投资者保护、证券市场与经济增长

构建了一个资本供需均衡模型,分析我国投资者保护、证券市场及经济增长之间的关系,并对我国投资者保护现状和国际进行分析比较。结果表明,提高投资者保护水平能够降低管理层对上市公司的侵害,提高公司价值,使更多的公司能够通过证券市场融资,提高证券市场配置资源的效率,促进证券市场发展,进而推动长期经济增长。另外,我国投资者保护水平与世界水平相比差距较大,已经产生了许多不良后果,苛待予以提高。

Investor Protection, Equity Markets and Economic Growth

We present a simple model of a state-owned enterprise going public in an environment with poor legal protection of outside investor on the base of Andrei Shlefer's market equilibrium. We bring Chinese equity market facts that most rights of most public company are controlled by the government or their agent into this model. After interpreting that how investor protection level increasing prompt equity market and economic growth, we analyse some problems of the Chinese economy such as higher savings rate, capital flight and selling state-owned equities of public company from this.