法的建立、法的实施与权益资本成本

The Law,the Enforcement and the Cost of Equity

本文以上市公司的权益资本成本为衡量指标,分别从法的建立和法的实施两个方面研究我国中小投资者法律保护的作用。研究结果发现,法的建立作用有限,中小投资者保护立法仅在某些特定阶段对权益资本成本产生影响;而法的实施作用明显,有关法律实施的典型事件和地区差异对权益资本成本具有显著的降低作用。

This paper examines the effect of investor protection by focusing on if the law and its enforcement can lower the cost of equity in Chinese stock market. Evidence shows that the effect of the law is only significant in some specific stage, hut the typical event and the cross-section difference of the enforcement can successfully explain the difference of the cost of equity. In a word, this paper finds relative weak evidence that the law of investor protection works, hut strong evidence that the enforcement of investor protection can significantly lower the cost of equity.