投资者保护与我国资本市场发展的省际差异研究
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摘要
投资者保护是影响资本市场发展的重要因素,已有的研究表明投资者保护与一国资本市场发展呈正相关关系。经过20多年的发展,中国资本市场的规模快速壮大,但同时区域间发展不平衡也较为突出。本文从投资者保护视角探讨了我国资本市场区域发展差异的原因,深入分析了我国31个省区市在面临相同立法环境的情况下,由于法律执行和以地方性法规为代表的省际剩余公司治理的差异所引起的投资者保护程度的不同,对我国资本市场区域发展差异产生的影响。
通过研究我们得到如下结论：(1)投资者保护是形成我国资本市场发展区域差异的重要原因之一；(2)司法是产生我国各地区投资者保护程度不同的主要原因,其对资本市场发展区域差异产生显著影响；(3)省际剩余公司治理是导致我国各地区投资者保护程度不同的重要原因,但现阶段其对资本市场发展区域差异的正向影响并不明显。
论文对我国各省区投资者保护程度和资本市场发展区域差异现状进行了定量描述,并定性分析了各地不同的法律执行和省际剩余公司治理对资本市场发展区域差异的影响,在此基础上选取我国31个省份1992-2007年的样本数据进行了实证检验,在控制了经济、市场、人口和文化素质、地理区位等因素以及时间趋势的影响之后,实证结果表明投资者保护对资本市场区域发展产生积极的影响。基于上述研究结论,本文提出了有针对性的政策建议。本研究以中国的经验证据丰富了LLSV的主要观点。
The investor protection is the important factor to impact on the development of capital market. The current researches show that the investor protection has a positive effect on one country's capital market development. After more than twenty years development the size of China's capital market has grown fast. However, the uneven of its regional development is outstanding at the same time. From the viewpoint of investor protection, this paper explores the reason of China's regional difference of capital market development (RDCMD) and analyzes the impact of the differences of investor protection on China's RDCMD, which caused by legal enforcement and inter-provincial residual corporate governance(IRCG) represented by local laws and regulations under the circumstance of facing the same legislation.
We draw the following conclusions:(1) the investor protection is one of the important reasons to form China's RDCMD and (2) the judiciary is the main reason to produce the difference of the investor protection in China's various regions and has the significant influence on the RDCMD and (3) the IRCG is also an important reason to contributed to the difference of the investor protection in different regions, but its influence on the RDCMD is not obvious at present.
In this paper we firstly describe quantitatively the degree of all Chinese provinces'investor protection and the status of the RDCMD, followed by analyzing qualitatively the influence of different legal enforcement and the IRCG on the RDCMD. Then we have an empirical test using panel data for the 31 Chinese provinces from 1992-2007. After controlling a series of factors (e.g., economic development, capital market volatility, cultural quality, area, time trend, etc.), the results support the conclusion, i.e. the investor protection has an active influence on the RDCMD. Finally we present some targeted policy suggestions. Using China's empirical evidences, this paper support and enrich LLSV's main viewpoint.
通过研究我们得到如下结论：(1)投资者保护是形成我国资本市场发展区域差异的重要原因之一；(2)司法是产生我国各地区投资者保护程度不同的主要原因,其对资本市场发展区域差异产生显著影响；(3)省际剩余公司治理是导致我国各地区投资者保护程度不同的重要原因,但现阶段其对资本市场发展区域差异的正向影响并不明显。
论文对我国各省区投资者保护程度和资本市场发展区域差异现状进行了定量描述,并定性分析了各地不同的法律执行和省际剩余公司治理对资本市场发展区域差异的影响,在此基础上选取我国31个省份1992-2007年的样本数据进行了实证检验,在控制了经济、市场、人口和文化素质、地理区位等因素以及时间趋势的影响之后,实证结果表明投资者保护对资本市场区域发展产生积极的影响。基于上述研究结论,本文提出了有针对性的政策建议。本研究以中国的经验证据丰富了LLSV的主要观点。
The investor protection is the important factor to impact on the development of capital market. The current researches show that the investor protection has a positive effect on one country's capital market development. After more than twenty years development the size of China's capital market has grown fast. However, the uneven of its regional development is outstanding at the same time. From the viewpoint of investor protection, this paper explores the reason of China's regional difference of capital market development (RDCMD) and analyzes the impact of the differences of investor protection on China's RDCMD, which caused by legal enforcement and inter-provincial residual corporate governance(IRCG) represented by local laws and regulations under the circumstance of facing the same legislation.
We draw the following conclusions:(1) the investor protection is one of the important reasons to form China's RDCMD and (2) the judiciary is the main reason to produce the difference of the investor protection in China's various regions and has the significant influence on the RDCMD and (3) the IRCG is also an important reason to contributed to the difference of the investor protection in different regions, but its influence on the RDCMD is not obvious at present.
In this paper we firstly describe quantitatively the degree of all Chinese provinces'investor protection and the status of the RDCMD, followed by analyzing qualitatively the influence of different legal enforcement and the IRCG on the RDCMD. Then we have an empirical test using panel data for the 31 Chinese provinces from 1992-2007. After controlling a series of factors (e.g., economic development, capital market volatility, cultural quality, area, time trend, etc.), the results support the conclusion, i.e. the investor protection has an active influence on the RDCMD. Finally we present some targeted policy suggestions. Using China's empirical evidences, this paper support and enrich LLSV's main viewpoint.
引文
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