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法和金融学(Law and Finance)这一理论流派认为,不同国家金融发展水平的差异是由于受到了法律起源因素的影响,特别是会受到一个国家的投资者保护水平的影响。但是,这一理论忽略了历史的因素,巴西债券市场的发展就是一个例证。在1890年之后,巴西债券市场对债权人权利的法律保护得到了强化,巴西因此也在那个时代发展出来了非常发达的公司债券市场。因此,尽管巴西属于民法法系国家,但它在那时所拥有的公司债券市场在规模上要超过许多同时代的欧洲国家,而那时巴西公司债券市场的规模也超过了现在的巴西。转折发生在1930年的军事政变,此后巴西债券市场的债权人所获得的保护逐渐变弱,当公司破产的时候,债券持有人不再享有优先权利,他们需要在工人工资和政府税收之后才能获得受偿,由此导致了巴西债券市场的枯竭。从巴西的历史来看,是政治因素而非法律渊源决定了金融市场发展的状况和投资者保护的水平。
The theoretical school of Law and Finance argues that the differences in the level of financial development among different countries are due to the influence of legal origin and, in particular, to the level of investor protection in a given country. However, this theory ignores the historical factors, the development of the Brazilian bond market is an example. After 1890, the legal protection of the creditor’s rights in the Brazilian bond market was strengthened, and as a result Brazil also developed a very well-developed corporate bond market in that era. Thus, although Brazil belonged to a civil law country, the market for corporate bonds it owned at that time outnumbered many contemporary European countries when the size of the Brazilian corporate bond market exceeded that of present-day Brazil. The turning point occurred in the military coup of 1930, after which the protection afforded to creditors in the Brazilian bond market weakened, and bondholders no longer had priority rights when the company went bust, only after workers’ wages and government taxes were available Reimbursement, which led to the depletion of the Brazilian bond market. From the perspective of Brazil’s history, it is political rather than legal sources that determine the development of the financial markets and the level of investor protection.