基于文化的股市制度比较及其启示

Comparison of Stock Market System Based on Different Cultures and the Enlightenment

根据LLSV(1996 a,1998 a)所编制的“微观制度指标”(股东权利指标与债权人权利指标),引入“宏观制度指标”及中国样本,采用文化分类体系,通过均值分析、主成分分析和回归分析等方法对影响股市发展的制度指标进行了较为全面的分析,并且还进行了所有样本国与西方文化体系样本国的对比分析。结果发现:不论在何种情况下,“宏观制度指标”对股市发展的影响都最为显著,“西方国家”不能代表“所有国家”。研究结果表明文化背景的差异对股市发展的影响不容忽视。

The authors aim to have a research on samples collected in China by using ＂Micro - Indicator System＂ authorized by LLSV （ 1996a, 1998a） and ＂Macro - Indicator System＂. Cultural Classification System, mean analysis, principal component analysis, and regression analysis are used to deeply analyze the indicator system which influences the development of stock market. Besides, the samples of China are compared with samples in western cultural systems. The result shows： under any circumstances, ＂Macro -Indicator System＂ has greatest significant differences on the development of stock market, and ＂western countries＂ cannot represent ＂all the countries＂. The research shows that the influence of different cultures on the development of stock market cannot be neglected.