法律、股权结构对证券市场参与影响的实证研究
5297 
2780
财经研究 2006 年 第 32 卷第 06 期, 页码：35 - 44
摘要
参考文献
摘要
能否吸引公众的有效参与是发展一国证券市场的关键。文章利用27个国家和地区的横截面数据,分析法律和股权结构对证券市场参与率的影响。研究发现:(1)证券市场参与率与法律制度的完备程度正相关;(2)证券市场参与率与股权集中度显著负相关;(3)法律制度对证券市场参与率的促进作用随股权集中度的提高而逐渐减弱。这些结论可以为我国证券市场现阶段的改革与发展提供一定的借鉴。
[1]沈艺峰,许年行,杨熠.我国中小投资者法律保护历史实践的实证检验[J].经济研究,2004,(9):90~100.
[2]孙永祥.公司治理结构:理论与实证研究[M].上海:上海三联书店、上海人民出版社,2002.
[3]杨彦如.国有股权和要素缔约能力:证券市场萎缩趋势的微观解释[J].世界经济,2004,(10):57~65.
[4]Fama,Eugene F,Kenneth R French.The equity premium[J].The Journal of FinanceLVII,2002:637~659.
[5]Giannetti,Yrj Koskinen.Investor protection and equity-holdings:An explanation of two puz-zles?[R].SSRN Working Pape,2003.
[6]Guiso Luigi,Michael Haliassos,Tullio Jappelli.Household stockholding in Europe:Wheredo we stand and where do we go?[J].Economic policy,2002,18:123~170.
[7]Heaton John,Deborah J Lucas.Evaluating the effects of incomplete markets on risksharing and asset pricing[J].Journal of Political Economy,1996,104:443~87.
[8]Hong Harrison,Jeffrey D Kubik,Jeremy C Stein.Social interaction and stock-marketparticipation[J].Journal of Finance,VOL LIXNo1,2004,2:137~163.
[9]Jeffrey R Brown,Zoran Ivkovi c′,Paul A Smith,Scott Weisbenner.The geography ofstock market participation:The influence of communities and local firms[R].NBERWorking Paper,No.10235,2003.
[10]Kaufmann Daniel,Aart Kraay,Pablo Zoido-Lobatón.Overnance matters II-Updatedindicators for 2000/01[R].World Bank Policy Research Department Working PaperNo.2772,Washington,D.C.,2002.
[11]La Porta,Rafel Florencio Lopez-de Silance,Andrei Shleifer,Robert W Vishney.Lawand Finance[J].Journal of Political Economy,1998,106:1113~1150.
[12]La Porta,Rafel Florencio Lopez-de Silance,Andrei Shleifer.Corporate ownership a-round the world[J].Journal of Finance,1999,54:471~518.
[13]Mankiw N G,Zeldes S P.The consumption of stock holders and nonstockholders[J].Journal of Financial Economics,1991,29:97~112.
[14]Mehra R E,C Prescott.The equity premium:A puzzle[J].Journal of Monetary Eco-nomics 1985,15:145~161.
[15]Rajan Roghoram G,Luigi Zingales.What do we know about capital structure?Someevidence from international data[J].Journal of Finance,1997,50:1421~1460.
[16]Shleifer Andrei,Daniel Wolfenzon.Investor protection and equity markets[J].Journalof Financial Economics,2002,66:3~27.
[17]Tokuo Iwaisako.Household portfolios in Japan[R].NBER Working Paper No.9647,2003.
[18]Venkat R Eleswarapu,Kumar Venkataraman.The impact of legal and political institutionson equity trading costs:A cross-country analysis[Z].14th Annual Conference on FinancialEconomics and Accounting(FEA);5th Annual Texas Finance Festiva,2003.
[19]Vissing-Jorgensen A.Towards an explanation of household portfolio choice heteroge-neity:Nonfinancial income and participation cost structures[R].NBER Working Pa-per No.8884,2002.
[20]Claessens Stijn,Simeon Djankov,Joseph P H Fan,Larry H P Lang.Disentangling theincentive and entrenchment effects of lange shareholding[J].Journal of Finance,2002,57:2741~2771.
[2]孙永祥.公司治理结构:理论与实证研究[M].上海:上海三联书店、上海人民出版社,2002.
[3]杨彦如.国有股权和要素缔约能力:证券市场萎缩趋势的微观解释[J].世界经济,2004,(10):57~65.
[4]Fama,Eugene F,Kenneth R French.The equity premium[J].The Journal of FinanceLVII,2002:637~659.
[5]Giannetti,Yrj Koskinen.Investor protection and equity-holdings:An explanation of two puz-zles?[R].SSRN Working Pape,2003.
[6]Guiso Luigi,Michael Haliassos,Tullio Jappelli.Household stockholding in Europe:Wheredo we stand and where do we go?[J].Economic policy,2002,18:123~170.
[7]Heaton John,Deborah J Lucas.Evaluating the effects of incomplete markets on risksharing and asset pricing[J].Journal of Political Economy,1996,104:443~87.
[8]Hong Harrison,Jeffrey D Kubik,Jeremy C Stein.Social interaction and stock-marketparticipation[J].Journal of Finance,VOL LIXNo1,2004,2:137~163.
[9]Jeffrey R Brown,Zoran Ivkovi c′,Paul A Smith,Scott Weisbenner.The geography ofstock market participation:The influence of communities and local firms[R].NBERWorking Paper,No.10235,2003.
[10]Kaufmann Daniel,Aart Kraay,Pablo Zoido-Lobatón.Overnance matters II-Updatedindicators for 2000/01[R].World Bank Policy Research Department Working PaperNo.2772,Washington,D.C.,2002.
[11]La Porta,Rafel Florencio Lopez-de Silance,Andrei Shleifer,Robert W Vishney.Lawand Finance[J].Journal of Political Economy,1998,106:1113~1150.
[12]La Porta,Rafel Florencio Lopez-de Silance,Andrei Shleifer.Corporate ownership a-round the world[J].Journal of Finance,1999,54:471~518.
[13]Mankiw N G,Zeldes S P.The consumption of stock holders and nonstockholders[J].Journal of Financial Economics,1991,29:97~112.
[14]Mehra R E,C Prescott.The equity premium:A puzzle[J].Journal of Monetary Eco-nomics 1985,15:145~161.
[15]Rajan Roghoram G,Luigi Zingales.What do we know about capital structure?Someevidence from international data[J].Journal of Finance,1997,50:1421~1460.
[16]Shleifer Andrei,Daniel Wolfenzon.Investor protection and equity markets[J].Journalof Financial Economics,2002,66:3~27.
[17]Tokuo Iwaisako.Household portfolios in Japan[R].NBER Working Paper No.9647,2003.
[18]Venkat R Eleswarapu,Kumar Venkataraman.The impact of legal and political institutionson equity trading costs:A cross-country analysis[Z].14th Annual Conference on FinancialEconomics and Accounting(FEA);5th Annual Texas Finance Festiva,2003.
[19]Vissing-Jorgensen A.Towards an explanation of household portfolio choice heteroge-neity:Nonfinancial income and participation cost structures[R].NBER Working Pa-per No.8884,2002.
[20]Claessens Stijn,Simeon Djankov,Joseph P H Fan,Larry H P Lang.Disentangling theincentive and entrenchment effects of lange shareholding[J].Journal of Finance,2002,57:2741~2771.
引用本文
余劲松, 梁红英. 法律、股权结构对证券市场参与影响的实证研究[J]. 财经研究, 2006, 32(6): 35–44.
导出参考文献，格式为：
本期封面
相关论文
