法律、股权结构对证券市场参与影响的实证研究
5351 
2824
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。
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[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.
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[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.
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[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.
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