银行业、政府信誉与中国近代公司法实施效果的区域差异

Banking Industry,Government Credit and the Regional Differences in the Implementation Effect of Corporate Law in Modern China

近代公司法实施效果存在区域差异,实施的主要阻力来自不受限制的政府权力。近代中国银行业发展较好的地区实施的效果更好,对工业化的推动力更加明显。从政府可信承诺的角度看,其重要原因在于近代银行业在发行和持有政府公债的过程中获得了有效否决权,因而具有和政府博弈的力量,倒逼政府提供可信承诺,从而构建有效的市场机制,极大地释放公司法对工业化的推动能量。这一发现说明近代公司法在政府可信承诺程度较高、市场化环境较好的地区,发挥作用的效率更高。

This paper focuses on the regional differences in the implementation of the corporate law in modern China and the main obstacle to the implementation of the law from unconstrained government power.It has been found that in areas with better banking development,the effect of implementation is better,and the pushing force to industrialization is more obvious.From the perspective of the government credible commitment,the important reason lies in the fact that the modern banking industry is given the effective veto power in the process of issuing and holding government bonds,and thus it has the strength to go game-playing with the government,which conversely obliges the government to provide credible commitments so as to build an effective market mechanism and greatly release the propelling energy of the corporate law in promoting the industrialization.This finding shows that modern corporate law plays a more efficient role in areas with a higher degree of credible government commitment and a better market environment.