抵押品清单扩大、过度杠杆化与企业破产风险——动产抵押法律改革的“双刃剑”效应

发布时间：2018-06-04 22:26

本文选题：动产抵押法律改革 + 抵押品清单　；参考：《中国工业经济》2017年07期

【摘要】：2007年《物权法》和《动产抵押登记办法》的颁布,扩大了可移动固定资产抵押标的物范围,明确了可移动固定资产抵押的具体内容。本文针对这一法律改革冲击,以2002—2015年A股上市公司为样本,通过"准自然实验"的双重差分和匹配估计发现:动产抵押法律改革带来的抵押品清单扩大,有助于可移动固定资产密集型行业拓宽融资渠道,导致杠杆率上升;这种信用增进导致企业预防性动机下降,资本结构中现金留存减少;基于Altman-Z值的风险分析进一步发现企业破产风险显著上升。研究结果揭示了这次改革的"双刃剑"效应:一方面有显著的信用增进作用;另一方面也有放大公司破产风险的负面作用。本文对企业可移动固定资产指数的计算,有助于明晰可移动固定资产的行业分布和对企业融资影响的演化过程。进一步增加考虑商业周期、结构差异和剂量效应的稳健性检验,也均显示这次法律改革冲击的影响很显著。文章的研究结论有利于全面观察动产抵押法律改革的实际效果,也揭示了企业过度杠杆化演化进程中的一个制度来源,丰富了MM定理有关公司资本结构的制度和法律因素,对于法与金融领域关于动产抵押法律效应的研究具有参考价值。
[Abstract]:The promulgation of the Real right Law and the Registration method of movable assets Mortgage in 2007 expands the scope of the subject matter of movable fixed assets mortgage and clarifies the specific content of movable fixed assets mortgage. In view of the impact of this law reform, this paper takes A share listed companies from 2002 to 2015 as a sample, and finds that the mortgage list of chattel mortgage law reform is enlarged through the double difference and matching estimation of "quasi-natural experiment". It helps to widen financing channels in mobile fixed-asset intensive industries, resulting in a higher leverage ratio; this credit enhancement leads to a decrease in precautionary motivation and a decrease in cash retention in the capital structure; Risk analysis based on Altman-Z value further found that enterprise bankruptcy risk increased significantly. The research results reveal the "double-edged sword" effect of this reform: on the one hand, it has significant credit enhancement role; on the other hand, it also has the negative effect of amplifying the company's bankruptcy risk. In this paper, the calculation of the index of movable fixed assets is helpful to clarify the industry distribution of movable fixed assets and the evolution process of its influence on enterprise financing. A further increase in robustness tests considering business cycles, structural differences and dose effects also shows that the impact of this law reform shock is significant. The conclusion of this paper is conducive to the comprehensive observation of the actual effect of the legal reform of chattel mortgage, and it also reveals an institutional source in the evolution process of enterprise overleverage, and enriches the institutional and legal factors of the MM theorem concerning the company's capital structure. It has reference value for the study of the legal effect of chattel mortgage in the field of law and finance.
【作者单位】：浙江大学经济学院;浙江大学民营经济研究中心、金融研究院;
【基金】：教育部重点研究基地重大项目“后危机时代民营企业并购战略研究———并购动因、融资安排与风险传染”(批准号14JJD790010) 国家自然科学基金面上项目“基于融资约束与风险传染视角的民营企业担保链问题研究”(批准号71472167)
【分类号】：D923.2

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