An Empirical Study on the Regional Difference and the Causes of the Equity Market Participation
利用2004年中国31个地区的数据，分析了直接股权市场参与率的区域差异及其影响因素，发现参与率随上市公司数量、城镇化水平、人均GDP和股权公司分部数量增加而上升，教育影响不显著。
By using the cross-section data of 31 regions of China in 2004,this article attempts to analysis the regional difference on the direct equity market participation rates.and the factors causing that difference The results of this article suggest that:(1)the direct equity market participation rate in our country is relative low,and;(2)there are great differences among the 31 regions;(3)the direct equity market participation rate increases with the increase of numbers of local listed companies,urbanization level,per personal GDP and the divisions of equity companies.The effect of education is not strong.These results have important implications to the development of the security market in our country.