投资者保护、政府干预与资本配置效率

Investor Protection,Government Intervention and the Allocation of Capital

笔者借鉴资本配置效率估算模型,从行业和地区两个层面分析中小投资者法律保护、政府干预与资本配置效率的关系。研究发现:中小投资者的法律保护有助于资本配置效率的改善,但政府干预会弱化这种改善的效果。本研究的政策含义在于进一步完善投资者法律保护体系,减少政府对市场的干预,通过改善外部制度环境来提高资本的配置效率。

The relationship of minority investors protection, government intervention and the capital allocation are discussed in this pa- per, borrowing the model proposed by Wurgler（2000）. We find out that higher investor protection leads to higher allocation of capital, but the effect will be reduced by the government intervention. The findings imply that in order to improve the allocation of capital, the protection to investors should be strengthened and the intervention of government should be restrained.