司法改善与企业投资——基于我国巡回法庭设立的经验研究

Judicial Improvement and Corporate Investment——Empirical Analysis on the Establishment of Circuit Court

司法系统对企业发展具有重要影响。为了抑制司法地方化,我国最高人民法院于2015年开始设立地方巡回法庭。本文研究发现,上市公司所在省份被巡回法庭覆盖后,投资规模显著增加,且非国有企业和法制环境较差地区企业更明显。进一步的分析显示,巡回法庭的设立提高了企业通过司法途径维护自身权益的意愿,并缓解了企业投资不足的问题。在动态效应上,巡回法庭对企业投资的促进作用逐渐加强。本文研究充实了"法与金融"领域的研究文献。

The judicial system has a significant impact on firm development. In order to improve the quality of justice, the Supreme People’s Court began to establish local circuit courts in 2015. Our research finds that the investment of listed companies increased after the provinces being covered by the circuit courts. This impact is more significant for private firms and firms in the regions with a poor legal system. The establishment of the circuit court increases the willingness of firms to protect their interests through lawsuit and alleviates the problem of underinvestment. Dynamically, the circuit courts gradually promoted corporate investment.