投资者法律保护程度与公司价值显著正相关;在分组研究中,国有控股上市公司组中投资者法律保护程度与公司价值显著正相关,但在民营控股上市公司组中投资者法律保护程度与公司价值不相关。研究表明：法律影响投资者行为预期,但在不同所有权性质下,法律对投资者行为预期产生的影响不同。这揭示出我国经济转型期法律与信用关系呈现的主要特点：在依托政府信用的经济活动中法律与信用相辅相承,而建立在私人信用基础上的经济活动,法律还没有显现出对私人信用的部分替代,也没有与私人信用形成共生促进的关系。

英文摘要：

This paper draws on the observations of 3270 Chinese listed companies during 2003-2005 and examines the relationship between the investor protection and corporate value. The study finds： the degree of legal protection of investors is positively related to corporate value under the whole sample; in sub-study, the extent of legal protection of investors is positively related to corporate value in the group of state-controlled listed companies, but in private holdings of listed companies group, the degree of legal protection of investors is not related to the value of the company. The result shows that law influences the investors’anticipation; in the different nature of ownership, law has different impact on the investors’anticipation. This reveals that during the China’s economic transition the main features of the legal and credit include： law and credit go hand in hand in the economic activities based on the government credit, but law does not realize the alternative of private credit, nor promote the relationship between each other in the economic activities based on the establishment of private credit.