Finance Market Governance And Fair Participation

Chapter 1 is an introduction that firstly explicitly states that finance plays a crucial role in economic development, and then that, on this basis, mentions this paper research center why some countries have formed financial system that is conducive to economic development but why not some countries. This paper then aggregates previous work, which shows that it has been aware of the institution has played an important role in the financial development. After brief introduction respectively three schools involved in the institution analysis, This paper points out the theoretical significance of important theoretical research work that is"changes in the transaction costs based on unfair compensation"in this paper. To analyze how unfair institution is as a result of the changes of the social transaction costs, This paper derivates causation between unfair compensation changes and degree how much public mandatory powers provide protection of the right of citizens to participate in the fair, then gives a proof that there is a decreasing function relationship between public options and the value of unfair compensation, and there is a increasing function relationship between public options and assets of the company and its derivatives. This paper draws a conclusion that more fair country is, the higher the value of the company is, and more equitable national wealth is created by the more. Against this theory Conclusion, This paper makes an empirical study about merger & acquisition in Shenzhen security market and Shanghai security market. Findings by duration dependence test indicate that there are significant bubbles in market response to merger & acquisition. This paper compares the different responses caused by the same event between Shenzhen security market and Shanghai security market. This dissertation is devoted to the research on a sound interpretation to abnormal market response to the merger & acquisition based on special Chinese institution.This paper cards documents on the screen from the perspective of Law and Economics, establishes the analysis framework of the relationship between financial market discipline, government regulation and the legal regulation, make a clear logic synthesis theory for further research, then from the implementation of laws to protect investors proposes what is the essence of fair, establishes a capital market management system running dynamic model, on this basis raises question what position laws have in the socio-economic life from the implementation of the institution. This dissertation then derives a governance model of securities and futures markets in the structure by using Interpretative Structural Modeling to analysis elements that IOSCO summed up in the capital market management system, against the issue of legal status, and then clear that legal foundation is a key.