Reconsidering the Argument about Legal Origins and the Development of Financial Market

再论法律渊源与金融市场发展之争

• 批准号: 22730085
• 负责人: SHIMIZU Masato
• 金额: $ 1.83万
• 依托单位: The University of Tokushima
• 依托单位国家: 日本
• 项目类别: Grant-in-Aid for Young Scientists (B)
• 财政年份: 2010
• 资助国家: 日本
• 起止时间: 2010 至 2012
• 项目状态: 已结题
• 来源: https://kaken.nii.ac.jp/grant/KAKENHI-PROJECT-22730085/
• 关键词: 法と金融; 所有構造; 法との起源; コーポレート・ガバナンス; 法的起源; 法的起源説; 企業統治; 株式所有構造

The purpose of this study is to reconsider the argument about therelationship between legal origins and the development of financial markets by critically examining the “Law Matters” Thesis proposed by LLSV from the Japanese academic lawyer’s point of view. In this study, I first organized the preceding studies conducted by economists and lawyers and then I searched the history of the evolution of share ownership structure and laws for minority shareholder protection in several countries. I conclude that the type of corporate governance depends on the ownership structure and the LLSV measurement of the levels of minority shareholder protection has its limitations.

本研究的目的是通过从日本学术律师的角度批判性地考察LLSV提出的“法律问题”命题，重新审视法律渊源与金融市场发展之间的关系的争论。在本研究中，笔者首先整理了经济学家和律师的前人研究成果，然后梳理了几个国家股权结构演变的历史和中小股东保护的法律。本文的结论是，公司治理的类型取决于股权结构，而衡量中小股东保护水平的LLSV方法有其局限性。