1램폫뷰죚뗄컄쿗ퟛ쫶 뫺닽짺 쇺퇮뮪 샮뿗틝 햪튪ꎺ램폫뷰죚톧뗄퇐뺿ퟷ캪뗚죽듺뷰죚랢햹샭싛뗄ퟩ돉늿럖ꎬ쫇쿖듺뷰죚샭싛퇐뺿뗄잰퇘뿎쳢ꆣ웤뷼쓪살틑좡뗃쇋뷏듳뗄랢햹ꆣ놾컄듓ꆰ램폫뷰죚ꆱ뗄뗬믹횮ퟷꆶ램싉폫뷰죚ꆷ죫쫖ꎬ뛔램폫뷰죚샭싛뗄쿠맘퇐뺿뷸탐쇋ퟛ쫶ꎬ럖뇰듓램싉ꆢ뷰죚폫뺭볃퓶뎤뗄맘쾵ꎻ램싉ꆢ춶헟놣뮤뛔릫쮾훎샭뗄펰쿬솽룶뷇뛈럖컶쇋램싉훆뛈ꆢ뷰죚뫍뺭볃랢햹뗄맘쾵ꎬퟮ뫳뷩짜쇋ꆰ램폫뷰죚ꆱ퓚훐맺뗄퇐뺿돉맻ꆣ 맘볼듊ꎺLLSVꎻ램싉ꎻ뷰죚ꎻ램싉폫뷰죚 훐춼럖샠뫅ꎺF830 컄쿗쪶뇰싫ꎺA 튻ꆢ틽퇔 퓚뒫춳뗄MM뚨샭훐ꎬ횤좯놻쫓캪쿖뷰쇷뗄ퟩ뫏ꆣ뇈죧ꎬ햮좯펵폐만뚨뗄샻쾢횧뢶ꎬ막좨쪹웤돖폐헟믱뗃뫬샻ꆣ뷼쓪살뗄퇐뺿뇭쏷ꎬ쫂쪵늢럇죧듋ꆣ뛔룷훖룷퇹횤좯뗄뚨틥펦살ퟔ웤룸돖폐헟듸살뗄좨틦ꆣ막욱쪹웤돖폐헟뛔릫쮾뚭쫂쿭폐춶욱좨ꎬ떱릫쮾늻쓜쟥뎥햮컱쪱ꎬ햮좯룸폨햮좨죋햼폐웤뗖톺컯뗄좨샻ꆣ 횤좯뢳폨춶헟뗄룷쿮좨샻뿉틔죏캪쫇뛔춶헟뗄ꆰ놣뮤ꆱꎬ틲캪떱릫쮾뗄맜샭닣캪ퟔ짭뗄샻틦탐쫂쪱ꎬ헢킩좨샻폐훺폚춶헟뗃떽웤춶믘놨ꆣ랴맽살ꎬ헢킩놣뮤춶헟뗄좨샻폖쪹릫쮾뗄췢늿죚돉캪뿉쓜ꆣ 튻횱틔살ꎬ죋쏇죏캪횤좯뢳폨춶헟뗄좨샻쫇웤만폐뗄쳘헷ꎬ헢훖맛뗣뫶쫓쇋좨샻놳뫳뗄램싉쳥훆ꆣ1998쓪ꎬLa PortaꎬLopez-de-SilanesꎬShleifer 뫍Vishnyꎨ볲돆LLSVꎩ랢뇭쇋싛컄ꆶ램싉폫뷰죚ꆷꎬ헢욪싛컄쳡돶쇋튻킩맘폚솢램뫍횴램솿뮯뗄횸뇪ꎬ붫램싉훆뛈뛔뷰죚쳥쾵뗄펰쿬뷸탐쇋퇐뺿ꎬ듓램싉웰풴뫍램쾵뗄뷇뛈뷢쫍쇋늻춬맺볒볤뗄닮틬ꎬ놻쫓캪램폫뷰죚샭싛뗄뾪뛋ꆣ캧죆LLSV뗄샭싛뗄듳솿퇐뺿램싉폫뷰죚쿠뮥맘쾵뗄컄쿗놻춳돆캪램폫뷰죚샭싛ꆣ룹뻝쒿잰쇷탐뗄럖샠랽램ꎬ램싉뷰죚샭싛벺뺭좡뗃뗄돉뻍뿉틔럖돉솽룶쇬폲ꎺ튻쫇퇐뺿램쾵ꆢ췢늿춶헟놣뮤뫍뷰죚죽헟횮볤뗄맘쾵ꎬ돆캪릫쮾훎샭뗄램싉샭싛ꎻ뛾쫇퇐뺿춶헟놣뮤폫뷰죚랢햹뫍뺭볃퓶뎤뗄맘쾵ꎬ퇐뺿쫓뷇삩듳떽헻룶뫪맛뺭볃ꎬ돆캪뷰죚랢햹믲뺭볃퓶뎤뗄램싉샭싛ꆣ 놾컄뷡릹낲업죧쿂ꎺ뗚뛾늿럖ꎬ뫪맛램폫뷰죚샭싛뗄ퟛ쫶ꎻ뗚죽늿럖ꎬ캢맛램폫뷰죚샭싛뗄ퟛ쫶ꎻ뗚쯄늿럖ꎬ램폫뷰죚샭싛퓚훐맺퇐뺿뗄쿖ힴꎻ뷡폯늿럖볲떥쮵쏷램폫뷰죚샭싛뛔훐맺뗄쫐뎡뗄틢틥ꆣ 뛾ꆢ뫪맛램폫뷰죚샭싛ꎺ램싉ꆢ뷰죚랢햹폫뺭볃퓶뎤 퓚뷢쫍뷰죚랢햹뗄맺뇰닮틬쪱ꎬ램폫뷰죚샭싛죏캪ꎺ쫗쿈ꎬ늻춬뗄램싉웰풴뛔쮽죋춶헟뗄놣뮤돌뛈늻춬ꎻ웤듎ꎬ쮽죋닺좨놣뮤쫇뷰죚뫏풼뫍뷰죚랢햹뗄믹뒡ꎻퟮ뫳룷훖얷훞뗄램싉뒫춳춨맽헷럾ꎬ횳쏱뫍쒣럂퓚맺볊짏쇷뒫ꆣ쯹틔룃샭싛죏캪ꎬ평폚샺쪷탔뗄풭틲퓬돉뗄램쾵횮볤뗄닮틬탔ꎬ퓚뫜듳돌뛈짏뷢쫍쇋맺볒볤뷰죚쳥쾵뗄닮틬ꆣ 1998쓪ꎬ살ퟔ쏀맺맾런듳톧ꆢ횥볓룧듳톧뗄쯄캻톧헟La Portaꎬ Lopez-de-Silanesꎬ Shleifer 뫍Vishnyꎨ볲돆LLSVꎩ랢뇭쇋싛컄ꆶ램싉폫뷰죚ꆷꎬ룃컄놻쫓캪ꆰ램뫍뷰죚톧ꆱ뗄뗬믹횮ퟷꆣ쯻쏇랢쿖룷훖횤좯뗄쳘뗣좡뻶폚웤룸돖폐헟듸살뗄좨틦ꎬ헢킩좨샻쓜럱폐킧뗄탐쪹ꎬ믡펰쿬횤좯뗄탔훊ꎬ뛸램싉뗄훆뚨벰웤퓋탐뮷뺳펰쿬ퟅ헢킩좨샻ꆣ LLSV뛔ꆰ램폫뷰죚ꆱ뗄퇐뺿뗄뒴탂탔쳥쿖퓚틽죫솿뮯횸뇪ꎬ횱맛뗘뷒쪾쇋램싉훆뛈뫍뷰 1 놾컄쫇뷌폽늿죋컄짧뿆훘뗣퇐뺿믹뗘훘듳퇐뺿쿮쒿ꆰ랢햹훐맺볒벰뺭볃탍맺볒뗄뷰죚룄룯폫뺭볃랢햹ꆱꎨ쿮쒿엺ힼ뫅ꎺ05JJD790020ꎩퟓ뿎쳢뗄뷗뛎퇐뺿돉맻ꆣ 1
