基于法源的股市制度主成分比较与因子回归分析

Comparison of Principal Component and Factor Score Regression Analysis to Stock Market Institution Based on the Sources of Law

本文以50个国家和地区的股市作为研究样本,按照法源分类,对股东权利、债权人权利及宏观制度三类制度指标进行主成分比较、因子得分计算及其与股市发展的回归分析。结果发现:(1)英国法源的国家最为重视对股东权利的保护,德国法源的国家最为重视对债权人权利的保护,斯堪的纳维亚法源国家的宏观制度环境较好。就中国股市制度而言,比较重视股东权利保护,而债权人权利保护和宏观制度环境则相对较差。(2)在影响股市发展的诸多因素中,制度性因素至关重要;与“债权人权利指标”相比,“股东权利指标”和“宏观制度指标”对股市发展的影响则更为显著。

According to the systematization of the sources of law, this paper makes principal component comparison, factor score computation and its regression analysis to shareholder＇s right, creditor＇s right and macrocosmic institution indicators with a sample of fifty countries and regions in the world. Results show： （ 1 ） Shareholder＇s right is highly regarded in English Common Law countries and regions; creditor＇s right is highly regarded in the countries of French Commercial Code and German Commercial Code; and macrocosmic institution environment is best in the countries of Scandinavia Civil Law. As for the stock market institution of China, shareholder＇s right is regarded, creditor＇s right and macrocosmic institution environment are relatively poor; （2） Institution factor is extremely important for the development of stock market; Compared with creditor＇s right indicators, shareholder＇s right indicators and macrocosmic institution＇