Why Does the Law Matter? Investor Protection and Its Effects on Investment, Finance, and Growth
研究发现，投资者保护强的国家，投资对托宾q更敏感、对现金流更不敏感，且外部融资与q正相关、与现金流负相关，最终促进投资效率和经济增长。
ABSTRACT Investor protection is associated with greater investment sensitivity to q and lower investment sensitivity to cash flow. Finance plays a role in causing these effects; in countries with strong investor protection, external finance increases more strongly with q , and declines more strongly with cash flow. We further find that q and cash flow sensitivities are associated with ex post investment efficiency; investment predicts growth and profits more strongly in countries with greater q sensitivities and lower cash flow sensitivities. The paper's findings are broadly consistent with investor protection promoting accurate share prices, reducing financial constraints, and encouraging efficient investment.