法和金融学:前沿理论述评

法律在经济中的重要性很早就被经济学家所注意,但是关于公司治理的法律支持的比较统计分析仍是一个未知领域。20世纪90年代末,拉泡特等人用统计学、计量经济学的方法系统地研究了法律和金融发展的关系,开创了"法和金融"理论。该理论认为,法律传统的历史性差异影响了各国对私人产权的保护、对私人契约安排的支持以及对投资者保护法的制定和实施;法律制度影响投资者决策、公司治理的效率,进而影响金融市场的深化程度。大量的学者沿着这条线索发展了法律、金融与公司治理的研究,并关注这一理论在转型国家的应用与创新。对这一前沿理论及其最新动态的梳理有助于发挥法律制度在解释金融发展中的作用。

Law and Finance: A Review and Agenda

Economists have been paying much attention to the importance of law in economics,but the comparative statistical analysis of the legal underpinnings of corporate finance remains unknown.In the late 1990s,by using the statistical and econometrical analysis,LLSV systematically studied the relationship between law and financial development.And started "the law and finance" theory.The theory holds that the legal traditional historical differences influence the protection of private property rights in the country,the support of private contractual arrangements,and the enactment and enforcement of laws in the investor protection and that these legal institutions affect the investor's decision,the effectiveness of corporate governance,and the degree of financial market development.A lot of scholars do the research on law,finance and corporate governance to expand this view.Besides,they focus on the practice and innovation in transitional economies related to the theory.This paper provides an attempt to organize the literature and latest views on the frontiers of economics.