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基于把投资者信心的影响因素区分为市场因素和投资者保护水平两个不同的层面,本文发现在我国转轨时期市场秩序、法律体系和管制制度不完善、缺乏社会信任的制度环境下,国家所有权的介入实际上是以国家信用替代了企业信用,为投资者提供了一种隐性的保险机制,从而增强了投资者的信心,支持了我国股票市场早期的超常规发展。关于国有股减持的事件法研究为上述理论假说提供了经验证据的支持。
Based on the division of the influencing factors of investor confidence into two different levels, namely market factor and investor protection level, this paper finds that under the institutional environment of imperfect market order, legal system and control system and lack of social trust during the transitional period in our country, Actually replaced the corporate credit by national credit, providing investors with a hidden insurance mechanism, which enhanced the confidence of investors and supported the early unconventional development of the stock market in our country. The incident law study on the reduction of state-owned shares provided empirical evidence for the above theoretical hypothesis.