題目：Alternative Legal Institutions, Xinfang, and Finance
主講人：侯文軒 教授（英國愛丁堡大學）
時間：2016年12月28日14:50-15:35
地點：主樓241會議室
主講人介紹：
侯文軒, 愛丁堡大學金融學教授（Reader in Finance i.e. Professor without Chair），英國青年院士（愛丁堡皇家協會），亞洲金融協會董事，全英中國經濟學會（英）董事，中國發展研究中心（英）主任，中國與全球化中心特邀高級研究員。侯文軒獲得曼徹斯特大學金融學博士，并在美國西北大學與哈佛大學研修，曾在杜倫大學擔任助理教授，副教授。
侯文軒教授還擔任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等國際著名學術期刊的副主編或中國專刊主編。
侯文軒教授致力于公司治理、制度改革和金融市場方面的研究，在European Journal of Operation Research、 Journal of Business Ethics 和Business History等被金融時報（FT45）和英國商學院協會（ABS-4*）列為國際頂尖的學術期刊上發表論文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等被英國商學院協會（ABS-3*）列為國際一流的學術期刊上發表論文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》等專著。
侯文軒教授擔任愛丁堡大學金融管理碩士項目創始主任，獲得特許金融分析師協會（CFA Institute）認證。侯文軒講授高級金融理論，公司治理與金融市場等課程，多次獲得最佳教學獎和杰出貢獻獎。人民網，新華網，光明網，央視網，千龍網，北京晚報網，揚子晚報網，齊魯晚報網等媒體有大量關于侯文軒教授的報道。
內容介紹：
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.
（承辦：科研與學術交流中心）
