题目：Alternative Legal Institutions, Xinfang, and Finance

主讲人：侯文轩 教授（英国爱丁堡大学）

时间：2016年12月28日14:50-15:35

地点：主楼241会议室

主讲人介绍：

    侯文轩, 爱丁堡大学金融学教授（Reader in Finance i.e. Professor without Chair），英国青年院士（爱丁堡皇家协会），亚洲金融协会董事，全英中国经济学会（英）董事，中国发展研究中心（英）主任，中国与全球化中心特邀高级研究员。侯文轩获得曼彻斯特大学金融学博士，并在美国西北大学与哈佛大学研修，曾在杜伦大学担任助理教授，副教授。 

    侯文轩教授还担任European Journal Finance、Finance Research Letters、Journal of Business Ethics、Corporate Governance: An International Review、International Small Business Journal以及International Review of Financial Analysis等国际著名学术期刊的副主编或中国专刊主编。

    侯文轩教授致力于公司治理、制度改革和金融市场方面的研究，在European Journal of Operation Research、 Journal of Business Ethics 和Business History等被金融时报（FT45）和英国商学院协会（ABS-4*）列为国际顶尖的学术期刊上发表论文9篇；在Abacus、British Accounting Review、Corporate Governance: An International Review、European Journal of Finance、International Review of Financial Analysis和Journal of International Financial Markets Institutions and Money等被英国商学院协会（ABS-3*）列为国际一流的学术期刊上发表论文20篇。由Palgrave Macmillan出版社出版了《Sustainable Entrepreneurship in China》、《Developing China's Capital Market: Experiences and Challenges》、《Developments in Chinese Entrepreneurship》和《Chinese style capitalism: Current development and future implications》等专著。

    侯文轩教授担任爱丁堡大学金融管理硕士项目创始主任，获得特许金融分析师协会（CFA Institute）认证。侯文轩讲授高级金融理论，公司治理与金融市场等课程，多次获得最佳教学奖和杰出贡献奖。人民网，新华网，光明网，央视网，千龙网，北京晚报网，扬子晚报网，齐鲁晚报网等媒体有大量关于侯文轩教授的报道。

内容介绍：

    China’s growth miracle achieved under weak legal institutions poses a puzzle to the literature on the law-finance nexus. In this paper, we shed light on the puzzle by identifying an important alternative legal institution, known as xinfang, which is parallel to courts and administrated by the Chinese government for citizens to file cases and resolve disputes and complaints. Based on the provincial xinfang regulations, we construct an index on their regional quality and argue that strong rule of xinfang promotes financial development through protecting property rights,  providing checks on government and meeting changing social needs. The results confirm our predictions in that regions with stronger xinfang system are associated with more developed equity and debt markets. The relationship is stronger in provinces with larger proportion of private economy, less corrupted government, and stronger formal legal institutions. It implies that that xinfang system benefits financial markets through protecting private property rights and complementing the formal legal system.

（承办：科研与学术交流中心）