金融法治建设如何支持实体经济——基于长期债务融资的视角  

How Does Financial Rule of Law Construction Support the Real Economy:From the Perspective of Long-Term Debt Financing

作　　者：李建军[1] 范志昊 LI Jian-jun;FAN Zhi-hao(School of Finance,Central University of Finance and Economics)

机构地区：[1]中央财经大学金融学院

出　　处：《中国工业经济》2024年第12期80-97,共18页China Industrial Economics

基　　金：国家自然科学基金面上项目“流量思维盈利模式、市场结构与货币政策传导机制研究”(批准号72473165)。

摘　　要：长期债务是资本形成和实体经济健康发展的重要支撑。然而,中国企业的长期负债率明显偏低且普遍面临“短债长用”的问题,阻碍了企业健康发展。如何优化制度设计、改善企业的债务期限结构,进而支持实体经济高质量发展,是亟须回答的重要问题。本文以各地中级人民法院金融审判庭设立作为自然实验,结合2007—2022年中国A股上市公司数据,实证探究了金融法治建设对企业长期债务融资的影响。研究发现,金融审判庭设立能够提高企业长期负债率。机制分析表明,提升司法审判效率、增强司法执行效果和降低信息不对称是金融审判庭发挥作用的潜在机制。异质性分析表明,长期负债率上升主要来自长期借款的增加,并且这一效应在银行竞争更强的地区更显著。对比不同改革方式发现,金融审判庭的影响强于金融合议庭。进一步地,金融审判庭主要影响企业负债结构,对于企业负债规模和负债成本并无显著影响。经济后果分析表明,金融审判庭设立降低了企业“短债长用”水平,并最终扩大了企业长期投资规模。本文揭示了金融法治建设对于企业长期债务融资的重要影响,为完善中国金融法治体系、优化企业债务期限结构、促进金融更好地服务实体经济提供了重要的政策启示。Debt plays a crucial role in the development of the real economy, while long-term debt is directly linked to long-term capital formation and is the driver for capital accumulation and economic growth. However, compared with firms in major economies around the world, the long-term debt ratio of Chinese firms is significantly lower, which leads to the problem of short-term debt for long-term use that constrains Chinese firms' development. In this context, it is important to understand the causes of Chinese firms' low long-term debt ratio, and optimize the institutional design to adjust the debt maturity structure of Chinese firms, which is crucial for China's high-quality economic development.The lack of long-term debt of Chinese firms is a long-lasting phenomenon. Compared to short-term policies, institutional reason is more accountable for its formation. Therefore, the more essential solution to improve the long-term debt financing of firms is the institutional reform in China's financial system, such as the improvement of the financial rule of law system. However, existing literature has not fully assessed how the financial rule of law construction affects firms' debt maturity structure.Whether, to what extent, and through which channel the financial rule of law construction will affect firms' long-term debt financing? This question remains to be examined.To answer this question, this paper uses the data of A-share listed companies from 2007 to 2022and empirically explores the relationship between financial rule of law construction and corporate debt financing by taking the establishment of financial tribunals in China's local courts as a natural experiment. This paper finds that the establishment of financial tribunals can significantly increase the long-term debt ratio of firms. Improving the efficiency of judicial trial and enforcement of financial cases and reducing the information asymmetry between enterprises and creditors are important mechanisms. Meanwhile, the above effect is mainly driven by the increa

关 键 词：金融法治 金融审判庭 长期债务融资 实体经济 

分 类 号：F260[经济管理—国民经济]