죚쳥쾵횮볤뗄맘쾵ꆣLLSV뾼달쇋49룶맺볒ꎬ떫웤훐늻냼삨짧믡훷틥맺볒믲ꆰ탍ꆱ뺭볃맺볒ꆣ내헕쇷탐뗄럖샠랽램ꎬ헢49룶맺볒럖뇰쫴폚쯄룶램쾵ꎺ웕춨램쾵ꆢ램맺쏱램쾵ꆢ뗂맺쏱램쾵벰쮹뾰뗄쓉캬퇇맺볒ꎨ훷튪쫇놱얷맺볒ꎩ쏱램쾵ꆣ퓚뛔릫쮾막뚫뫍햮좨죋뗄램싉놣뮤훆뛈ꎬ틔벰헢킩훆뛈뗄풨풴뫍횴탐킧맻뷸탐뇈뷏뫳랢쿖ꎬ웕춨램쾵맺볒뛔춶헟뗄램싉놣뮤ퟮ폐킧ꎬ램맺쏱램쾵맺볒ퟮ닮ꎬ뛸뗂맺뫍쮹뾰뗄쓉캬퇇쏱램쾵맺볒뻓폚웤훐ꎨLLSVꎬ1998ꎩꆣ뷸뛸퓚폃죴룉뿘훆뇤솿뛔놾쫐뎡맦쒣뷸탐믘맩럖컶뫳ꎬ랢쿖춶헟뗄놣뮤돌뛈폫웤놾쫐뎡뗄맦쒣뫍짮뛈헽쿠맘ꎬ램맺쏱램쾵맺볒뗄춶헟놣뮤돌뛈ퟮ뗍ꎬ웤놾쫐뎡튲ퟮ늻췪짆ꎨLLSVꎬ1997ꎩꆣ ꎨ튻ꎩ램싉웰풴폫뷰죚랢햹ꆢ뺭볃퓶뎤 퓚퇐뺿램싉폫춶헟놣뮤횮볤뗄맘쾵쪱ꎬLLSVꎨ1998ꎩ틽죫뗄솿뮯횸뇪훷튪쫇횸뛔췢늿춶헟뫍햮좨죋뗄좨샻퓚램싉램맦짏쓜뗃떽뗄놣뮤돌뛈틔벰헢킩램싉램맦뗄횴탐킧싊ꆣ뫢솿놣뮤막좨죋좨샻뗄돌뛈뗄횸뇪냼삨튻막튻욱훆ꆢ춨탅춶욱좨ꆢ컞헏낭돶쫛좨ꆢ샛볆춶욱좨믲뇈샽춶욱좨ꆢ쫜톹짙쫽막뚫믺훆ꆢ헙뾪쳘뇰막뚫듳믡ꆢ폅쿈죏릺좨ꆢ잿훆럖뫬좨ꎻ뛸뫢솿햮좨죋좨샻놣뮤닉폃쇋닺ퟔ뚯놣좫ꆢ떣놣닆닺뎷돶좨ꆢ맜샭닣뗄떥랽쏦톰쟳놣뮤좨ꆢ쟥쯣쪱잿훆뷢맍맜샭닣벰램뚨ힼ놸뷰뗈컥쿮횸뇪ꆣ룹뻝LLSVꎨ1998ꎩ뗄쪵횤뷡맻ꎬ웕춨램쾵맺볒뗄럖횵튻냣쟩뿶쿂튪룟폚듳슽램쾵맺볒ꎬ웤훐뫜쿔훸뗄쫇램맺램쾵맺볒뗄럖횵믹놾쫴폚ퟮ뗍ꆣ헢쮵쏷룷맺램싉풨풴뗄늻춬퓚튻뚨돌뛈짏떼훂쇋램싉뗄닮틬ꎬ뷸뛸펰쿬뷰죚랢햹ꆣ웕춨램쾵맺볒뛔춶헟뗄램싉놣뮤ퟮ폐킧ꎬ램맺쏱램쾵맺볒ퟮ닮ꎬ뛸뗂맺뫍쮹뾰뗄쓉캬퇇쏱램쾵맺볒뻓폚웤훐ꆣ램싉횴탐랽쏦뗄닮뇰튲뫜듳ꎬ램맺램쾵맺볒퓚램싉쪵쪩뫍믡볆뇪ힼ랽쏦ퟮ닮ꎬ쮹뾰뗄쓉캬퇇램쾵ퟮ뫃ꎬ뗂맺램쾵뫍웕춨램맺볒(뗘쟸)튲뷏뫃ꆣ틲듋ퟜ뗄살쮵웕춨램맺볒뗄막뚫놣뮤쮮욽ퟮ룟ꎬ뗂맺뫍쮹뾰뗄쓉캬퇇맺볒듎횮ꎬ램맺램쾵맺볒ퟮ닮ꆣ쟬탒뗄쫇ꎬ퓚램싉뛔춶헟놣뮤늻솦쪱ꎬ룷맺랢햹쇋쿠펦뗄쳦듺믺훆ꎬ죧잿훆럖뫬뫍램뚨ힼ놸뷰훆뛈ꎬ헢킩쳦듺믺훆퓚듳슽램쾵ꎬ폈웤램맺쏱램쾵맺볒뗄럖횵뷏룟ꆣ 뛔폚램싉웰풴죧뫎펰쿬펰쿬뷰죚랢햹ꎬBeck뗈ꎨ2003ꎩ쳡돶늢볬퇩쇋솽훖맛뗣ꎺꎨ1ꎩ헾훎믺훆맛ꆣ죏캪램싉뒫춳펰쿬뷰죚랢햹뗄훷튪믺훆쫇헾훎랽쏦뗄ꆣ늻춬뗄램싉뒫춳뢳폨룶죋좨샻쿠뛔폚헾뢮좨샻뗄훘튪탔늻튻퇹ꎬ뷸뛸뛔닺좨뫍뷰죚쫐뎡뗄랢햹닺짺펰쿬ꆣ쯼맘힢뗄쫇헾뢮뗄솦솿ꆣꎨ2ꎩ쫊펦쓜솦믺훆맛ꎬ헢폫Beckꎨ2001ꎩ쳡돶뗄ꆰ뚯첬램싉폫뷰죚ꆱ샭싛튻싶쿠돐ꆣ죏캪램싉뒫춳펰쿬뷰죚랢햹뗄훷튪믺훆쫇웤뛔뮷뺳뗄쫊펦쓜솦ꆣ늻춬램싉뒫춳뛔늻뛏뇤뮯뗄뮷뺳뗄뗷헻쓜솦쫇늻춬뗄ꆣ쓇킩쓜릻ퟷ돶뿬쯙랴펦뗄램싉쳥쾵튪뇈쓇킩쿠뛔붩뮯뗄램싉쳥쾵뛔뷰죚랢햹룼폐듙뷸ퟷ폃ꆣ쯼맘힢뗄쫇램싉훆뚨뗄맽돌ꆣ Beck뗈춨맽115룶맺볒뗄뫡뷘쏦쫽뻝퇩횤쇋짏쫶솽훖맛뗣ꆣ틔쮽죋놾뛔GDP뗄뇈싊ꆢ막욱쫐횵뛔GDP뗄뇈싊틔벰닺좨횸뇪살뫢솿뷰죚랢햹쮮욽ꎬ틔ퟮ룟램풺램맙죎웚뫍ퟮ룟램풺뗄좨쿞살뫢솿맺볒좨솦뛔쮾램쳥쾵뗄펰쿬ꎬ틔에샽램뫍램싉뇧뮤살뫢솿램싉쳥쾵뗄뗷헻탔ꆣ쯻쏇쪵횤뷡맻룼뛠뗄횧돖쇋램싉웰풴뗄쫊펦쓜솦믺훆맛ꆣ떫쫇쯻쏇춬쪱튲횸돶ꎬ벴쪹램싉웰풴뻶뚨쇋벸룶훷튪횳쏱맺볒뗄뷰죚랢햹뗄늻춬ꎬ튲늻쓜쮵쏷잰횳쏱뗘맺볒뷰죚랢햹쮮욽뗄늻춬ꆣ La Porta뗈ꎨ2003ꎩ튲첽쳖쇋램싉웰풴펰쿬뷰죚랢햹뗄믺훆ꎬ웤훐뛔뺭볃ퟔ평폐ퟷ폃뗄쮾램뛀솢탔틔솽룶횸뇪뇭쪾ꎬ럖뇰쫇ퟮ룟램풺램맙죎웚뫍에샽램ꆣ헢솽룶횸뇪튲뻍쫇Beck뗈ꎨ2003ꎩ훐솽룶늻춬믺훆샭싛뗄뫢솿뇤솿ꆣ뿉틔뾴돶Beck뗈뛔뒫떼믺훆뗄퇐뺿뇈La Porta뗈뗄퇐뺿룼뷸튻늽ꎬ쫔춼헒돶램맙죎웚쯹듺뇭뗄맺볒좨솦쫇럱폅쿈뫍에샽램쯹듺뇭뗄쮾램쳥쾵쫇럱쇩믮솽헟쮭웰뗄ퟷ폃룼듳ꆣ ꎨ뛾ꎩ램싉뮷뺳폫뷰죚랢햹ꆢ뺭볃퓶뎤 램싉뮷뺳늻뷶냼삨볈폐뗄램싉쳥훆ꆢ램싉램맦ꎬ뮹냼삨헢킩램싉훆뛈뗄횴탐쟩뿶ꆣ램싉뮷뺳펰쿬뷰죚쫐뎡벴웳튵췢늿죚뮷뺳뗄랢햹ꎬ뷸뛸펰쿬웳튵뗄췢늿죚쓜솦ꎬLLSVꎨ1997ꎩ닉폃쇋좫쫐뎡막놾/GNPꆢ맺쓚짏쫐릫쮾/쎿냙췲죋뿚ꆢIPO릫쮾/쎿냙췲떥캻죋뿚ꆢퟜ햮컱/릫쮾ퟜ쿺쫛쫕죫ꆢퟜ햮컱/ퟜ쿖뷰쇷뗈뫢솿횸뇪퇩횤뛾헟횮볤뗄쿠맘탔ꆣ쪵횤뷡맻쿔쪾웕춨램쾵맺볒뗄쫽횵튻냣쟩뿶쿂튪듳폚듳슽램쾵맺볒ꎬ웤훐뫜쿔훸뗄쫇램맺램쾵맺볒뗄쫽횵믹놾쫴폚ퟮ뗍ꆣ헢쮵쏷웕춨램쾵맺볒솼뫃뗄램싉쳥훆벰웤횴탐뮷뺳폐샻폚놾쫐뎡맦쒣뫍짮뛈뗄탎돉ꎬ듓뛸쳡릩룸릫쮾뷏뫃뗄췢늿죚춾뺶ꎬ쏱램쾵맺볒ꎬ폈웤쫇램맺쏱램쾵맺볒평폚춶헟놣뮤늻ퟣꎬ 2
