求翻译：Francis等(2003)认为,根据已有的相关研究,投资者保护程度更高的地区,金融市场往往更加发达,更加发达的金融市场会导致更多的融资机会和更加分散的股权结构,这就可能产生更加严重的代理问题是什么意思？

Francis (2003) found that under existing related studies, areas of higher level of investor protection, financial markets are often more developed, more developed financial markets will lead to more funding opportunities and more dispersed ownership structure, that there could be even more serious problem of agent