摘要
本文分析了不健全的法律制度通过引起外资流中的杠杆比率升高,从而对金融危机发生的可能性和严重程度所产生的影响。文中也指出由于债务主权的透明度以及债务拖欠的可证实性,使得外债债主能强有力地防止当地政府侵占。在新兴的资金吸收国中,由于其不健全的法律制度和公司治理结构,外资的流入倾向以外债为主,尤其是短期外债,而不是股票投资或直接投资。这样将导致更频繁的、破坏程度更深的金融危机。本文系统分析了法律体系,外资流对外债的偏斜,以及金融危机频繁性和严重性三者之间的相互关系。
This paper analyse one important channel of how weak institutions contribute to the likelihood and depth of financial crisis:a high leverage ratio of foreign capital flow.It argues that the clarity of debt claim and verifiability of debt default make foreign debt particularly powerful in resisting local country's expro- priation.Weak legal institutions and corporate governance in capital-receiving e- merging markets thus bias the foreign capital inflow toward debt,especially short -term debt,rather than equity and direct investment,which in turn cause more frequent and serious financial crisis.This paper provider systematic evidence on how the legal institution strength,the bias toward foreign debt and the frequency and depth of financial crisis are interlinked.
出处
《南大商学评论》
2004年第1期97-137,共41页
Nanjing Business Review
关键词
法律制度
公司治理
外资结构
金融危机
Legal institutions
corporate governance
foreign capital structure
financial crises
