Formal Institutions and Firm Financing: Review and Agenda
正式制度与企业融资:前沿理论述评

The financing ability of enterprises is one of the key factors that greatly influence the development of the financial market and the growth of the economy of a country.At present,the dynamic influence of institutional environment on the financing ability of enterprises has become a focus of attention.Financing of enterprises used to be the research domain of corporate finance theory of Western countries.As an established exogenous variable,the institution has always been playing the static role in the financing behavior of enterprises.In the late 1990s,the pioneering study by LLSV on the basis of transnational comparisons showed that the origin of law determines a country's level of legislation and implementation efficiency of relevant laws with regard to the protection of the investors.The dynamic influence of institutional factors such as legal and political power etc.on the financing behavior has drawn close attention of many economists,finance scholars and jurisprudents.Literature in this pioneering field has mushroomed in recent years focusing mainly on the construction of institutional guidelines, positive models and comparative analysis,etc.Although we have made great strides in the area of economics,the construction of legal and financial institutions is still weak compared with developed countries.Research and analysis in this field will be a help in the reform of the existing legal,political and financial institutions.