摘要
合称LLSV的四位美国学者设立的"法律与金融"理论,通过数据统计分析创造性地提出,法系渊源导致了不同国家对投资者保护的系统性不同,从而造成了证券市场系统性的强弱不一。总体而言,普通法系的投资者法律保护强于大陆法系,证券市场也更发达。此种理论引发了大量讨论,并开辟了新的学术领域。LLSV理论有相当的可取性,但学界也已对之提出了多种批评意见,主要包括:LLSV所用的测量指标选取和赋值中的问题、统计方法本身的局限性、与诸多国家发展事实的不契合及该种理论对法律移植过程之重要性的忽视等。从正反两面总结、评估这些研究,将对法律与证券市场的关系有更为全面深刻的认识。
The theory of ＂law and finance＂ is established by four American scholars known as ＂LLSV＂, who originally addressed that different legal origins lead to different investor protection systems by different countries, and result in different system intensity of the securities market. Generally speaking, the common law system has a better protection for investors than the civil law system, and the former has a more advanced securities market. Such theory has intrigued hot debates and developed new academic sphere. The LLSV theo- ry is much favorable but Still under many critiques, such as the issue of selecting testing subjects and index, the limitation of statistics accounting, the incompliance with many countries＇ development realities and the neglect of significance of law transfer. The estimation of such theory from both positive and negative sides will help deep understand the relation between law and securities market.
出处
《北方法学》
2010年第1期144-154,共11页
Northern Legal Science
作者简介
缪因知，北京大学金融法研究中心成员，北京大学法学院博士研究生。
