担保物权制度改革与企业价值提升:兼论民营企业融资纾困  

Security Real Right System Reform and Enterprise Value Improvement:A Research on Alleviating Financing Constraints of Private Enterprises

作　　者：苗妙 郭嘉晖 MIAO Miao;GUO Jiahui(School of Economics and Finance,South China University of Technology,Guangzhou,China 325035)

机构地区：[1]华南理工大学经济与金融学院,广东广州510006

出　　处：《温州大学学报（社会科学版）》2023年第4期25-45,共21页Journal of Wenzhou University：Social Science Edition

基　　金：教育部人文社科青年基金项目(22YJC790090);广州市哲学社会发展“十四五”规划课题(2022GZYB13)。

摘　　要：《物权法》部分条文对担保物权制度作出了较大的修改,主要表现为加强物权保护、扩大担保资产的范围以及简化担保物权的实现程序。以《物权法》改革为准自然实验,基于不同股权性质企业构造实验组和对照组,采用双重差分模型实证检验担保物权制度改革对企业价值的影响。结果表明,担保物权制度改革后,企业价值有显著提升,且相比于国有企业,民营企业的价值提升更为明显。通过进一步剖析背后的作用机理发现:担保物权制度改革通过显著缓解企业融资约束和降低企业融资成本,提升了企业价值;在制度环境较好的地区,企业价值提升更明显。动产和权利担保统一登记,依法发展动产融资,是我国加快发展统一的资本市场的重要内容。研究结果为《民法典》时代下运用法律制度,纾解民营企业融资困境提供重要的参考价值。Some articles of the Real Right Law have made great changes to the security real right system,which is mainly manifested in strengthening the protection of the real right,expanding the scope of guaranteed assets and simplifying the realization procedures of the security real right.This paper takes the reform of the Real Right Law as the natural experiment and empirically tests the effects of the security real right system reform on enterprise value by constructing experimental group and control group based on enterprises with different ownership properties and via the difference-in-differences model.The results show that the security real right system reform can significantly increase enterprise value.Compared with state-owned enterprises,this effect is more significant for private enterprises.The mechanism test reveals that the reform enhances enterprise value by alleviating enterprise financing constraints and reducing their financing costs.In addition,the increase in enterprise value is more significant in regions with better institutional environments.The unification of chattels and rights security registration and the development of chattel financing according to the law are important elements for accelerating the development of a unified capital market in China.The paper sheds light on how to alleviate the financing difficulties of private enterprises by the legal system in the era of the Civil Code.

关 键 词：企业价值 《物权法》 融资约束 融资成本 

分 类 号：F27[经济管理—企业管理]