诉讼风险、资金持有与企业资产配置  

LITIGATION RISK,CAPITAL HOLDING AND CORPORATE ASSET ALLOCATION

作　　者：苗妙[1] 邓肖娟 MIAO Miao;DENG Xiao-juan(School of Economics and Commerce, South China University of Technology;School of Economics, Xiamen University)

机构地区：[1]华南理工大学经济与贸易学院,510006 [2]厦门大学经济学院

出　　处：《经济理论与经济管理》2019年第6期70-86,共17页Economic Theory and Business Management

基　　金：中央高校基本科研业务费专项资金(XBS04);广州市哲学社会科学规划课题(2018GZQN08)的资助

摘　　要：本文以企业的固定资产和金融资产配置为切入点,选用2001—2015年所有A股非金融类上市公司的诉讼数据,实证检验了诉讼风险对企业资产配置决策的影响。结果表明,诉讼风险对企业资产配置具有负向调节作用,尤其显著缩减了金融资产的配置规模和比例;诉讼风险对非国有企业及中西部地区企业资产配置的冲击更为明显;诉讼风险的作用机理是资金削弱效应,即减少内部可用现金流和提高外部可融资金成本。本文的研究为我国市场经济法制建设的完善和企业投融资决策提供了启示。Using litigation data of all non-financial companies listed in A-share from 2001 to 2015, this paper takes the allocation between fixed assets and financial assets as the start point to empirically analyze the influence of litigation risk on corporate asset allocation decisions. Results find that, the litigation risk has an obvious negative adjustment effect on the allocation of corporate assets, especially significantly reducing the scale and proportion of financial assets. And the asset allocation of corporations which are nonstate- owned or located in the central and western regions are more affected by the risk of litigation. Additional test suggests that an action mechanism of litigation risk is the capital weakening effect, which further weaken the expected capital holding level of enterprises. The negative effect of litigation is to reduce the internal available cash flow and increase the expected cost of external financing capital, thus forcing the firms to abandon good investment opportunities and decrease the holding scale and allocation ratio of assets. As a conclusion, this paper provides enlightenment for the improvement of legal system construction in China's market economy and the decision-making of corporate investment and financing.

关 键 词：诉讼风险 企业资产配置 资金持有 所有制性质 地区差异 

分 类 号：D925.1[政治法律—诉讼法学] F275[政治法律—法学]