担保物权制度改革对民营企业负债率和债务风险的影响——基于《物权法》自然实验的经验证据  

The Impact of Security Interest System Reform on Private Firms’Leverage and Default Risk:Empirical Evidence Based on Natural Experiments in the Property Law

作　　者：钱雪松[1] 邱宇程 唐英伦 方胜 QIAN Xue-song;QIU Yu-cheng;TANG Ying-lun;FANG Sheng(HUST;Guangxi Minzu University;Beijing Normal University)

机构地区：[1]华中科技大学经济学院 [2]广西民族大学经济学院 [3]北京师范大学人文和社会科学高等研究院

出　　处：《华中科技大学学报（社会科学版）》2022年第3期79-91,103,共14页Journal of Huazhong University of Science and Technology(Social Science Edition)

基　　金：国家自然科学基金面上项目“担保物权制度改革对企业负债融资的影响及经济后果:基于《物权法》自然实验的‘法与金融’研究”(71872067)。

摘　　要：“融资难、融资贵”一直困扰我国民营企业发展,如何改善民营企业融资环境成为各界关注的焦点。本文从法律制度环境视角切入,考察以《物权法》出台为标志的担保物权制度改革对企业负债率和债务风险的影响。研究发现,《物权法》出台显著推高了企业负债率。基于地区层面的三重差分检验结果显示,与制度环境较好地区相比,法律改革对制度环境较差地区企业负债率的推高作用更大。进一步研究表明,《物权法》出台在推高负债率的同时没有恶化债务风险,在一定程度上反而使企业偿债能力得到提升。本文为“法与金融”文献提供了基于中国实践的新证据,有助于厘清法律变化对企业负债率和债务风险的影响,从而对改善民营企业融资环境和新时代加快完善社会主义市场经济体制有启示意义。The problem of financing difficulties and high expense of finance has been plaguing the development of private firms in China,and the issues on how to improve the financing environment of private firms raises much concerns.we consider how the security interest reform induced by the property law enactment affects firm leverage and default risk in the perspective of legal environment.We find this reform significantly increased firm leverage.The triple-differences tests based on regional levels indicate that,compared with firms operating in provinces with more developed legal environment,firms operating in provinces with less developed legal environment experienced larger increase in the leverage.Further evidence shows that,instead of pushing up firm’s default risk,the property law strengthens the ability of firms to repay debt to a certain extent when increasing firm leverage.This paper adds new evidence from China to the literatures of“law and finance”and helps to clarify the impact of the legal reform on firms’leverage and default risk,which has important implications for improving the financing environment of private enterprises and accelerating the improvement of the socialist market economic system in the new era.

关 键 词：担保物权制度改革 物权法 负债率 利息覆盖率 

分 类 号：D923.2[政治法律—民商法学] F273[政治法律—法学]