党组织参与公司治理与债券信用风险防范  

Participation of Party Organizations in Corporate Governance and Bond Credit Risk Prevention

作　　者：佟岩[1] 李鑫 钟凯 Tong Yan;Li Xin;Zhong Kai(School of Management and Economics,Beijing Institute of Technology;Business School,University of International Business and Economics)

机构地区：[1]北京理工大学管理与经济学院,100081 [2]对外经济贸易大学国际商学院,100029

出　　处：《经济评论》2021年第4期20-41,共22页Economic Review

基　　金：国家自然科学基金面上项目“企业集团的债券管理模式:影响因素与经济后果”(项目编号:72072012);国家自然科学基金面上项目“创新驱动型并购的影响因素与经济后果研究”(项目编号:71672007);国家自然科学基金青年项目“企业金融化与投资行为研究:基于产业公司设立私募基金的分析”(项目编号:71902028)的资助。

摘　　要：防范和化解金融风险是党的十九大以来党和国家的重要工作。本文基于2008—2019年沪深两市上市公司数据,从信用风险这一视角检验党组织通过"双向进入、交叉任职"参与公司治理在债券市场中所发挥的重要作用。研究发现,"双向进入、交叉任职"这一制度安排能够有效降低债券信用风险。对内生性问题加以缓解后,本文发现党组织参与通过治理效应路径、风险规避效应路径、信息效应路径对债券信用风险产生影响。进一步研究显示,在民营企业以及外部监督较为薄弱的公司中,党组织参与公司治理对债券信用风险的抑制作用更为明显,并且党组织参与公司治理的不同方式对债券信用风险也存在差异化影响。本文研究厘清了党组织参与治理和债券信用风险之间的影响路径,对推进基层党组织建设、完善有中国特色的公司治理体制以及防范和化解金融风险具有一定的借鉴意义。Preventing and defusing financial risks has been an important task of the Party and the state since the 19th National Congress of the Communist Party of China(thereafter CPC).Using the data of listed companies in Shanghai and Shenzhen stock exchanges from 2008 to 2019,this paper examines the important role played by Party organizations in the bond market by participating in corporate governance through“two-way entry,cross-appointment”from the perspective of credit risk.We find that:The institutional arrangement of “two-way entry,cross-appointment”can effectively reduce bond credit risk.After alleviating the endogeneity issues,this paper finds that the participation of Party organizations has an impact on bond credit risk through the governance effect path,the risk aversion effect path,and the information effect path.Further research shows that in private enterprises and companies with relatively weak external supervision,the Party organization’s participation in corporate governance has a more obvious inhibitory effect on bond credit risk,and the different ways in which party organizations participate in corporate governance also have a differential impact on bond credit risk.The findings of this paper clarify the influence paths between Party organizations'participation in corporate governance and the bond credit risk,which has certain reference significance for advancing the construction of grassroots Party organizations,improving the corporate governance system with Chinese characteristics,and preventing and defusing financial risks.

关 键 词：党组织 公司治理 债券信用风险 风险规避 信息不对称 

分 类 号：F832.51[经济管理—金融学] F272.3[政治法律—政治学] D267.1[政治法律—中共党史]