宏观因素、制度特征与资本市场竞争力——基于全球证券交易所的经验证据

Macro-factors,Characteristics of the System and Competitiveness of Capital Market:Based on Experience Evidence of the Global Stock Exchanges

使用处于不同经济发展阶段,不同市场结构的19个国家22个证券交易所的数据,通过面板数据模型进行跨国研究,分析宏观因素、法律特征与资本市场的关系。研究结果表明,经济增长率并没有对资本市场竞争力产生直接影响,而人均GDP则有显著影响;法制环境的改善,特别是对小股东利益保护程度的加强和信息透明度的提高,审计和会计审查力度的加大等措施都有利于资本市场竞争力的提升,而高比例的境外公司上市则无必然联系。

For researching the relationship among the macro-factors,the law-factors and the competitiveness of capital market this paper displays a cross-national research on the 22 stock exchanges which are at different stages of economic development with different market structures,and located in 19 countries and regions over the world by panel data model.The research result shows that the per capita GDP rather than the economic growth rate significantly influences the capital market competitiveness.Besides,the improvement of the legal environment,especially the strengthening of the protection for small shareholders＇ interest and the information transparency,the improvement of the auditing and accounting inspection can lower transaction costs are conductive for the capital market to enhance the competitiveness.However,the high percentage of overseas listing has little influence.