웤놾쫐뎡뗄돉쫬뛈쏷쿔늻죧웕춨램쾵맺볒ꆣ돉쫬뗄뷰죚쾵춳뮹쓜복짙탅쾢돉놾뫍붻틗돉놾ꎬ뷰죚쾵춳폐샻폚틆럧쿕ꆢ엤훃풴ꆢ볠뚽맜샭닣ꆢ뗷뚯뒢탮ꎬ뮹쓜듙뷸짌욷뫍럾컱붻틗ꆣ뷰죚랢햹돌뛈뻶뚨쇋뺭볃퓶뎤ꆢ놾믽샛틔벰벼쫵뷸늽ꎬ랴맽살ꎬ뺭볃퓶뎤뫍벼쫵뒴탂폖폐샻폚뷰죚랢햹ꎬ춨탅뫍볆쯣믺탐튵뗄뒴탂쳡룟쇋뷰죚럾컱훊솿ꎬ뛸쟒램싉쳥쾵뫍헾훎쳥훆쓜듙뷸뷰죚뫍뺭볃릲춬랢햹ꎨLevineꎬ1997ꎩꆣ 쇭췢뫏쫊뗄뺭볃훆뛈ꎬ폈웤쫇릫릲늿쏅뗄뺭볃훆뛈뛔뺭볃랢햹쪮럖훘튪ꆣ폃152룶맺볒뗄쫽뻝뷸탐믘맩럖컶뫳뗄뷡맻랢쿖늻춬뗄램싉웰풴뛔헾뢮퓋탐킧싊닺짺펰쿬ꎬ듓뛸뻶뚨뺭볃랢햹뗄ힴ뿶ꆣ짧믡훷틥램싉폫맽뛈헾뢮룉풤ꆢ뗍킧싊ꆢ엓듳뗄틆횧뢶틔벰쏱훷돌뛈늻룟솪쾵퓚튻웰ꎬ틔램맺돉컄램캪웰풴뗄맺볒뗄쟩뿶춬퇹쇮죋뺪퇈ꎬ헢킩맺볒퓚릫릲닺욷뗄릩룸ꆢ펤뛹듦믮싊ꆢ쫊쇤뛹춯뗄죫톧쟩뿶ꆢ럇컄쎤싊뫍믹뒡짨쪩붨짨짏뻹실뫳폚웕춨램쾵맺볒ꆣ뛸틔뗂맺램쾵캪웰풴뗄맺볒뗄헢킩쟩뿶폫웕춨램쾵맺볒럇뎣쿠쯆ꆣ뛸쟒짧믡훷틥램싉퓚뛔듽쫐뎡뺭볃뗄첬뛈짏폫웕춨램쾵맺볒튲쿠닮짵풶ꆣ폫램싉웰풴폐맘뗄ퟚ뷌탅퇶퓚뛔쫐뎡뺭볃뗄랢햹ힴ뿶춬퇹뻟폐뷢쫍솦ꆣ쇭췢ꎬ튻맺뺭볃뗄랢햹돌뛈튲믡펰쿬튻맺헾뢮뗄퓋탐킧싊ꆣ Beck뫍Levineꎨ2002ꎩ듓뿧닺튵ꆢ탂웳튵닺짺헢튻뚯첬뗄뷇뛈뗃돶뗄쪵횤뷡맻뇭쏷ꎬ뺡맜뷰죚뷡릹뗄닮틬늻쓜뷢쫍뿧맺볤늻춬뗄닺튵퓶뎤쒣쪽ꎬ떫룷맺뷰죚랢햹쮮욽뗄닮틬ꎬ냼삨틸탐뫍횤좯쫐뎡뗄헻쳥랢폽쮮욽틔벰햮좨죋뫍막뚫좨틦뗄쫜놣뮤돌뛈ꎬ쓜릻뷢쫍룷맺닺튵퓶뎤쒣쪽뗄닮틬ꆣ쯻쏇횸돶ꎬ죚틀듦뛈룟뗄닺튵퓚튻룶떥뒿틸탐훷떼탍믲쫐뎡훷떼탍뗄뺭볃훐랢햹뚼늻믡뿬폚쓇킩폐ퟅ헻룶뷰죚랢햹룼룟쮮욽벰뛔췢늿춶헟룼뫃놣뮤뗄맺볒ꎬ쫇헻룶뷰죚랢햹뗄쮮욽뛸럇쳘뚨뗄뷰죚뷡릹퓊탭탂뎧짌뿧풽헏낭ꎬ믱뗃췢늿죚ꆣ뮻뻤뮰쮵ꎬ죚틀듦뛈룟뗄닺튵벰웤탂짺웳튵뗄돉뎤쯙뛈ꎬ폫쒳훖쳘쫢뗄뷰죚뷡릹컞맘ꎬ떫폫뷰죚랢햹뗄ퟜ쳥쮮욽ꎬ폈웤쫇뛔췢늿돶헟뗄놣뮤돌뛈헽쿠맘ꆣ 쯦뫳ꎬ웤쯻톧헟폃늻춬뗄뫢솿뷰죚랢햹뫍뺭볃퓶뎤뗄횸뇪뷸튻늽퇩횤쇋램싉뮷뺳폫뷰죚랢햹뫍뺭볃퓶뎤횮볤뗄맘쾵ꆣDemirguc-Kunt뫍 Maksimovicꎨ2000ꎩ뗄쪵횤듓웳튵췢늿죚뗄뷇뛈뇭쏷ꎬ뷰죚쳥쾵풽랢듯ꎬ웳튵뗄뷏뿬퓶뎤뛔췢늿죚뗄틀듦뛈뻍풽듳ꆣ횤좯쫐뎡뫍틸탐늿쏅뗄랢햹뛔웳튵돉뎤뗄펰쿬폫튻맺뗄램싉뮷뺳뗄랢듯쮮욽쿠맘ꎬ좱랦램싉뮷뺳횧돖뗄뷰죚랢햹ꎬ폫웳튵믱좡췢늿죚뗄쓜솦횮볤늻듦퓚쿔훸뗄쿠맘탔ꎬ벴횻폐폫램싉놣헏쮮욽쿠돆뗄뷰죚랢햹ꎬ닅쓜헦헽룄뷸웳튵뗄췢늿죚쓜솦ꆣ뛸퓚쓇킩펵폐룼폐킧뗄램싉훆뛈뗄맺볒ꎬ룼뛠뗄웳튵틀삵폚췢늿쫐뎡믱뗃뎤웚죚ꎬ쯼쏇뗄퓶뎤싊뻍룟폚쓇킩횻틀삵폚쓚늿죚뫍뛌웚뷨듻뗄웳튵ꆣ쯻쏇횸돶ꎬ돽쇋평램싉쳥쾵틽웰뗄뷰죚랢햹닮틬믡펰쿬웳튵뗄췢늿죚췢ꎬ웤쯻틲쯘틽웰뗄뷰죚랢햹닮틬늻믡펰쿬웳튵뗄췢늿죚ꎬ쳘뇰뗘ꎬ웳튵쯹퓚맺뷰죚쳥쾵쯹쫴뗄샠탍ꎨ틔틸탐뮹쫇틔쫐뎡캪믹뒡ꎩ늻믡펰쿬웳튵뛔췢늿죚뗄쪹폃ꆣ Acemoglu 뫍Johnson(2003)듓뷰죚뫏풼뷇뛈뾼달쇋램싉폫뺭볃퓶뎤뗄맘쾵ꎬ쯻쏇죏캪ꎬ뺭볃룶쳥쓜릻맦랶뫏풼ꎬ쿻돽뫏풼훆뛈뗄늻샻펰쿬ꎬ떫평폚뺭볃룶쳥뗄ퟔ컒뗷헻ꎬ맦랶뗄죚뫏풼뫍뺭볃퓶뎤맦퓲뗄헽쿲킧맻뿉쓜뇤뗃쿠뛔폐쿞ꎬ뷶뷶랢짺퓚뫏풼훆뛈벫웤뛱쇓뗄쟩뿶쿂ꆣ뛸폫횮쿠뛔펦뗄쫇ꎬ틲캪맺볒뫍룶죋횮볤늻듦퓚뿉쪵쪩뗄뫏풼ꎬ쯹틔ꎬ쿞훆훙닃탐캪벰헾뢮맙풱헷폃뗄닺좨훆뛈ꎬ뿘훆헾뢮탐캪ꎬ뻍믡뛔뺭볃뷡맻닺짺훘튪뗄펰쿬ꆣ Johnson뗈ꎨ2000ꎩ뾪뒴탔뗘붫램싉뛔춶헟놣뮤폫뷰죚캣믺솪쾵웰살ꆣ쯻쏇횸돶벴쪹퓚뛔춶헟놣뮤뫜닮뗄맺볒훐ꎬ죧맻웳튵뺭펪뗄잰뺰뫜뫃ꎬ쓚늿죋튲늻믡퇏훘싓뛡춶헟ꎬ틲캪웤뮹쾣췻쓜볌탸뷸탐췢늿죚ꎻ뛸죧맻웳튵뺭펪뗄풤웚뛱뮯ꎬ쓚늿죋캪쒱쟳뛌웚샻틦믡볓훘뛔춶헟뗄싓뛡ꎬ뛸헢훖싓뛡탐캪폖믡떼훂웳튵횤좯볛룱뗄볓쯙쿂뗸ꆣ웤뛔1997ꆪ1998쓪퇇훞뷰죚캣믺훐25룶맺볒횤좯쫐뎡뷸탐뗄쪵횤퇐뺿튲뇭쏷ꎬ뛔춶헟뗄램싉놣뮤늻솦뗄맺볒룼죝틗랢짺뷰죚캣믺ꎬ듓뛸떼훂뺭볃뗄쮥췋ꆣ 죽ꆢ캢맛램폫뷰죚샭싛ꎺ램싉ꆢ춶헟놣뮤폫릫쮾훎샭 캢맛램싉뷰죚샭싛뗄퇐뺿벯훐폚놣뮤춶헟뗄듫쪩ꎬퟅ훘퇐뺿늻춬맺볒뫍늻춬램쾵퓚램싉쳥훆랽쏦뗄닮뇰,늢퇐뺿쇋램싉뛔웳튵뗄죚쓜솦ꆢ쫐뎡볛횵뗄펰쿬ꆣ 듓쒳훖틢틥짏뾴ꎬ릫쮾훎샭뻍쫇릫쮾펦죧뫎놣뮤킡막뚫늻쫜뿘막막뚫믲쓚늿죋싓뛡ꎬ막좨 3
뷡릹쫇릫쮾훎샭퇐뺿뗄훐탄컊쳢ꆣ듓릫쮾훎샭퇐뺿뗄랢햹맽돌살뾴ꎬ퓧웚뗄퇐뺿훷튪힢훘막좨룟뛈럖즢뛸떼훂뗄맜샭헟폫막뚫횮볤뗄듺샭컊쳢ꆣ뛸뷼쓪살ꎬ튻킩톧헟랢쿖ꎬ돽쏀맺뫍펢맺뗈짙쫽벸룶맺볒췢ꎬ쫀뷧짏듳늿럖맺볒훐웳튵뗄막좨늻쫇럖즢뛸쫇쿠떱벯훐뗄ꆣ퓚쫀뷧듳뛠쫽맺볒훐ꎬ훷튪뗄듺샭컊쳢쫇뿘막막뚫싓뛡킡막뚫ꎬ뛸늻쫇맜샭헟쟖몦췢늿막뚫샻틦ꆣ막좨벯훐퓚짙쫽뿘막막뚫쫖훐죝틗떼훂뿘막막뚫싓뛡ꎨexpropriationꎩ컊쳢뗄랢짺ꆣ틲캪뿘막막뚫튻떩뿘훆쇋릫쮾ꎬ쯻쏇뻍뿉틔춨맽쟖몦킡막뚫쒱좡쮽샻ꎬ헢훖샻틦튲놻돆캪뿘훆좨쫕틦ꆣ뿘막막뚫뿉쓜닉좡뛠훖쫖뛎싓뛡킡막뚫ꎬ죧춨맽짏쫐릫쮾떣놣뛸좡뗃듻뿮ꆢ막좨쾡쫍ꆢ맘솪붻틗쟔좡릫쮾뗄춶믺믡뗈뗈ꆣ떱뿘막막뚫춨맽뷰ퟖ쯾뷡릹뫍붻닦돖막랽쪽럖샫쿖뷰쇷솿좨폫뿘훆좨ꎬ뛸춬쪱램싉뛔훐킡춶헟뗄놣뮤늻떽캻쪱ꎬ헢훖쳍뿕탐캪룼볓퇏훘ꆣ ꎨ튻ꎩ막좨뷡릹폫릫쮾훎샭 Berle뫍Meansꎨ1932ꎩ쳡돶뗄뺭뗤릫쮾쒣탍쫇ꆰ릫쮾뗄막좨맣랺럖즢퓚훐킡춶헟쫖훐ꎬ뛸릫쮾평늻돖막뗄튵죋쪿퓋펪ꆱꎬ 뛸쟒막좨룟뛈럖즢뗄릫쮾뛔춶헟뗄놣뮤솦뛈ퟮ듳ꆣLLSVꎨ1999ꎩ춨맽럖컶27룶뢻풣맺볒뗄듳릫쮾뗄막좨뷡릹쫽뻝ꎬ랢쿖돽벫짙쫽뗄릫쮾막욱쫇놻맣랺돖폐췢ꎬ듳뛠쫽릫쮾쫇놻볒ퟥ믲맺볒뿘훆뗄ꆣ헢킩뿘훆막뚫펵폐뎬맽믱뗃쿖뷰쇷쫕죫뗄릫쮾뿘훆좨ꎬ폈웤쫇퓚릫쮾쪵탐뷰ퟖ쯾막좨뷡릹뫍뿘훆막뚫횱뷓닎폫릫쮾맜샭쪱ꆣ쓇쎴뿘훆막뚫뿉쓜믡냾뛡킡막뚫ꆣ뛔폚룄짆뗄뷒슶믺훆뫍잿훆탔뗄ꆰ튻막튻욱ꆱ뗈ꎬLLSV죏캪횻튪뷰ퟖ쯾뷡릹죔좻쫇럖즢쯹폐좨뗄훷튪닟싔늢쟒놻뿘훆좨막뚫쯹뿘훆ꎬ헢킩룄뇤뚼늻믡폐쪵훊탔뗄ퟷ폃ꆣ쯻쏇횸돶쿻돽헢훖냾뛡뗄튻룶ퟮ횱뷓뗄냬램뻍룄짆램싉뮷뺳ꎬ늢룸폨춶헟놣뮤ퟔ짭쏢쫜냾뛡믲퓚냾뛡틑뺭랢짺뗄쟩뿶쿂톰쟳늹뎥뗄좨샻ꆣ ClaessensꎬDjankov뫍Langꎨ2000ꎩ룄뷸쇋LLSVꎨ1999ꎩ뗄랽램ꎬ늢붫룄뷸뫳뗄랽램펦폃떽뚫퇇릫쮾훐살ꆣ쯻쏇릲뾼달쇋9룶뚫퇇맺볒믲뗘쟸ꎨ쿣룛뗘쟸ꆢ펡뛈쓡컷퇇ꆢ죕놾ꆢ몫맺ꆢ십살컷퇇ꆢ럆싉뇶ꆢ탂볓웂ꆢ첨췥뗘쟸ꆢ첩맺ꎩ뗄2 970볒짏쫐릫쮾뗄쯹폐좨폫뿘훆좨럖샫쟩뿶ꆣ퓚쯹폐뗄뚫퇇맺볒훐ꎬ뿘훆좨춨맽뷰ퟖ쯾뷡릹뫍릫쮾볤붻닦돖막뗃떽볓잿ꆣ쳘뇰쫇퓚펡뛈쓡컷퇇ꆢ죕놾뫍탂볓웂ꎬ춶욱좨뎬맽쇋뇭쏦짏쿖뷰쇷죫쯹뛔펦뗄좨샻ꆣ 쯻쏇랢쿖ꎬ볒ퟥ뿘훆맣랺듦퓚폚뚫퇇릫쮾훐ꎬ뇈샽뎬맽냫쫽ꎬ웤훐ꎬ뎬맽2/3뗄릫쮾놻튻룶막뚫뛀볒뿘훆ꎬ맜샭좨폫뿘훆좨뫜짙럖샫ꎬ풽샏뗄릫쮾풽폐뿉쓜쫇볒ퟥ뿘막ꎬ뷏킡뗄릫쮾튲쫇죧듋ꆣ뿘훆뗄벯훐뛈춨뎣쯦맺볒뗄뺭볃랢햹쮮욽뗄쳡룟뛸복짙ꆣ죧펡뛈쓡컷퇇ꆢ럆싉뇶뫍첩맺뗄쪮룶ퟮ듳볒ퟥꎬ뿘훆쇋퇹놾훐냫쫽뗄릫쮾닺ꆣ뛸쿣룛뫍몫맺뗄뇈샽캪1/3ꆣ죕놾뗄볒ퟥ뿘훆퓲늻쿔훸ꆣ 퓚MM뚨샭훐ꎬ릫쮾뗄럖뫬헾닟폫막뚫닆뢻컞맘ꎬ떫쿖쪵늢럇죧듋ꆣ헫뛔뫬샻컊쳢ꎬLLSVꎨ2000ꎩ쳡돶쇋솽룶쒣탍ꎺꆰ뷡맻듺샭쒣탍ꆱꎨoutcome modelꎩ횸돶ꎬ막욱횮쯹틔믡횧뢶뫬샻ꎬ쫇틲캪짙쫽춶헟뛔릫쮾뗄쓚늿죋쪩볓톹솦웈쪹쯻쏇럖뫬ꆣ뛸ꆰ쳦듺듺샭쒣탍ꆱꎨsubstitute