退市制度与公司债务融资成本——基于中国渐进式退市制度的准自然实验  

Delisting system and corporate debt financing cost:a quasi-natural experiment based on the gradual reform of delisting system of listed companies in China

作　　者：孙建军[1] 韩滋 祖楠楠 SUN Jianjun;HAN Zi;ZU Nannan(International Business School,Hainan University,Haikou 570228,China)

机构地区：[1]海南大学国际商学院,海南海口570228

出　　处：《海南大学学报(人文社会科学版)》2025年第2期58-66,共9页Journal of Hainan University (Humanities & Social Sciences)

基　　金：国家自然科学基金项目(72063005);海南省高层次人才项目(720RC580)。

摘　　要：以中国上市公司渐进式退市制度改革为准自然实验,考察了渐进式退市制度对公司债务融资成本效应的影响。选取2000—2021年沪深两市主板上市公司为样本,采用多期双重差分方法,研究结果表明,渐进的退市制度经济与统计上显著地降低公司债务融资成本。机制分析表明,渐进的退市制度通过公司会计稳健性的提高和公司代理成本的降低这两个途径减少公司债务融资成本。异质性分析表明,渐进的退市制度降低公司债务融资成本的效应在非国有公司、独立董事比例高或外部审计质量低的公司更显著。本文结论不仅拓展了外部监管对公司治理效应的研究,还为中国上市公司监管政策有效性的评估提供参考。This paper studies the governance role of delisting regulation from the perspective of corporate debt financing cost,takes the gradual reform of the delisting system of listed companies in China as a quasinatural experiment,selects the listed companies on the main board of Shanghai and Shenzhen stock exchanges from 2000 to 2021 as samples,adopts the multi-stage differential method,The research results show that the gradual delisting system reform can significantly reduce corporate debt financing costs economically and statistically.The mechanism of delisting supervision is to improve the accounting conservatism of the company and reduce the agency cost of the company,thus reducing the information asymmetry of creditors and reducing the debt financing cost of the company.Heterogeneity analysis shows that the effect of gradual delisting system reform on reducing the debt financing cost of enterprises is more significant in non-state-owned enterprises,companies with high proportion of independent directors or companies with low quality of external audit.The research in this paper expands the literature on the effect of external supervision on corporate governance,and the research conclusions have reference significance for the effective governance of listed companies in China.

关 键 词：退市制度 债务融资成本 渐进 多期双重差分模型 

分 类 号：F832[经济管理—金融学]