社会资本、法律制度对金融发展的影响——替代效应还是互补效应?

The Effects of Social Capital and Legal Systems on Financial Development——Complementary Effect or Substitute Effect

本文在Ahlerup et al.(2009)的委托-代理投资博弈模型的基础上,讨论了社会资本、法律制度在金融发展中的重要作用,并利用我国省际面板数据进行了实证考察。研究发现,社会资本和法律制度水平的提高都能够显著地促进一个地区的金融发展。当一个地区的社会资本和法律制度都处于较低水平的情况下,社会资本和法律制度能够相互促进、相互补充,共同促进金融发展,表现为互补效应;而当社会资本和法律制度有一方已经达到有效水平时,单独一方发挥作用就能够促进金融发展,社会资本和法律制度表现为替代效应。

This paper studies the effects of social capital and legal institution in promoting financial development on the basis of principal-agent investment game proposed by Ahlerup et al. （2009）, and provides empirical evidence supporting our hypothesis. It is found that when social capital and legal systems are both developing at a low level, they can complement each other and work together to promote financial development; however, when either the social capital system or the legal system develops to an effective level, it will be able to support the financial development independently, thus substituting each other in functions.