债权人保护与企业创新  

Creditor Protection and Corporate Innovation

作　　者：姜军[1] 申丹琳[2] 江轩宇[3] 伊志宏[2] 

机构地区：[1]北京国家会计学院,北京101312 [2]中国人民大学商学院,北京100872 [3]中央财经大学会计学院,北京100081

出　　处：《金融研究》2017年第11期128-142,共15页Journal of Financial Research

基　　金：国家自然科学基金项目(71602197、71572192、71272151);教育部人文社会科学研究青年基金项目(15YJC630044);龙跃实业集团项目(2016021003)的资助

摘　　要：本文结合我国提出依法治国及实施创新驱动发展战略的现实背景,以2007年实施《破产法》和《物权法》为准自然实验,构建双重差分模型,实证检验了债权人保护对企业创新的影响。研究发现,《破产法》和《物权法》实施后,在外源融资需求程度大的企业中,企业创新水平显著增强,表明债权人保护水平的提高对企业创新具有积极的促进作用。进一步研究发现,当企业创新需求较高、公司治理水平较差时,上述关系更为显著;同时,长期借款及商业信用的增加是债权人保护促进企业创新的重要途径。本文的发现为债权人保护与企业创新关系的争议提供了新的证据,对于完善法律法规保护投资者利益,提高企业创新水平,实施创新驱动发展战略,也具有重要的启示意义。Considering the realistic background of China＇s implementing the rule of law and innovation driven development strategy, this paper studies the influence of creditor protection on corporate innovation, by using the difference - in - difference approach which based on the quasi natural experiment about the implementation of the ＂bankruptcy law＂ and ＂property law＂ in 2007. We find that corporate innovation increases significantly among the enterprises with large external financing needs after the implementation of the ＂bankruptcy law＂ and ＂property law＂, which illustrates the improvement of creditor protection promotes the innovation of enterprises positively. Further studies show that the positive correlation is more significant in companies with high innovation demand and low corporate governance level. Meanwhile the enterprises＇ long - term debt increase and trade credit enhancement are important ways to promote the effect of creditor protection on corporate innovation. This study provides new evidence for the disputation on the relationship between creditor protection and corporate innovation, and it has important implications of improving the laws and regulations to protect investor rights, enhancing corporate innovation and adopting the strategy of innovation driven development.

关 键 词：债权人保护 企业创新 银行借款 商业信用 

分 类 号：D923[政治法律—民商法学] F273.1[政治法律—法学]