Abstract as per original application
(English/Chinese): |
This project explores the relationship between China’s legal system, financial markets, and economic development. A strong capital market is essential for economic growth because it allows businesses to obtain equity finance at low costs, which promotes entrepreneurial activities and capital formation. However, the development of capital markets is influenced by a country’s legal system, which can be path-dependent and difficult to change over time. This project examine whether China’s law and finance are determined by its historical path. It intends to show that while China has made significant reforms to become more like Western countries, there are still fundamental differences between China and common law countries that dictate the different paths they take. For example, China did not have any law in the early 1990s but has since promulgated its first securities law. Meanwhile, China also developed its capital market initially for the privatization of state-owned enterprises (SOEs). This project will illustrate that understanding the nature of China’s legal system is crucial for understanding its economic development. China offers a valuable opportunity for examining the relationship between law and finance because its law and capital market have changed drastically over time in the past few decades. One theory that the project will discuss is the legal origin theory developed by four economists collectively known as LLSV. The basic proposition of this theory is that a state’s legal origin affects its current laws. There are criticisms of this theory. For example, some scholars argue that other factors such as political stability or cultural norms may be more important than legal origin in determining economic outcomes. Overall, this project will provide an insightful analysis of how China’s legal system impact its financial market. It highlights how path-dependence can make it difficult to change a country’s legal system and how this affects the development of capital markets. The project will also provide a critical evaluation of the legal origin theory and its implications for China’s unique path.
本项目探讨中国法律制度、金融市场与经济发展之间的内在关联。健全的资本市场通过降低企业股权融资成本、促进创业活动与资本形成，对经济增长具有基础性支撑作用。然而资本市场的发展轨迹深受一国法律制度的影响，这种制度演进具有显著的路径依赖性特征。
本研究旨在论证中国金融法治发展是否受到历史路径的约束，并揭示尽管中国通过重大法律改革逐步趋近西方模式，但其与普通法系国家仍存在根本性制度差异，这种差异决定了二者不同的发展路径。典型例证包括：上世纪90年代初期中国证券法律体系尚属空白，而后方逐步建立证券基本法律制度；同时，中国资本市场的初始功能定位是为国有企业股份制改革服务。
本研究将论证，理解中国法律制度的本质特征对把握其经济发展模式具有关键意义。中国为观察法律与金融的互动关系提供了独特样本——过去数十年间，其法律制度与资本市场经历了深刻的制度变迁。研究将重点讨论由LLSV学者提出的"法律起源理论"，该理论的核心命题是：一国法律渊源对其现行法律制度具有决定性影响。但该理论亦存在争议，有学者指出政治稳定性、文化传统等因素可能比法律渊源对经济绩效产生更实质性的影响。
本研究的理论贡献在于：第一，系统阐释路径依赖性如何形成法律制度变迁的约束条件，进而影响资本市场发展；第二，对法律起源理论进行批判性检视，揭示其在中国特殊制度语境下的解释力与局限性；第三，通过中国经验为法律与金融领域的比较研究提供新的实证依据。研究将最终论证，中国金融法治的发展轨迹既受到传统法律制度的塑造，又在改革进程中呈现出独特的制度创新。
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