【正文】 違規(guī)公司家數(shù)NUMBER ** 損失規(guī)模牛市LOSS_SUMSOAR*** 核準制違規(guī)公司家數(shù)REVIEWN 政治影響違規(guī)公司家數(shù)POLITICN GDP增速GDP_GROW** ** 東部地區(qū)EAST 證券交易所所在地區(qū)EXCHANGE** ** N107107Adj Rsq注：*、**、***、。編號：時間：2021年x月x日書山有路勤為徑，學海無涯苦作舟頁碼：第14頁 共14頁6 結論與局限性政府管制的作用歷來存在爭議，本文從法律環(huán)境薄弱的轉型制度環(huán)境出發(fā)，將管制視為法律機制欠缺的替代機制，從理論上分析了，管制權力可能外溢至非管制領域，由此構成隱性契約。以我國證券管制機構擁有的IPO遴選的管制權為例，在各地區(qū)間分配IPO資源時，證券管制機構可能會考慮各地區(qū)上市公司發(fā)生丑聞的頻率和嚴重程度，這可能會形成了證券管制機構與地方政府之間的隱性契約。地方政府會根據(jù)自身的利益，做出是否履行隱性契約以及履行多少的對策；而隱性契約的履行，事實上可能會一定程度地保護投資者。上述理論分析，得到了經(jīng)驗證據(jù)的支持。本文為理解轉型經(jīng)濟中政府管制的作用、投資者保護的方式和金融市場的發(fā)展，提供了新的視角。在實踐中，也有助于深化認識中國證券市場的發(fā)展，進一步全面綜合地理解地方政府在證券市場的行為，譬如，李增泉等（2004）提出的我國上市公司“掏空”問題。本文在如下方面存在局限性：未考慮內生型；樣本選擇偏差；缺乏更準確的基于因果關系的投資者損失度量方法。在研究過程中，上述問題都經(jīng)過反復的思考，然而作者不才，未能得到更好的良策，期盼未來學者繼續(xù)改進。參考文獻陳冬華、陳信元、萬華林，2005，“國有企業(yè)中的薪酬管制與在職消費”，《經(jīng)濟研究》第2期。陳信元、葉鵬飛、陳冬華，2003，“機會主義資產(chǎn)重組與剛性管制”，《經(jīng)濟研究》第5期。李國光、賈緯，2003，《證券市場虛假陳述民事賠償制度》，法律出版社。李東平，2001，“大股東控制、盈余管理與上市公司業(yè)績滑坡”，上海財經(jīng)大學博士學位論文。李增泉、孫錚、王志偉，2004，“掏空”與所有權安排——來自我國上市公司大股東資金占用的經(jīng)驗證據(jù)”，《會計研究》第12期。沈藝峰、許年行、楊熠，2004，“我國中小投資者法律保護歷史實踐的實證檢驗”，《經(jīng)濟研究》第9期。王璐，2006，“造假公司違規(guī)成本僅25萬元”，《上海證券報》，4月28日。Akerlof, George A., and Hajime Miyazaki, 1980, The Implicit Contract Theory of Unemployment meets the Wage Bill Argument, The Review of Economic Studies, Vol. 47, No. 2. (Jan), pp. 321338.Allen, F., J. Qian，., , “Law, finance, and economic growth in China”, Journal of Financial Economics 77: 57116.Baker, George P., Robert Gibbons, and Kevin J. Murphy, 1994, “Subjective Performance Measures in Optimal Incentive Contracts”, Quarterly Journal of Economics 109 November.Bhattacharya, Utpal, and Hazem Daouk, 2005, “Why No Law is Better Than a Good Law”, Working paper.Bodde, Derk., and Morris Clarence, 1973, “Law in Imperial China”, University of Pennsylvania Press.Blanchard, Olivier, and Andrei Shleifer, 2001, “Federalism with and without political centralization: China versus Russia”, IMF staff working paper.Cheffins, ., 2001, “Does Law Matter？The Separation of Ownership and Control in the United Kingdom”, Journal of Legal Studies 30:459501.Chen, Kevin, and Hongqi, Yuan, 2004, Earnings Management and Capital Resources Allocation: Evidence from China Accountingbased Regulation of Rights Issues”, The Accounting review 79, 645665.Coffee, Jr., 1999, “Privatization and Corporate Governance: The Lessons from Securities Market Failure”, Journal of Corporation Law 25:139．Dyck, Alexander, Adair Morse, and Luigi Zingales, 2005, “Who Blows the Whistle on Corporate Fraud”, Working Paper.Glaeser, Edward L., and Andrei Shleifer, 2003, The Rise of the Regulatory State, Journal of Economic Literature. Grossman, Sanford J., and Oliver D. Hart, 1981, Implicit Contracts, Moral Hazard, and Unemployment, The American Economic Review, Vol. 71, No. 2, Papers and Proceedings of the NinetyAnnual Meeting of the American Economic Association. May, pp. 301307.Johnson S., Boone P., Breach A., Friedman E., 2000, “Corporate Governance in the Asian Financial Crisis”, Journal of Financial Economics 58:141186.La Porta,R.,F., LopezDeSilanes, A.,Shleifer, R.,Vishny, 1997, “Legal determinants of external finance”, Journal of Finance 52:11311150．La Porta,R., F.,LopezDeSilanes, A., Shleifer, R., Vishny, 1999, “Corporate Ownership Around the World”, Journal of Finance 54:471520．La Porta,R., F.,LopezDeSilanes, A.,Shleifer, R., Vishny, 2000, “Agency problems and dividend policies around the world”, Journal of Finance 55: 133．Mulligan, Casey B., and Andrei Shleifer, 2005, “The Extent of the Market and the Supply of Regulation”, Working Paper.Pistor, K., and M., Raiser, S., Gelfer, 2000, “Law and Finance in Transition Economies”, Economics of Transition 8:325368．Pistor, K., and Xu, C., 2003, “Inplete Law”, Journal of International Law and Politics, 35:9311013.Pistor K., Xu C., 2005a, “Governing Stock Markets in Transition Economies: Lessons from China”, American Law amp。 Economics Review 7(1):184210Pistor K., Xu C.,2005b, “Governing Emerging Stock Markets: legal vs administrative governance”, Corporate Governance 13(1):510Rosen, Sherwin, 1985, “Implicit Contracts: A Survey”, Journal of Economic Literature, Vol. 23, No. 3. (Sep), pp. 11441175.Young, Andrew T., and Daniel Levy, 2006, “Explicit Evidence on an Implicit Contract”, University of Mississippi Working Paper.第 14 頁 共 14 頁