总体而言，普通法系的投资者法律保护强于大陆法系，证券市场也更发达。
Generally speaking, the common law system has a better protection for investors than the civil law system, and the former has a more advanced securities market.
外部股东的监督只有在特定的法律环境中才是有效的，在投资者法律保护较差的条件下则是无效的。
The monitoring of the outside shareholders is valid in the specific legal environment only; it is invalid under the condition that the legal protection for investors is poor.
本文以上市公司的权益资本成本为衡量指标，分别从法的建立和法的实施两个方面研究我国中小投资者法律保护的作用。
This paper examines the effect of investor protection by focusing on if the law and its enforcement can lower the cost of equity in Chinese stock market.
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