modelꎩ횸돶쓚늿죋뛔춨맽랢탐막욱늢퓚붫살횧뢶뫬샻틔쫷솢짆듽짙쫽춶헟뿚놮룐탋좤ꆣ쿔좻헢솽룶쒣탍퓚짙쫽춶헟뗄좨샻폫쯹쓜믱뫬샻뗄쿠맘탔짏돖쿠랴뗄맛뗣ꆣ퓚뛔33룶맺볒뗄춶헟놣뮤돌뛈늻춬뗄4 000볒릫쮾뷸탐뗄볬퇩횧돖잰헟ꆣ퓚뛔춶헟놣뮤뇭쿖뫜뫃뗄맺볒샯ꎬ릫쮾쟣쿲폚럖엉룼뛠뗄뫬샻ꆣ폫퓶뎤쯙뛈뷏싽뗄릫쮾쿠뇈ꎬ룟쯙퓶뎤뗄릫쮾뗄럖엤뷏짙뗄뫬샻ꎬ헢튻쿖쿳튲횤쪵쇋퓚쏦뛔뫃뗄춶믺믡쪱ꎬ폐놣뮤뗄춶헟룼풸틢뗈듽뫬샻뗄럖엉ꆣ Leuz뗈ꎨ2003ꎩ럖컶쇋31룶맺볒퓚펯폠맜샭랽쏦뗄닮틬ꎬ뷡맻랢쿖퓚막욱쫐뎡랢듯ꆢ쯹폐좨뷡릹럖즢ꆢ뛔막뚫놣뮤뷏뫃뫍램싉훆뛈뷏붡좫뗄맺볒훐ꎬ릫쮾뗄펯폠맜샭탐캪뷏짙ꎻ랴횮ꎬ릫쮾뗄펯폠맜샭퓲뇈뷏퇏훘ꆣ춬쪱뮹횤쏷ꎬ뛔킡막뚫뗄램싉놣뮤돌뛈쓚짺탔뗘뻶뚨믡볆탅쾢뗄훊솿ꎬ벴램싉뛔킡막뚫좨샻뗄놣뮤풽짙ꎬ믡볆탅쾢뗄훊솿풽닮ꆣ떱춶헟뗃떽뫜뫃뗄램싉놣뮤ꎬ뿉틔쏢쫜웳튵쓚늿죋뗄싓뛡쪱ꎬ춶헟믡룼풸틢릺싲웳튵랢탐뗄횤좯ꎬ헢튲믡컼틽웳튵랢탐룼뛠뗄횤좯ꆣ ꎨ뛾ꎩ춶헟놣뮤폫릫쮾훎샭 붫춶헟놣뮤뗄돌뛈ퟷ캪뫢솿릫쮾훎샭뗄폐킧뗄랽쪽쪱ꎬ쪵횤뷡맻뇭쏷잿뛸폐솦뗄춶헟놣뮤쮵쏷쇋릫쮾훎샭뗄폐킧탔ꎬ헢쳥쿖퓚폐볛횵뗄ꆢ뻟폐맣뛈뗄뷰죚쫐뎡ꆢ막좨뗄돤럖럖즢틔 4
벰릫쮾볤폐킧싊뗄풴엤훃짏ꆣ뛸쟒헢훖뫢솿쫖뛎뇈뒫춳뗄퓚틸탐훷떼탍믲쫇쫐뎡훷떼탍뗄럖샠쿂뗄에뛏폐킧ꆣ뷰죚쫐뎡탨튪놣뮤췢늿춶헟ꆣ떫쫇죧뫎폐킧놣뮤춶헟좴쫇쿠떱폐쓑뛈ꆣ듓쒳훖돌뛈짏뾴ꎬ춶헟놣뮤ꎬ짵훁뷰죚쫐뎡뗄맜샭폫튻맺뗄램싉뷡릹뫍램싉웰풴쏜쟐쿠맘ꆣ헾뿍뫍룹짮뗙만뗄뺭볃샻틦ꎬ냼삨쓇킩맜샭ퟅ튻룶맺볒훐맦쒣ퟮ듳뗄웳튵뗄볒ퟥ듓쿖탐뗄릫쮾훎샭쒣쪽훐믱샻ꎬ짙솿뗄룄룯뛔볓잿춶헟놣뮤쎻폐쿔훸틢틥ꆣ뺡맜뛔릫쮾훎샭뷸탐룄룯뺭뎣믡쫜떽헢킩쫆솦뗄랴뛔ꎬ뛔췢늿춶헟뗄놣뮤듓헾닟뗄뷇뛈짏뾴쫇뿉탐뗄ꎬ뛸쟒믡듸살뻞듳뗄쫕틦ꆣLLSV(2002)틔27룶뢻풣맺볒뗄371룶듳탍웳튵뗄쫽뻝럖컶쇋뛔킡막뚫뗄램싉놣뮤뫍뿘막막뚫뗄쿖뷰쇷쯹폐좨뛔릫쮾볛횵뗄펰쿬ꆣLLSV쳡돶쇋튻룶볲떥뗄쒣탍ꎬ쪵횤뷡맻횤쪵ꎺ춶헟놣뮤풽뫃ꎬ뿘막막뚫뛔킡막뚫뗄쟖햼뻍풽뗍ꎻ뿘막막뚫뗄쿖뷰쇷쯹폐좨풽룟ꎬ뛔킡막뚫뗄쟖햼풽킡ꎻ춶헟놣뮤풽뫃ꎬ뿘막막뚫쿖뷰쇷쯹폐좨풽룟ꎬ웳튵뗄춶믺믡풽뛠ꎬ췐뇶횵뻍풽듳ꎬ헢폫Claessens et al.(2000)뛔퇇훞릫쮾뗄쪵횤퇐뺿뷡맻튻훂ꎻ쯤좻뿘막막뚫뗄쿖뷰쇷쯹폐좨듦퓚벤샸킧펦ꎬ떫쫇쯦ퟅ춶헟놣뮤뗄퓶잿ꎬ벤샸킧펦뗄뇟볊쫕틦쫇뗝복뗄ꆣ듓뛸퓙튻듎쮵쏷쇋춶헟램싉놣뮤뛔뷰죚쫐뎡랢햹뗄ퟷ폃ꆣ 쯄ꆢ램폫뷰죚퓚훐맺뗄펦폃 AllenꎬJun Qian뫍Meijun Qianꎨ2002ꎩ붫램폫뷰죚샭싛폫훐맺뗄쪵볊쿠뷡뫏ꎬ랢쿖램폫뷰죚샭싛늻쓜뷢쫍램싉훆뛈뫍뷰죚훆뛈뚼잷랢듯뗄훐맺뺭볃캪뫎쓜놣돖뎤웚뗄룟쯙퓶뎤ꆣ쯻쏇냑훐맺뗄뺭볃쇬폲럖캪헽쪽ꎨ릫폐뺭볃ꎩ뫍럇헽쪽ꎨ럇릫폐뺭볃ꎩ솽늿럖ꎬ랢쿖폫맺볊훷쇷뗄춨맽막쫐뫍햮쫐죚뫍틔춶헟놣뮤룄뷸릫쮾훎샭늻춬ꎬ훐맺뗄럇헽쪽뺭볃쇬폲죚훷튪뾿쮽죋뷨듻ꆢ짌튵탅폃뫍룛냄첨뫍췢맺춶ꎬ릫쮾훎샭퓲훷튪뾿볒ퟥ훎샭ꎬ샻폃ퟔ짭죋볊맘쾵뫍쏻폾ꆣ뛸럇헽쪽뺭볃퓚훐맺뺭볃뗄룟쯙랢햹훐냧퇝쇋룼훘튪뗄뷇즫ꆣ틲듋ꎬ쯻쏇횸돶ꎬ퓚퇐뺿램싉ꆢ뷰죚폫뺭볃랢햹쪱ꎬ냑랢듯맺볒훐뗄뷡싛펦폃떽랢햹훐맺볒뿉쓜쫇훖컳떼뫍럇폐킧뗄ꎬ훐맺뗄헢훖붨솢퓚죋볊맘쾵뫍쏻폾횮짏뗄럇헽쪽뺭볃쒣쪽펦룃룼쫊폃폚웤쯻랢햹훐맺볒ꆣ 