信托责任水平差异对股票市场发展影响的实证研究

Empirical Study on the Effect of Trust Difference on the Development of Stock Market

为什么具有相同特征的国家，比如类似的交易和监管机制，股市发展迥然不同？基于世界价值观调查问卷和数据构建信托责任指标，本文实证检验了43个国家信托责任水平差异对股票市场发展的影响。研究发现，信托责任较高国家的股票市场发展普遍优于那些信托责任较低国家的股票市场发展；结合国家法律特征，发现信托责任较高的普通法国家和大陆法国家的股票市场发展各有所长；结合宗教信仰特征，发现信托责任较高的基督教国家的股票市场发展表现良好。结论表明信托责任的培育和积累对股票市场发展具有重要意义。

Why is there the obvious difference between countries with the same characteristics, such as similar transactions and regulatory mechanism？ Using the data from World Values Survey, the paper construct an indicator as proxy variable of trust and then test the effect of 43 countries＇ trust on stock market development. We find that the stock markets with high trust countries are generally better than those with low trust countries. Combined with the national law characteristics, we show that common law countries with high trust, and civil law countries with high trust have their own advantages respectively. According to religious characteristics, we show that Christian country with high trust have the better stock market. Our research shows that the cultivation and accumulation of trust has the great significance to the development of stock market.