法律诉讼与公司财务政策

发布时间：2019-01-05 15:27

【摘要】：本文研究了法律诉讼能否通过影响市场资源配置和管理者行为,对公司财务政策产生影响,从而发挥公司外部治理功能。本文整理了2000~2013年我国上市公司资金类法律诉讼事件,运用面板数据模型和双重差分(DID)方法检验了法律诉讼对被告公司财务政策的影响。结果发现:一、法律诉讼使被告公司的投资和融资规模显著降低;二、法律诉讼对规模较小和信息不对称程度较高的公司财务政策影响更大;三、遭受法律诉讼后,外部融资依赖较强的公司总融资所受影响更大,但投资所受影响与外部融资依赖较弱的公司相比无明显差异。结果揭示了法律诉讼能够发挥外部治理功能,有效监督上市公司的财务行为。
[Abstract]:This paper studies whether the legal action can influence the financial policy of the company by influencing the allocation of the market resources and the behavior of the manager, thus exerting the external governance function of the company. In this paper, the author collates the cases of capital litigation of listed companies in China from 2000 to 2013, and examines the influence of legal proceedings on the financial policies of defendant companies by using panel data model and double differential (DID) method. The results are as follows: first, the scale of investment and financing of the defendant company is significantly reduced by the legal proceedings; second, the legal proceedings have a greater impact on the financial policy of the company with smaller scale and higher degree of information asymmetry; Third, after the legal proceedings, the total financing of the companies with strong dependence on external financing is more affected, but the impact of investment is not significantly different from that of the companies that rely less on external financing. The results reveal that legal litigation can exert external governance function and effectively supervise the financial behavior of listed companies.
【作者单位】：中山大学岭南学院;
【基金】：国家自然科学基金项目(71572203,71172161) 教育部哲学社会科学研究重大课题攻关项目(14JZD007),教育部人文社科重点研究基地中山大学港澳珠三角研究中心的资助广东省人文社会科学研究重大攻关项目(11ZGXM79001) 港澳与内地合作发展协同创新中心
【分类号】：F275;D922.291.91

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