正式制度与企业融资:前沿理论述评

企业融资能力是影响一国金融市场发展乃至经济增长的重要因素之一,制度环境对企业融资能力的动态影响更是目前众多交叉学科关注的焦点.企业融资曾一度是西方国家公司金融理论的研究范畴,制度作为既定的外生变量,在企业融资行为中始终扮演静态角色.而法律、政治力量等制度因素对融资行为的动态影响,吸引了众多经济学家、金融学家以及法律学者,这一前沿领域的文献大量涌现,主要涉及制度指标构建、实证模型、比较分析等.我国经济虽已取得飞速发展,但法律、金融等制度建设较发达国家仍显薄弱.对这一领域最新研究成果的梳理与分析,将对我国法律、政治与金融体制改革起到一定的积极作用.

Formal Institutions and Firm Financing: Review and Agenda

The financing ability of enterprises is one of the key factors that greatly influence the development of the financial market and the growth of the economy of a country.At present,the dynamic influence of institutional environment on the financing ability of enterprises has become a focus of attention.Financing of enterprises used to be the research domain of corporate finance theory of Western countries.As an established exogenous variable,the institution has always been playing the static role in the financing behavior of enterprises.In the late 1990s,the pioneering study by LLSV on the basis of transnational comparisons showed that the origin of law determines a country's level of legislation and implementation efficiency of relevant laws with regard to the protection of the investors.The dynamic influence of institutional factors such as legal and political power etc.on the financing behavior has drawn close attention of many economists,finance scholars and jurisprudents.Literature in this pioneering field has mushroomed in recent years focusing mainly on the construction of institutional guidelines, positive models and comparative analysis,etc.Although we have made great strides in the area of economics,the construction of legal and financial institutions is still weak compared with developed countries.Research and analysis in this field will be a help in the reform of the existing legal,political and financial institutions.