슬럥뫍튦퇳ꎨ2004ꎩ룹뻝Allen뗈ꎨ2002ꎩ뛔훐맺뺭볃뗄뮮럖ꎬ횸돶훐맺듦퓚ퟅ뷰죚톹틖ꎬ틸탐튵뗄듳늿럖뷰쇷쿲쇋헽쪽쇬폲ꎬ럇헽쪽쇬폲뷰뗄믱뗃돽쇋몣췢춶췢ꎬ훷튪춨맽쯹캽뗄슩쯰킧펦ꎺꎨ1ꎩ짌튵탅폃믲쎳틗뷨듻ꎻꎨ2ꎩ맺폐웳튵뗄닺뫍뷰뗄틆ꆣ쯻쏇뗄뷡싛쫇ꎺ뛔폚컒맺룷뗘뗄뷰죚랢햹뛸퇔ꎬ볓잿램훆붨짨쫇춽샍컞틦뗄ꆣ샭평쫇ꎺ램훆뗄볓잿믡쪹뷰죚풴춨맽늻헽맦쟾뗀쇷쿲럇맺폐늿쏅쫜ퟨꎬ듓뛸늻샻폚풴뗄폐킧엤훃벰뷰죚랢햹ꎬ늢쯰몦쇋럇맺폐늿쏅뗄돉뎤ꆣ뺡맜쯻쏇쓜ퟔ풲웤쮵ꎬ떫웤쪵쯻쏇퇐뺿뗄뷡싛룺톡좡뗄횸뇪폐뫜듳맘쾵ꆣ쯻쏇퓚뫢솿룷뗘뗄램훆붨짨쟩뿶쪱ꎬ톡좡룷뗘램풺쎿쓪뺭볃낸볾뗄뷡낸싊ퟷ캪횸뇪ꎬ떫헢튻횸뇪놾짭듦퓚훘듳좱쿝ꎺ듸폐튻뚨뗄욬쏦탔폫훷맛탔ꎬ죧룷룶뗘랽퓚쫜샭룷샠낸볾쪱ꎬ춨뎣쟣쿲폚쫜샭쓇킩뷡낸쿠뛔죝틗뗄낸볾ꎬ헢튻뗣솬쯻쏇놾죋튲쫇돐죏뗄ꆣ듓뛸룹뻝헢룶횸뇪뗃떽뗄뷡맻늻뻟폐뫜잿뗄쮵럾솦ꆣ 짲틕럥뗈ꎨ2004ꎩ붫훐맺뗄램싉랢햹럖캪죽룶뷗뛎ꆣ쯻쏇랢쿖ꎬ춶헟놣뮤뫍릫쮾막좨벯훐뛈뗄맘쾵폫뗚튻듳막뚫뗄탔훊폐맘ꆣ뛔폚럇맺폐뿘막릫쮾살쮵ꎬ막좨벯훐뛈폫훐킡춶헟램싉놣뮤쿔훸뢺쿠맘ꎬ헢쮵쏷쯦ퟅ훐킡춶헟램싉놣뮤뗄볓잿뫍췪짆ꎬ럇맺폐뿘막릫쮾뗄막좨벯훐뛈돊쿔훸쿂붵쟷쫆ꎬ듓뛸횧돖쇋LLSVꎨ1999ꎩ쳡돶뗄막좨벯훐뛈폫훐킡춶헟램싉놣뮤횮볤뗄쳦듺볙쮵ꎻ떫뛔폚맺폐뿘막릫쮾살쮵ꎬ훐킡춶헟램싉놣뮤폫막좨벯훐뛈뗄뇤뚯뗄쿠맘탔늢늻쿔훸ꆣ 췵뿋쏴ꆢ돂뺮폂ꎨ2004ꎩ붫훐맺뗄막좨뷡릹ꆢ춶헟놣뮤뫍릫쮾벨킧쓉죫튻룶춳튻뗄뿲볜쳥쾵뷸탐퇐뺿ꎬ붨솢쇋퓚춶헟놣뮤늻춬뗄쳵볾쿂ꎬ막좨뷡릹럖뇰뛔틔닺쫕틦싊뫢솿뗄릫쮾벨킧뫍틔맜샭럑폃싊뫢솿뗄듺샭돉놾뗄펰쿬쒣탍ꆣ쯻쏇뗄퇐뺿뷡맻폫LLSVꎨ1999ꎩ뗄퇐뺿튻훂ꎬ벴죏캪맜샭닣돖막뿉틔복짙듺샭돉놾ꎬ막좨벯훐ퟷ캪튻훖쳦듺믺훆퓚듳슽램쾵맺볒뿉틔붵뗍듺샭돉놾ꎬ떫쯦ퟅ춶헟놣뮤뗄퓶잿ꎬ듳막뚫뗄볠뚽솦뛈믡쿂붵ꎬ뛸쟒막좨뇤뚯뛔볠뚽뗄뇟볊쫕틦믡뗝복ꆣ떫웤볙뚨쫇ꎺ듳막뚫쫇뺭볃죋ꎬ뛔맜샭닣폐잿쇒뗄볠뚽뚯솦ꆣ쏷쿔폫훐맺뗄쪵볊쟩뿶늻럻ꎬ틲뛸웤뷡싛튲횵뗃췆쟃ꆣ 뫺뾭ꎨ2006ꎩ뛔훐맺짏쫐릫쮾2004쓪뫡뷘쏦쫽뻝뗄뺭퇩퇐뺿뇭쏷ꎬ퓚춶헟놣뮤좱랦뗄 5
쳵볾쿂ꎬ뿘막막뚫돖막뇈샽폫믡볆닙ퟝ뗄룅싊뢺쿠맘ꎬ쫇럱뷸탐믡볆닙ퟝ폫뿘막막뚫뗄짭럝쎻폐맘쾵ꎬ떫쫇폫뿘막막뚫돖막뇈샽쏜쟐쿠맘ꎬ뿘막막뚫돖막뇈샽풽듳ꎬ믡볆닙ퟝ뗄룅싊풽킡ꆣ듋췢ꎬ맦쒣풽킡ꆢ닆컱ힴ뿶풽닮ꎬ릫쮾뷸탐믡볆닙ퟝ뗄룅싊튲믡풽듳ꆣ쯻뗄퇐뺿뷡맻뇭쏷ꎬ튻막뛀듳늢럇쎻폐틦뒦ꎬ쿠랴ꎬ막좨쿲짙쫽듳막뚫벯훐떹쫇쓜릻복짙뿘훆좨폫쿖뷰쇷쯹폐좨뗄럖샫ꎬ뛸퓶잿춶헟놣뮤ꆣ틲듋ꎬ맺폐막복돖뫍막좨럖훃뗄뷢뻶뇘탫붨솢퓚놣뮤춶헟샻틦뗄믹뒡짏ꎬ럱퓲랴뛸늻샻폚릫쮾훎샭뗄폅뮯ꆣ 컥ꆢ뷡폯 늻춬뗄램싉웰풴ꆢ틔벰평듋닺짺램싉쾵춳뗄쫊펦쓜솦퓚춶헟놣뮤랽쏦뇭쿖룷틬ꎬ뷸뛸떼훂쇋늻춬뗄짧믡뺭볃뷡맻ꆣ뻟쳥살쮵ꎬ틔펢쏀캪듺뇭뗄웕춨램맺볒뗄춶헟놣뮤돌뛈ꆢ뷰죚랢햹돌뛈룟폚틔램맺캪듺뇭뗄듳슽램맺볒ꆣ훐맺쒿잰뒦폚탍웚ꎬ램훆붨짨뛔뷰죚뺭볃뗄랢햹훁맘훘튪ꎬ쿖쪵훐ꎬ컒맺뗄램싉쳥쾵쫇평쿣룛뗄웕춨램쾵ꆢ냄쏅뫍첨췥뗄듳슽램쾵틔벰듳슽뗄ꆰ짧믡훷틥램쾵ꆱퟩ돉ꎬ틲듋퓚훐맺퇐뺿ꆰ램폫뷰죚ꆱ샭싛뻟폐쏷쿔뗄쿖쪵틢틥ꆣ 닎뾼컄쿗ꎺ [1] Acemoglu Daron and Simon Johnson. Unbundling Institutions [R]. NBER Working Paper 2003ꎬ. [2] Claessens, Stijn, Djankov, Simeon and Lang, Larry HP. The Separation of Ownership and Control in East Asian Corporations [J]. Journal of Financial Economics, 2000. [3] S. JohnsonꎬP. BooneꎬA. Breach, E. Friedman. Corporate Governance in the Asian Financial Crisis [J]. Journal of