债权人保护能促进私营信贷发展吗?——来自133个国家或地区的经验证据  

Can Creditor's Right Protection Boost the Development of Private Credit Market? Empirical Evidences from 133 countries'Data

作　　者：张世林[1] 才国伟[1] 

机构地区：[1]中山大学岭南学院

出　　处：《南方经济》2012年第4期43-55,共13页South China Journal of Economics

基　　金：教育部人文社科项目(09YJC790264);中央高校基本科研业务费专项资金(10WKPY19);广东高校人文社科项目(11WYXM001);广东软科学项目(2011B070300042)专项的资助

摘　　要：本文选用世界银行和国际金融公司发布的债权人保护指数来衡量债权人保护程度,对133个国家或地区债权人保护与私营信贷的关系进行了实证研究。结果表明:一国债权人保护程度越强、合同执行效率越高,其私营信贷规模越大也更高;从实务衡量的债权人保护指数对私营信贷的作用要强于Djankovetal.(2007,2008)用理论衡量的债权人权利指数;征信信息披露的作用并不重要,这反映它是投资者保护的一个替代机制;在同等条件下,普通法系国家的私营信贷市场规模要高于其他法系国家。本文的研究结论具有很强的稳健性,倍差法和面板数据分析也证实了改善债权人保护能显著促进私营信贷市场的发展。In this paper, we use the creditor protection index published by the World Bank and International Finance Corporation to measure the protection degree of creditor, and discuss the relationship between creditor protection and the private credit development by 133 regions＇ data. From the empirical analysis, we draw the conclusion that creditor＇ s right and the efficiency of contract enforcement is positively correlated with privatecredit development. Moreover, the performance of creditor protecuon lnaex is oetter man ujanKov s creouor right index （2007,2008）. The information disclosure is not so important; it is on alternative channel of creditor protection. Under the same condition, the private credit market in common - law countries is bigger than that in other countries. Through Difference - in - difference and panel data regression, we find the improvement of creditor＇ s right protection can surely boost the development of private credit.

关 键 词：债权人保护 私营信贷 信息披露 普通法系 

分 类 号：F830.51[经济管理—金融学]