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本文主要在LLSV(1996,1998a)工作的基础上,又引入“宏观制度环境指标”及中国样本,并采用了两种分类体系(“法律渊源”和“文化体系”),通过均值分析、主成分分析和回归分析对影响股市发展的三类指标体系“股东权利指标”、“债权人权利指标”以及“宏观制度环境指标”进行了较为全面的分析,并且还进行了所有样本国与西方文化体系样本国的对比分析。最后发现不论在何种情况下,“宏观制度环境”对股市发展的影响(相对于其他因素而言)最为显著,这一点对于我国股市的发展有很大的启示意义。另外,该文不但拓展了股市发展领域的研究,而且对国内经济学其他领域有关“制度”方面的研究提供了一个思路。
Based on the work of LLSV (1996, 1998a), this paper introduces “Macroeconomic System Environmental Indicators” and Chinese samples and adopts two classification systems ( “Legal Origin ” and “Cultural System ”) , A more comprehensive analysis of three types of index system “shareholder right index ”, “creditor , And also conducted a comparative analysis of all sample countries and Western cultural sample countries. Finally, it is found that under any circumstances, the impact of ”macro institutional environment“ on the development of the stock market (relative to other factors) is most significant, which is of great enlightenment for the development of China’s stock market. In addition, the article not only expands the research in the field of stock market development, but also provides a train of thought for the research on ”system " in other fields of domestic economics.