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1、Law，financeandeconomicgrowthinchinaJournalofFinancialEconomics77(2005)57–116Law,??nance,andeconomicgrowthinChina$FranklinAllena,??,JunQianb,MeijunQianbaTheWhartonSchool,UniversityofPennsylvania,FinanceDepartment,Suite2300SH-DH,Philadelphia,PA19104,USAbFinanceDepartment,Carroll
2、SchoolofManagement,BostonCollege,ChestnutHill,MA02467,USAReceived6January2003;receivedinrevisedform18May2004;accepted24June2004Availableonline1April2005AbstractARTICLEINPRESS.elsevier4>>/locate/econbase‘‘TheFutureofChineseManagement.’’FinancialsupportfromBostonCollegeandtheWha
3、rtonFinancialInstitutionsCenterisgratefullyacknowledged.Theauthorsareresponsibleforallremainingerrors.??0304-405X/$-seefrontmatterr2005ElsevierB.V.Allrightsreserved.doi:10.1016/j.j??neco.2004.06.010Correspondingauthor.Tel.:+12158983629;fax:+12155732207.E-mailaddress:allenf@wha
4、rton.upenn.edu(F.Allen).$Weappreciatedetailedcommentsfromananonymousrefereethatsigni??cantlyimprovedthepaper,andassistancefromQiaoYuandWuxiangZhuinconductingthe??rmsurvey.WealsoreceivedhelpfulcommentsfromErikBerglo¨f,DanBergstresser,LorenBrandt,DongChen,GregoryChow,JulanDu,Jie
5、Gan,LiJin,SungWookJoh,SimonJohnson,RossLevine,LijunLin,AnthonyNeoh,TomRawski,YihongXia,andseminar/sessionparticipantsattheAmericanEconomicAssociationmeetings,theAsiaCorporateGovernanceConferenceinKorea,Dartmouth,FudanUniversity,Harvard,HEC-Montreal,InternationalMonetaryFund/Wo
6、rldBank,LondonSchoolofEconomics,FederalReserveBankofNewYork,MassachusettsInstituteofTechnology,Rice,theRiksbank,theUniversityofHouston,UniversityofTexas-Austin,TsinghuaInternationalFinanceConferenceinBeijing,andWhartonConferenceonChinaisanimportantcounterexampletothe??ndingsin
7、thelaw,institutions,??nance,andgrowthliterature:Neitheritslegalnor??nancialsystemiswelldeveloped,yetithasoneofthefastestgrowingeconomies.Whilethelaw–??nance–growthnexusappliestotheStateSectorandtheListedSector,witharguablypoorerapplicablelegaland??nancialmechanisms,thePrivateS
8、ectorgrowsmuchfasterthantheothersandprovidesmostoftheeconomy’
