转型经济中法律与金融的发展

Law and Financial development in Economic Transition

本文利用1980—2004年的数据,采用面板数据分析的技术研究了中国法律与金融发展之间的关系。结果发现:(1)法律制度的完善,会促进金融中介的增长以及效率的提高,有助于金融深度的深化;(2)同时还有助于推动银行业的竞争;(3)在转型中国的股票市场中,法律的不完备性可能导致正式法律制度的失灵,反而可能是一些正式执法之外的机制在起作用。这表明:在转型时期的中国,一些正式执法之外的机制对金融发展的作用可能更明显。为了使法律体系有效地运作起来,转型经济应该发展除执法之外的机制。

We study the relation between law and financial development based on panel data from 1980 to 2004. The research shows that： （1） perfect legal system can promote the growth of financial intermediary, enhance efficiency and help financial deepening. （2） It can also promote the competition in banking industry. （3） In the transitional Chinese stock market, the formal legal system may fail due to the incomplete legal system; however, some mechanisms beyond the formal law enforeement may work. Our findings show that those mechanisms beyond law enforeement have significant effects on financial development, and we should develop those mechanisms beyond law enforeement in economic transition in China.