Essayon the Impact of Firm-level Investor Protection on Stocks’ Impact Resistance: APerspective of Financial Crisis

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 Abstract

51education | 01.23.2015

    This essay aims at studying the impact of firm-level investor protection of listedcompanies on stock performance during financialcrisis, which can improve theflexibility of Chinese listed companies to economic events so that stocks canbe ensured to have better impact resistance. By reviewing lots of literatureson investor protection and considering the specific conditions of Chineselisted companies, this essay defines investor protection indicators based onfirm-level corporate governance while the accumulated stock return rate isassigned as a proxy of stock impact resistance and designates the periodOctober 2007 to March 2009 as the global financial crisis period and assign theperiod June 1997 to August 1998 as the Asian financialcrisis. Then this essay conducts empirical research on the relationship betweeninvestor protection and stock performance in global financial crisis.Meanwhile, in order to explain the particularity of the above relationships,this essay studies the relationships before the financial crisis.Furthermore,in order to test the regression result further, this essay conducts similarresearch on statistics of Asian financial crisis. Our empirical research basedon recent global financial crisis and Asian financial crisis proves that thereis a positive relationship between firm-level investor protection and stockperformance during the financial crisis while stock performance before thefinancial crisis doesn’t relate to firm-level investor protection. In thiscase, it’s safe to say that instead of paying no attentions on investorprotection, investors will attach more importance on firm-level investorprotectionlevel provided by listed companies during the financial crisis.

 

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