Financial Economics, 58, 2000, pp141-186. [4] Kaplan, Steven and Per Strömberg. Financial Contracting Theory Meets the Real World: Evidence From Venture Capital Contracts[J]. Review of Economic Studies 70(2)ꎬ2003, pp281-316. [5] La Porta, Lopez-de-Silanes, Shleifer and Vishny. Law and Finance[J]. The Journal of Polotical Economy, Vol. 106, . Dec.,1998, pp. 1113-1155. [6] La Porta, Lopez-de-Silanes, Shleifer and Vishny. Legal Determinants of External Finance[J]. The Journal of Finance, Vol. , Jul., 1997, -1150. [7] La Porta, Lopez-de-Silanes, Shleifer and Vishny. Corporate Ownership Around the World [J]. The Journal of Finance, April, 1999, pp. 471-517. [8] La PortaꎬLopez-de-SilanesꎬShleifer and Vishny. The Quality of Government[J]. Journal of Law, Economics and Organization, April, 1999, pp. 222-279. [9] La Porta, Lopez-de-Silanes, Shleifer and Vishny. Agency Problems and Dividend Policies around the World [J]. Journal of Finance, 2000 (55): pp1-33. [10] La Porta, Lopez-de-Silanes, Shleifer and Vishny. Investor Protection and Corporate Governance[J]. The Journal of Financial Economics, 2000 (58), pp 3-27. [11] La Porta, Lopez-de-Silanes, Shleifer and Vishny. Investor Protection and Corporate Valuation[J]. The Journal of Finance, 2002 (57), pp1147-1170. [11] La Porta, Lopez-de-Silanes, Pop-Eleches, and Shleifer. Judicial Checks and Balances [R]. NBER Working Paper 2003, . [12] Leuz Christian, Dhananjay Nanda, Peter Wysocki. Earnings Arrangement and Investor Protection: An International Comparison[J]. Journal of Financial Economics, 2003,(6):505-527. [13] A. Reesse and M. Weisbach. Protection of Minority Shareholder Interestsꎬ Cross-listing in the United States, and Subsequent Equity Offerings[J]. Journal of Financial Economics, 2002(66), 65-104. 6
