证券交易所的发展策略目前被广泛关注,本文选用面板数据对世界各地的证券交易所做出分析与评判。研究各项指标对市值与投资者保护的影响效果,得出发达国家证券交易所成功的经验以及对发展中国家证券交易所的启示,试图以此作为中国证券交易所发展策略的思考。 The development strategy of stock exchange is widely concerned at present, this text selects the panel data to make the analysis and the judgment to the stock exchange all over the world. It studies the effect of each index on the market value and investor protection, draws on the successful experience of stock exchanges in developed countries and its implications for stock exchanges in developing countries, trying to take this as a strategy for the development of China’s stock exchange.