股票与债务市场的跨市场联动:中小股东私人实施机制对企业债务融资的影响  

Intermarket Linkages between Stock and Debt Markets:The Impact of Minority Shareholders'Private Enforcement Mechanisms on Corporate Debt Financing Costs

作　　者：赵瑞瑞 陈运森[1] 孙迎秋 ZHAO Ruirui;CHEN Yunsen;SUN Yingqiu(Central University of Finance and Economics,100081;City University of Hong Kong,999077)

机构地区：[1]中央财经大学会计学院,100081 [2]香港城市大学商学院,中国

出　　处：《财贸经济》2023年第12期48-64,共17页Finance & Trade Economics

基　　金：国家自然科学基金面上项目“随机监管的资本市场经济后果及监管联动性研究:基于证监会双随机检查的准自然实验”(72272168)。

摘　　要：党的二十大报告强调“加强和完善现代金融监管”,优化中小股东的私人实施机制是完善现代金融监管的重要手段,也是中小股东权益保护的关键基石。本文从债务市场视角,考察中小股东私人实施机制对微观企业债务融资行为的溢出效应。研究结论为:中小股东私人实施机制的执行显著提高了企业债务融资成本,且影响程度随着中小股东私人实施机制执行力度的增加而提高;新《证券法》实施后,中小股东私人实施机制对企业债务融资的影响更加显著,表明资本市场法律基础建设的完善提高了债务市场对中小股东私人实施机制所隐含信息的敏感度;在内部控制质量较差、信息不对称程度较高、债权人控制力较低的企业,以及在法治水平和司法质量较高的地区,中小股东私人实施机制对债务融资成本的影响较为显著;对于企业融资规模的异质性影响,中小股东私人实施机制降低了新增债务融资规模,并且对长期债务融资规模的影响更显著。虽然中小股东私人实施机制是保障中小股东权益的重要手段,但其会对企业融资产生负面影响。研究结论为企业如何避免中小股东私人实施机制所产生的负面经济后果以及监管机构如何兼顾中小股东权益保护与企业高质量发展提供了实践启示。The 20"National Congress of the Communist Party of China emphasized the need to"strengthen and improve modern financial regulation."Enhancing private enforcement mechanisms for minority shareholders is integral to modern financial regulation and crucial for safeguarding minority shareholders'rights.This study,from the perspective of the debt market,investigates the spillover effects of private enforcement mechanisms on debt financing behavior.From the theoretical perspective,private enforcement mechanisms influence debt financing through the following channels.Firstly,private enforcement mechanisms result in economic compensation and related costs that elevate financial strain on firms,diminishing their ability to finance.Then,creditors,including banks,need to accurately assess the debt default risk,thereby affecting loan terms.Secondly,through the social reputation mechanism,private enforcement mechanisms generate negative signals to stakeholders,tarnishing the firm's reputation and eroding creditors'trust.To mitigate adverse selection and moral hazard risks,creditors adjust the costs of debt financing.The research employs a manually collected sample of minority shareholder litigation data spanning from 2006 to 2021.The PSM-DID model is used to examine the impact of private enforcement mechanisms from the creditors'perspective.The findings reveal that private enforcement mechanisms significantly increase corporate debt financing costs.Additionally,the influence of private enforcement mechanisms on corporate debt financing becomes more pronounced after the implementation of the revised Securities Law,indicating heightened market sensitivity to information related to private enforcement mechanisms.Furthermore,this paper identifies variations in the impact of private enforcement mechanisms on corporate financing based on factors such as internal control quality,information asymmetry levels,creditor's bargaining power,regional legal environment,and judicial quality.Specifically,private enforcement mechanisms reduce

关 键 词：私人实施机制 企业债务融资 新《证券法》 跨市场联动 

分 类 号：F275[经济管理—企业管理]