债权人保护与公司风险承担——基于《破产法》和《物权法》实施的准自然实验  

Creditor Protection and Corporate Risk-Taking:A Quasi-Natural Experiment Based on the Implementation of Bankruptcy Law and Real Rights Law

作　　者：王红建 吴静桦 曹瑜强 WANG Hongjian;WU Jinghua;CAO Yuqiang(School of Finance,Jiangxi University of Finance and Economics;School of Accounting,Hunan University of Technology and Business;School of Accounting,Guangdong University of Foreign Studies)

机构地区：[1]江西财经大学金融学院,江西南昌330013 [2]湖南工商大学会计学院,湖南长沙410205 [3]广东外语外贸大学会计学院,广东广州510006

出　　处：《金融研究》2023年第2期189-206,共18页Journal of Financial Research

基　　金：国家自然科学基金项目(71962020、72072079);湖南省自然科学基金青年项目(2022JJ40133)的资助。

摘　　要：本文以我国《破产法》和《物权法》的实施为准自然实验情境,使用破产风险作为分组变量构造双重差分模型,考察债权人保护的强化如何影响公司风险承担意愿及其经济后果。研究发现:债权人保护强化显著抑制公司风险承担意愿,公司风险承担意愿平均下降约为均值的25%,上述结果在排除替代性解释以及系列稳健性测试后仍然成立。拓展性检验发现:上述关系在法律执行效率更高地区的公司更显著。经济后果检验发现:伴随着债权人保护趋于严格,公司风险承担意愿的降低显著削弱了其产品市场绩效。本文研究测度了债权人保护对债务人风险承担意愿的净效应,拓展并深化了实施《破产法》和《物权法》产生的经济效应,对评估法律实施效果以及完善相关法律法规具有一定的参考价值。Modern economics research demonstrates that protecting real rights is an important cornerstone for promoting economic growth and financial market development.The promulgation and implementation ofReal Rights Law of the People's Republic of China(hereinafter referred to as the“Real Rights Law”)marks an increase in real rights protection in China.However,the literature mainly studies the economic effects of the Real Rights Law from the perspective of the expanded list of potential collateral and constraints on corporate finance,ignoring how it strengthens creditor protections.Meanwhile,the implementation of Enterprise Bankruptcy Law of the People's Republic of China(hereinafter referred to as the“Bankruptcy Law”)on June 1,2007,established and improved legal protections for creditors.Against this background,understanding how changes in the creditor protection regime affect the credit market and stable development of the real economy is extremely important.Creditor protection has long been an important issue in corporate finance.The literature about the effects of creditor protection on corporate economic behavior comprises two main categories:The first studies how enhancing creditor protection affects borrowing behavior from creditors'perspective and finds that an increase in the level of creditor protection eliminates credit market frictions and enhances creditors'willingness to take risks,thus increasing the availability of corporate finance.The other category examines the effects of creditor protection enhancements from the debtors'perspective.The main findings are that creditor protection enhancements increase the risk of transferring control to creditors,which reduces debtors'willingness to take risks and ultimately has a negative effect on a firm's product market performance.The essence of risk-taking is that managers are good at grasping investment opportunities and bearing investment risks to obtain excess profits.This is the driving force behind the sustainable development of enterprises and an impo

关 键 词：债权人保护 风险承担 准自然实验 双重差分模型 

分 类 号：D922.291.92[政治法律—经济法学] D923.2[政治法律—法学]