[14] Shleifer, Andrei and Robert W. Vishny. A Survey of Corporate Governance [J]. Journal of Finance, 1997(52), pp737-783. [15] Thorsten Beck, Ross Levine. Legal Institutions and Financial Development [R]. World Bank Policy Research Working Paper 3136, September 2003. [16] 슬럥ꎬ튦퇳. 뷰죚톹틖쿂뗄램훎ꆢ뷰죚랢햹뫍뺭볃퓶뎤[J]. 훐맺짧믡뿆톧ꎬ2004ꎨ1ꎩ. [17] 췵뿋쏴ꎬ돂뺮폂. 막좨뷡릹ꆢ춶헟놣뮤폫릫쮾벨킧[J].맜샭쫀뷧ꎬ2004ꎨ7ꎩ. [18] 짲틕럥ꎬ탭쓪탐ꎬ퇮. 훐맺훐킡춶헟램싉놣뮤샺쪷쪵볹뗄쪵횤볬퇩[J].뺭볃퇐뺿ꎬ2004ꎨ9ꎩ. [19] 뫺뾭. 막좨뷡릹ꆢ믡볆닙ퟝ폫춶헟놣뮤ꆪꆪ살ퟔ훐맺짏쫐릫쮾뗄뺭퇩횤뻝[J].짌튵뺭볃폫맜샭ꎬ2006ꎨ4ꎩ. A Review of Law and Finance Theory Changsheng Hu Yanghua Long Kongyi Li Abstract: Law and finance theory, the component part of the third generation of finance development theory, is the forward-position topic of modern financial theory. In recent years, it has achieved considerable development. Started with the classical paper ꆰlaw and financeꆱ, the research paper systematically presents the predominant literatures in this area, from the microcosmic and macroscopical perspective. That is the relationship between legal system, financial and economic growth, and the relationship between legal system, investor protection, and corporate governance respectively. This paper also contains the research results in China. Keywords: LLSV; law; finance; law and finance 쫕룥죕웚ꎺ2006-12-20 ퟷ헟뷩짜ꎺ뫺닽짺ꎬ뺭볃톧늩쪿ꎬ커몺듳톧뺭볃폫맜샭톧풺뷰죚쾵뷌쫚ꎻ쇺퇮뮪ꆢ샮뿗틝ꎬ커듳뺭볃폫맜샭톧풺퇐뺿짺ꆣ 7
