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法律对银行债权人权利的保护可以通过书面法律的制定及完善得以实现。那么,债权人权利保护法律的颁布和修订是否会引起市场投资者的反应?文章运用事件法考察了《物权法》、新《公司法》和新《企业破产法》的颁布和修订对我国上市银行股价的影响。研究结果表明,三部法律公布事件对上市银行的股价均有显著的冲击效应,这说明债权人权利保护法律的颁布和修订引起了市场投资者强烈的反应;进一步地我们发现,不同法律事件下不同银行的股价所受影响各异,这可能源于上市银行的终极控制人以及三部法律关于债权人保护条款的侧重点和法律规定的强度不同。
The protection of bank creditor rights by law can be realized through the formulation and improvement of written laws. Then, whether the promulgation and revision of the creditor’s rights protection law will cause the reaction of market investors? The article examines the influence of the “Property Law”, the new “Company Law” and the new “Enterprise Bankruptcy Law” Impact. The results show that the three law announcements have a significant impact on the listed banks’ stock prices, which shows that the promulgation and revision of the creditor’s rights protection law caused a strong reaction from the market investors. Furthermore, we found that different legal events The impact on banks’ share prices varies, probably due to the ultimate controller of the listed banks and the intensity of the emphasis and legal provisions of the three laws on creditor protection.