破产法庭设立、债权人保护与地方性商业银行风险  

Bankruptcy Court Establishment,Creditor Protection and Local Commercial Bank Risks

作　　者：胡诗阳 尹亮 祝继高[2] HU Shiyang;YIN Liang;ZHU Jigao(School of Economics and Business Administration,Chongqing University;Business School,University of International Business and Economics)

机构地区：[1]重庆大学经济与工商管理学院,400030 [2]对外经济贸易大学国际商学院,100029

出　　处：《经济研究》2023年第12期95-112,共18页Economic Research Journal

基　　金：国家自然科学基金项目(72272018);国家社会科学基金重大项目(19ZDA101)的资助。

摘　　要：破产法庭是依法稳妥审理破产案件,发挥破产审判职能,完善市场主体救治和退出机制的关键举措。破产司法审理能否有效维护债权人权益直接关系到银行等金融中介的风险,进而对金融市场稳定、社会资源有效配置和经济高质量发展产生重要影响。本文以2016—2021年中国地方性商业银行为研究对象,使用多期双重差分模型考察设立破产法庭对银行风险的影响。研究结果表明,破产法庭的设立通过提高司法执行的质效,显著降低了地方性商业银行风险。机制分析发现,一方面破产法庭通过降低公司破产的时间成本和提高破产重整率的途径提高了债权人保护水平,降低了银行风险。另一方面,破产审判案件通过媒体产生的信号作用,影响银行的风险预期进而降低银行风险。横截面分析表明,破产法庭对贷款集中度高和非国有银行的风险抑制作用更显著。此外,破产法庭优化了银行的信贷配置,表现为提高了信用贷款比例,降低了担保贷款比例,提高了对高科技行业的贷款,减少了对房地产行业的贷款,同时还提高了银行的利润效率。本研究为破产司法制度改革的质效评估提供了科学严谨的实证证据,对进一步完善市场主体退出机制,优化营商环境具有启示意义。According to the theory of law and finance,the legal system is one of the foundational factors influencing economic activities and serves as an important endogenous driving force for economic growth.Bankruptcy laws and related judicial systems affect bankruptcy costs and creditors'risks,and this impact can be transmited to the financial sector as a risk premium of capital,which ultimately determines the efficiency of resource allocation.Therefore,bankruptcy has always been a hot topic in both theoretical and practical domains.However,existing studies pay less attention to the impact of improving judicial execution efficiency on bank risks and credit decisions within a specific legal framework.And the related mechanism analysis is almost blank.For this unexplored gap,China's bankruptcy judicial reform provides an ideal quasinatural experiment opportunity to study this issue.Although the Enterprise Bankruptcy Law of the People's Republic of China was enacted in 2007,bankruptcy execution in China is often hindered for no supporting judicial system.Starting from 2019,China has gradually established bankruptcy courts in some cities as pilots specifically serving corporate bankruptcy cases.Compared to the past liquidation and bankruptcy tribunals,bankruptcy courts are no longer dependent on civil litigation courts and make significant improvements in judicial authority,specialty,and institutional construction.Based on it,we focus on local commercial banks and investigate the impact of bankruptcy court establishment on bank risks.Our results show that bankruptcy courts significantly reduce the risks of local commercial banks.Further,we conduct a mechanism analysis and find two channels for bankruptcy courts to reduce bank risks:improving the quality and efficiency of judicial trials in terms of time costs and reorganization rate of bankruptcy,and affecting banks'risk expectations by the spillover effects generated by the Internet and media.Besides,we find that the association between bankruptcy courts and lower commerci

关 键 词：司法制度改革 破产法庭 银行风险 信贷配置 

分 类 号：D922.291.92[政治法律—经济法学]