地方司法体制改革与企业投资——来自地方法院人财物省级统管的证据

Reform of Local Judicial System and Corporate Investment——Evidence from Universal Management of Local Courts Below Province

本文基于“省以下地方法院人财物省级统一管理”改革,研究了司法机构独立对企业投资的影响。研究发现,地方司法体制改革能显著提高企业在行政诉讼案件中的胜诉率和法院案件审理能力,促进企业固定资产投资。相比于国有企业,地方司法体制改革对民营企业投资的影响更大。机制分析表明,地方司法体制改革会促进金融发展和改善企业融资,减少企业贿赂支出并促进长期投资和研发支出增长,这表明深化司法体制改革可以实现法治建设和经济建设的同步推进。

The influence of reform of local judicial system on corporate investment is studied based on the policy of “universal management of people and property in the local courts below the province”. It is found that the independence of the judiciary can significantly improve the success rate of enterprises in administrative litigation cases, promoting the fixed asset investment of enterprises. Compared with state-owned enterprises, the positive influence of reform of local judicial system on private enterprise is more significant. Mechanism analysis shows that the reform of local judicial system will promote financial development and improve corporate financing, reducing corporate bribery expenditures and promoting long-term investment and R&D expenditures, which shows that deepening judicial system reform can achieve the simultaneous advancement of legal construction and economic construction.