失信联合惩戒制度的局限:调整债务融资结构、降低债务融资成本  

The Contrary Efficacy of Joint Punishment System for Dishonesty:Structural Adjustment and Cost Reduction of Debt Financing

作　　者：宋哲泉 Song Zhequan(Zhongyuan Bank Co.,Ltd.,Zhengzhou 450000,Henan,China;PBC School of Finance,Tsinghua University,Haidian 100083,Beijing,China)

机构地区：[1]中原银行股份有限公司,河南郑州450000 [2]清华大学五道口金融学院,北京海淀100083

出　　处：《征信》2024年第10期12-22,共11页Credit Reference

摘　　要：我国在2016—2019年间大力实施的失信联合惩戒制度作为主体约束,旨在提高企业违法失信成本。但是,由于严重违法失信企业寻求“不当帮助”、市场性失信惩戒失灵等原因,失信联合惩戒制度在债务融资方面的作用适得其反。选择环保领域严重违法失信上市企业为研究对象,理论分析并实证检验了失信联合惩戒制度在债务融资方面的整体作用。实证证据表明:在失信联合惩戒制度大力实施期间,企业环保领域严重违法失信后,未出现债务融资困难,结构调整后,债务融资成本不但未提高反而降低。我国失信联合惩戒制度在债务融资方面存在局限。建议:应当加大失信信息共享应用的力度,提高违法失信成本,使其在行政性失信惩戒与市场性失信惩戒二者的共同作用下保持合理可比水平。Between 2016 and 2019,China vigorously implemented the Joint Punishment System for Dishonesty as a subject-based constraint to increase the cost of enterprises law-breaking and bad faith behavior.However,due to factors such as enterprises seeking improper assistance and the market reputation punishment failure,the Joint Punishment System for Dishonesty may have a contrary efficacy on debt financing.This paper theoretically analyzes and empirically tests the overall debt financing impact of the Joint Punishment System for Dishonesty on listed companies with serious environmental violations.Empirical evidence shows that enterprises did not experience difficulties in debt financing after serious environmental violations.Moreover,after structural adjustments the debt financing of enterprises with serious environmental violations ended up getting a cost reduction.The Joint Punishment System for Dishonesty had a contrary efficacy on debt financing.At present,while focusing on behavior-based constraint,it is suggested that the sharing and utilization of dishonesty information should be strengthened to raise the cost of law-breaking and bad faith behavior,so that it can maintain a reasonable and comparable level under the combined effect of administrative and market-based reputation punishment.

关 键 词：失信联合惩戒 局限 债务融资 结构调整 成本降低 

分 类 号：F832[经济管理—金融学] D922.1[政治法律—宪法学与行政法学]