Public Investors' Willingness-To-Pay For Policies To Restrain Illegal Behaviors Of Listed-Companies

A lot of illegal behaviors of listed-companies existing in the stock market endenger the credit base of the market and destroy the economic interests and confidence of public investors badly. Public investors have a strong need for public policies to restrain those behaviors of companies on the stock market. Government has the responsibility to keep the market equitable, open, fair and square. It's a special social welfare which can be offered by government. Not being sold or priced on market as private goods, the value of such a public policy can only be explained by the money that investors willing to pay for it and the benefit it can bring to them.By contingent valuation method (CVM), this thesis study public investors' willingness to pay (WTP) for policies to restrain illegal behaviors of listed companies. The willingness to pay (WTP) gives a strong evidence for government to know exactly what the market really needs and how to improve their work. On the basis of that, government can prepare regulations or specifications which can maximum the social welfare and advance the development of the stock market.Firstly, aiming at the existing illegal behaviors on the market, the thesis brings forward a series of public policies which can solve those problems effectively and analyses the possible values of the policies. Secondly, the theoretical basis, different WTP eliciting methods and the basic procedures of CVM are introduced. Based on the result of the beforehand survey, the bids used in the final survey questionnaire are determined. The results of the final data show that the public investors' WTP are between 44.66-50YUAN per capita each year. Investors' WTP for 50% and 90%'s reduction of illegal behaviors are different notably, which means that there is no anchoring effect appeared in the study. At last, the thesis gives the multivariate linear regression and logistic regression of the data obtained from the payment-card and dichotomous questionnaire. The adjusted R square of linear regression and Nagelkerke R square of logistic regression are 90.7% and 89.0% respectively. Variants enter the final regression model are questionnaire code, individual's income, education and invest scale. According to the survey data, the thesis gives the detail measure to restrain illegal behaviors of listed-companies so as to protect public investors'interests.The innovation of the thesis is that it uses CVM; the popular method to value environment public goods; to study domestic public investors' WTP quantitatively. It explores the research field of CVM and induces a brand-new method to research public policy because it can provide detail data for decision-makers.