资本市场和法律发展：中国事例(pdf 34页)(英文)

Capital Markets and Legal Development: the China Case
Abstract
Recent research establishes a significant positive correlation between law and finance(and hence economic growth), re-starting a debate on the “law matters” thesis. However,which way the causality goes is still not clear.Thepurpose of this paper is to use the ongoing reform experience of China, especially its capital market experience, to examinethe direction of causality. First, we show that China’s recent experience is largelyconsistent with Coffee's (2001) "crash-then-law" interpretation of thiscorrelation. Indeed,it is the large and clearly defined constituency of investors that has been a key drivingforce behind much of the recent legal progress. The rights and economic interests of thisconstituency have fundamentally challenged the traditional emphasis of the Chinese legalculture on administrative and criminal sanctions, but not on civil litigation law. Second,we compare the different contributions to legal change made by the stock market and theconsumer product markets.
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