破产审判改革、债权人司法保护与企业创新——基于清算与破产审判庭设立的准自然实验  

Judicial Reform, Creditor Rights, and Innovation: A Quasi-Random Experiment of China's Specialized Court Reform

作　　者：许年行[1] 王崇骏 章纪超 XU Nianhang;WANG Chongjun;ZHANG Jichao(School of Business,Renmin University;Postdoctoral Station of China Cinda Asset Management Co.,Ltd.;Postdoctoral Station of National Development and Strategic Research Institute of Renmin University)

机构地区：[1]中国人民大学商学院,北京100872 [2]中国信达资产管理股份有限公司博士后科研工作站,北京100031 [3]中国人民大学国家发展与战略研究院博士后科研流动站,北京100872

出　　处：《金融研究》2023年第6期150-168,共19页Journal of Financial Research

基　　金：国家自然科学基金杰出青年基金项目(72225005);中国人民大学科学研究基金(中央高校基本科研业务费专项资金资助)项目成果(22XNQT31)的资助。

摘　　要：基于我国设立清算与破产审判庭的准自然实验,本文考察了破产审判专业化改革对企业创新的影响。研究发现:改革后,当地企业的创新投入显著增加,且这一效应主要存在于司法专业化水平较低的地区和债权人约束更强的企业中。此外,本文发现,改革提高了当地破产案件的审判质效,能够通过更好地保障债权人利益来提高其失败容忍度。具体而言,改革加快了当地上市公司破产重整案件的审理速度,且当地企业的信用债发行利率显著下降。进一步的研究发现,改革能够破除企业破产阻碍和缓解僵尸企业的创新挤出效应。本文的发现表明完善的破产制度能够为债权人提供司法保护并提高资源配置效率,这不仅丰富了司法微观作用相关文献,也从法治营商环境角度为推进供给侧结构性改革和建设创新型国家提供有益启发。Corporate innovation plays a key role in a firm's growth and is the engine of national economic growth. Due to the high levels of uncertainty and RD investment involved, a prerequisite for the success of corporate innovation is a stable and abundant financing source. Unlike in many Western countries, debt financing in China constitutes the largest proportion of total financing, and thus the support from creditors is critical to the success of corporate innovation. However, debt holders receive fixed incomes from the interest so they cannot benefit from a firm's risk-taking activities such as innovation. They will then suffer losses if these firms go bankrupt due to the failure of their innovation. They will then hold a negative attitude toward such activities. The judicial capacity of the court regarding bankruptcy generally has a profound impact on creditors' failure tolerance and corporate innovation activities. Long trial times and ignorance of creditors' legal rights can significantly affect bankruptcy costs. The literature on bankruptcy institutions and corporate innovation primarily focuses on the impact of legislation, and thus we advance the literature by examining the impact of law enforcement on corporate activities.We investigate how judicial capacity affects the innovation activities of local firms by regarding the introduction of a specialist tribunal for liquidation and bankruptcy as a quasi-random experiment. We find that after the local courts establish such a tribunal, local firms significantly increase their RD intensity from 14.00% to 15.95% compared with non-local firms. The findings are robust to various checks, such as a matched sample using propensity score matching and using the distance between the city and universities with doctoral degrees conferring places in first-level disciplines in law as an instrumental variable. The impact of the reform on corporate innovation is more pronounced for firms located in provinces with less relevant judicial specialization, firms more heavily supervis

关 键 词：破产 审判专业化 债权人保护 企业创新 清算与破产审判庭 

分 类 号：D81[政治法律—国际关系] G33[政治法律—政治学] K40[政治法律—外交学]