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一、引言在以往的研究中,人们总是习惯于将法律作为一种既已存在的外生变量考虑,将其排除在对金融市场的研究之外。然而,在对于证券市场以及各种金融活动的各种内生变量,如股权结构、债务、高管的激励等一系列理论建模研究后发现,这些内生变量并不能完全解释证券市场中出现的各种现象。因此,学者们开始转向对公司外部影响变量的研究中。其中,以LLSV为代表的财务学家首先将财务学与法律联系起来进行研究,引领财务学将更多原来被视为假设条件的外生变量进行研究。这些外生变量包括控制权市场、产品市场竞争、劳动力市场以及法律保护机制。本文将着重讨论法律对于投资者保护和金融市场的影响。
I. INTRODUCTION In previous studies, people were always accustomed to considering law as an existing exogenous variable and excluded from the study of financial markets. However, a series of theoretical modeling studies on various endogenous variables in the securities market and various financial activities, such as ownership structure, debt and executive incentives, have found that these endogenous variables do not fully explain the emergence of the stock market The various phenomena. As a result, academics are turning to research on the variables that affect the company’s externalities. Among them, the financial economist represented by LLSV first studies the relationship between finance and law, and leads the finance study to study more exogenous variables that were originally considered as hypothetical conditions. These exogenous variables include the control market, product market competition, labor market and legal protection mechanism. This article will focus on the impact of law on investor protection and financial markets.