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1、ImpactsofFinancialRegulatoryDecentralization:WhatFirmsWentPublicinChina?1AbstractThefinancialmarketdevelopmentinChinahasbeenplaguedbyanotoriouslyweaklegalsystem.However,Chinadevelopedanalternativegovernancesystembasedonthedefactoregulatorydecentralization.Inthissystem,upto2000,r
2、egionalgovernmentswereresponsibleforselectingstate-ownedenterprises(SOEs)forgoingpublic.Theeffectofthisregulatorysystemhasbeenhighlycontroversialbutevidenceisterriblyscrawnyintheliterature.Thispaperprovidesevidencethatregionalgovernmentstendtochoosebetter-performingSOEsinthepre-
3、listingstagetogopublic.ThisdemonstratesthatlistedcompaniesinChinawereonaveragebetterSOEsbeforeinitialpublicofferings(IPOs)andasubstantialportionofstockmarketinvestmentfundswerechanneledintopotentiallyproductivecompanies.ThefirmleveldatawecollectedforSOEperformanceswerepublishedw
4、henthisregulatoryregimedidnotexist,whichminimizesdatamanipulationproblemforIPOpurposes.21.IntroductionRecentcross-countrystudiesdemonstratethecentralimportanceofformallegalinstitutionsforfinancialmarketdevelopment.Theselegalinstitutionsencompassvariousdimensionssuchasformalminor
5、ityshareholderrights(LaPortaetal.,1997,1998),formalmandatorydisclosurerulesandtheirenforcement(LaPortaetal.,2006),theeffectivenessoflegalinstitutions(Pistoretal.,2000),andthelegacyoflegaldevelopmentincountriesbeingstudied(Berkowitzetal.,2003).TransitioneconomiesincludingChinasuf
6、ferfromsevereenforcementfailures.Thus,anymainstreamwisdomoflawandfinancewouldpredictthatfinancialmarketdevelopmentintransitioneconomieswouldbeinevitablyretarded.However,Chinaseemstohavedefiedtheabovepredictionbyjumpstartingcapitalmarketsonthebasisofratherweakformallegalinstituti
7、onscharacterizedbytheabsenceofafunctioningandeffectivecourtsystem,thelackofanindependentjudiciarysystemandtheweakproactivelawenforcementbythenationalregulatory1authority(Allenetal.,2004;PistorandXu,2005).Chinare-launchedstockmarketsonlyintheearly1990s,whichwasapproximatelythesam
8、etimeasinothertransitioneconomies.However,stand
