经济转型中的法治水平、政府行为与地区金融发展——来自中国的新证据

The Legality,Government Behavior,and Regional Financial Development in Economic Transition:Some New Evidences from China

在以政府主导甚至干预经济发展为特征的转型经济中,政府行为会影响法治与金融发展间的作用机制。本文利用1995-2005年中国省级单位的数据研究了政府行为和法治水平对地区金融发展的影响。结果发现,在不考虑政府行为这一制度因素时,法治水平的提高对地区金融发展具有一定的促进效应,但这个效应有限。转型期政府行为对金融发展明显具有重要影响,地方政府的干预可能会对法治促进金融发展的作用产生部分"挤出效应",甚至是完全的"替代效应"。本文的结论是,经济转型过程中的中国只有在充分认识到政府行为主导金融发展的情况下,才能准确把握法治与金融发展间的关系。本文的研究也对主流"法与金融"文献提供了新证据。

In the transitional economies which are oriented or intervened by government, government will exert great influences on the interaction mechanism between law and financial development. The influence of government behaviors and the rule of law on the financial development were inspected, using China＇ s provincial level data from 1995 to 2005. The resuhs showed that, without regard to the systematic factor of government actions, the improvement of rule of law has a positive, but very limited effect on financial development. During the period of transformation, government behaviors have an important impact on the financial development, but local government intervention could bring negative effects on the financial development, some of which could ＂crowding - out＂, or even ＂ substitute＂, the positive effect of law on the financial development. We conclude that in the transitional period, only in full realization of the government - oriented financial development in China, can the mechanism between rule of law and financial development be accurately understood. This paper also provides new evidences to＂ Law and Finance＂.