投资者的法律保护水平是决定股票市场发展的关键变量。本文以在20世纪90年代建立的具有一定规模的13个转轨国家的股票市场作为比较基准,从"书面的法律"与"法律的实施"两个维度考察了中国投资者的法律保护状况,结果发现,二者对投资者提供的保护都是非常有限的,我国证券市场发生的股票诉讼就是这一结论的生动注解。在此基础上,本文进一步提出了提高我国法律体系投资者保护功能的若干政策建议。

Legal protection of shareholder is the key variable determining the stock market development. Comparing China’s legal protection for shareholder with these of 13 transition countries’ whose stock markets set up at 1990’s based on "written law" and "law enforcement", it is found that the protection for investors provided by Chinese legal system is very limit, and the stock litigations in Chinese security market have proved this conclusion. Thereafter, some proposals to improve Chinese legal system are provided.