Macro-factors,Characteristics of the System and Competitiveness of Capital Market:Based on Experience Evidence of the Global Stock Exchanges

For researching the relationship among the macro-factors,the law-factors and the competitiveness of capital market this paper displays a cross-national research on the 22 stock exchanges which are at different stages of economic development with different market structures,and located in 19 countries and regions over the world by panel data model.The research result shows that the per capita GDP rather than the economic growth rate significantly influences the capital market competitiveness.Besides,the improvement of the legal environment,especially the strengthening of the protection for small shareholders' interest and the information transparency,the improvement of the auditing and accounting inspection can lower transaction costs are conductive for the capital market to enhance the competitiveness.However,the high percentage of overseas listing has little influence.