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近年来,LaPorta,Lopez-Silanes、Shleifer和Vishny(以下简称LLSV)①等人的研究表明,一国资本市场的规模和深度、股权结构、股利政策和经济发展状况很大程度上与该国法律对外部投资者的保护程度有关。这一研究结论引起了经济学和法学界的广泛关注。作为以上研究的延续,许多学者分别从理论和实证两个角度探寻了投资者法律保护程度的决定因素,试图为投资者法律保护国别差异提供合理的解释。本文旨在对相关研究做一个简要综述和评价。
In recent years, studies by LaPorta, Lopez-Silanes, Shleifer and Vishny (LLSV) and others have shown that the size and depth of capital markets in a country, ownership structure, dividend policy and economic development are largely related to the laws of that country The degree of protection of external investors. The conclusion of this study has aroused widespread concern in economics and law circles. As a continuation of the above studies, many scholars have explored the determinants of investors’ legal protection from both theoretical and empirical perspectives, trying to provide a reasonable explanation for the investor’s legal protection of country differences. This article aims to make a brief review and evaluation of the related research.