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1、FinancialLaw,Finance,andEconomicGrowthinInstitutionsChinaCenterbyFranklinAllenJunQianMeijunQian02-44TheWhartonFinancialInstitutionsCenterTheWhartonFinancialInstitutionsCenterprovidesamulti-disciplinaryresearchapproachtotheproblemsandopportunitiesfacingthefinancialservicesindustryinitssear
2、chforcompetitiveexcellence.TheCenter'sresearchfocusesontheissuesrelatedtomanagingriskatthefirmlevelaswellaswaystoimproveproductivityandperformance.TheCenterfostersthedevelopmentofacommunityoffaculty,visitingscholarsandPh.D.candidateswhoseresearchinterestscomplementandsupportthemissionofth
3、eCenter.TheCenterworkscloselywithindustryexecutivesandpractitionerstoensurethatitsresearchisinformedbytheoperatingrealitiesandcompetitivedemandsfacingindustryparticipantsastheypursuecompetitiveexcellence.CopiesoftheworkingpaperssummarizedhereareavailablefromtheCenter.Ifyouwouldliketolearn
4、moreabouttheCenterorbecomeamemberofourresearchcommunity,pleaseletusknowofyourinterest.FranklinAllenRichardJ.HerringCo-DirectorCo-DirectorTheWorkingPaperSeriesismadepossiblebyagenerousgrantfromtheAlfredP.SloanFoundation*Law,Finance,andEconomicGrowthinChina†FranklinAllenJunQianMeijunQianFin
5、anceDepartmentFinanceDepartmentFinanceDepartmentTheWhartonSchoolCarrollSchoolofManagementCarrollSchoolofManagementUniversityofPennsylvaniaBostonCollegeBostonCollegePhiladelphia,PA19104ChestnutHill,MA02467ChestnutHill,MA02467allenf@wharton.upenn.eduqianju@bc.eduqianme@bc.eduRevised:Decembe
6、r23,2002AbstractChinaisanimportantcounterexampletothefindingsinthelaw,finance,andgrowthliterature:neitheritslegalnorfinancialsystemiswelldevelopedbyexistingstandards,yetithasoneofthefastestgrowingeconomies.Wecomparegrowthintheformalsector(state-ownedandpubliclytradedfirms)andtheinformalse
7、ctor(allotherfirms).Withmuchpoorerapplicablelegalandfinancialmechanisms,theinformalsectorgrowsmuchfasterthantheformalsector,andprovidesmostoftheeconomy’sgrowth.Thereexisteffectiveinformalfinancingchannelsandgovernancemechanisms,suchasthosebasedonreputationandrelatio
