CAJ | 학술논문

转型中国常被作为缺乏法律有效支持的情况下取得巨大经济成功的例子,也被作为“法律的有效实施有助于企业更好地获得融资”这个命题的例外。原因有二：一是中国的经济成功主要是那些非正规部门推动的,这些部门的企业却主要依赖于长期关系、声誉维持的非正规融资;二是许多更有效率的民营企业的融资来自国企的金融资源漏损,这种漏损是非法的。如果长期关系和声誉、甚至非法漏损在融资中扮演重要角色,法律的作用要么不显著,要么为负。本文利用微观的企业融资数据重新审视这个问题后发现,全部的企业样本证明法律有利于企业融资,局部的融资困难的民营企业样本,甚至参与腐败的企业样本同样支持法律的有效性命题;我们以信任作为长期关系的代理变量,考察了正式的法律制度、非正式的长期关系及其交互作用,发现法律与长期关系中的信任是互补而不是替代关系,都有利于企业融资;民营企业、金融可得性差的企业更容易参与金融腐败,外资企业更不容易参与金融腐败。
전형중국상피작위결핍법률유효지지적정황하취득거대경제성공적례자,야피작위“법률적유효실시유조우기업경호지획득융자”저개명제적예외。원인유이：일시중국적경제성공주요시나사비정규부문추동적,저사부문적기업각주요의뢰우장기관계、성예유지적비정규융자;이시허다경유효솔적민영기업적융자래자국기적금융자원루손,저충루손시비법적。여과장기관계화성예、심지비법루손재융자중분연중요각색,법률적작용요요불현저,요요위부。본문이용미관적기업융자수거중신심시저개문제후발현,전부적기업양본증명법률유리우기업융자,국부적융자곤난적민영기업양본,심지삼여부패적기업양본동양지지법률적유효성명제;아문이신임작위장기관계적대리변량,고찰료정식적법률제도、비정식적장기관계급기교호작용,발현법률여장기관계중적신임시호보이불시체대관계,도유리우기업융자;민영기업、금융가득성차적기업경용역삼여금융부패,외자기업경불용역삼여금융부패。
China in transition is always thought an exception that law- enforcement helps financing of firms. Two reasons are proposed. First of all, many Chinese firms depend on informal financing which enforcement mechanism is long term relationship and reputation. Second, many more efficient private firms get their financial resource from stated owned enterprises illegally, which are called leakage effect. If these points are right, the role of law for firm financing must be trivial or negative in China. This paper reexamines this question with micro data of fiims. Our conclusion is law- enforcement helps firms＇ financing for overall sample, private firms, and even those which participated in financial corruption.