投资者保护、剩余公司治理与我国资本市场省际差异

投资者保护是影响资本市场发展的重要因素，它可以解释我国资本市场发展中存在的区域差异吗？本文探讨在相同的立法环境中，由法律执行和以地方性法规为代表的省际剩余公司治理的差异所引起的我国31省份投资者保护程度的不同，对资本市场省际差异的影响。研究发现：（1）投资者保护是影响资本市场省际差异的一个重要因素。（2）投资者保护构成中，法律执行对资本市场省际差异产生显著正向影响，而省际剩余公司治理的影响并不确定。

Investor Protection, Residual Corporate Governance and the Interprovincial Difference of China Capital Market

The investor protection is an important factor to impact on the development of capital market. Can it explain China’s regional difference of capital market development? Based on China’s provincial data, this paper explores the impact of the differences of the investor protection, which caused by legal enforcement and interprovincial residual corporate governance (IRCG) represented by local laws and regulations under the same legislation, on China’s regional difference of capital market development (RDCMD). We draw the following conclusions: (1) the investor protection is one of the important reasons to form China’s RDCMD and (2) the judiciary is the main reason to produce the difference of the investor protection in China's various regions and has the significant influence on the RDCMD and (3) the influence of IRCG on the RDCMD is uncertainty.