债权人自我保护、能力差异与法治环境——基于证监会处罚公告的经验证据  

Creditor's Interest Self-protection,Difference of Capability,and Legal Environment——Empirical Evidences from Punishment Bulletins by CSRC

作　　者：袁春生[1] 祝建军[2] 汪涛武[3] 

机构地区：[1]江西师范大学财政金融学院,江西南昌330022 [2]武汉纺织大学会计学院,湖北武汉430073 [3]南昌工程学院经济贸易学院,江西南昌330099

出　　处：《山西财经大学学报》2012年第4期98-109,共12页Journal of Shanxi University of Finance and Economics

基　　金：国家自然科学基金资助项目"机构投资者禀赋差异对其选股偏好及作用于公司效应的影响研究--来自后股改时期的证据"(项目批准号:71002052);教育部人文社会科学研究项目"治理环境;外部监督机制与上市公司财务舞弊防范"(项目批准号:09YJC630108)

摘　　要：以2005～2008年被中国证监会处罚的上市公司为样本,考察了不同类型债权人自我保护能力的差异以及法治环境对债权人自我保护能力的影响。研究发现,舞弊公司次年资产负债率、流动负债、银行借款、短期借款较未舞弊公司有大幅下降;舞弊与未舞弊公司次年非流动负债、商业信用、长期借款的变化无显著差异;法治环境较差地区的舞弊公司次年资产负债率、银行借款及短期借款的降幅更为明显。该结果表明,总体上债权人具备自我保护能力,但不同类型债权人的自我保护能力存在显著差异,债权人自我保护与法律保护互为替代。Using the sample of Chinese A-share listed companies that were punished by CSRC in year 2005-2008,this paper investigates whether there is difference on interest protection capability among creditors,and the relationship between creditor＇s interest self-protection and legal environment.The results are as follows：（1）the asset-liability ratio,current liabilities,bank loans,and short-term loans have experienced more significant decline for financial fraudulent companies than for non-fraudulent companies in the next year;（2）the change of non-current liabilities,commercial credit,or long-term loans in next year has no significant difference between fraudulent companies and non-fraudulent companies;（3）The worse provinces＇ legal environment,the more asset-liability ratio,bank loans,and short-term loans declined for fraudulent companies.The results above mean that creditors can protect own interests by themselves,the interest self-protection capability has significant difference among diffenent type creditors,and the relationship between investor legal protection and creditor＇s self-protection is substitute.

关 键 词：债权人自我保护 法治环境 负债融资 财务舞弊 

分 类 号：F276.6[经济管理—企业管理]