官司、声誉与上市企业更名

发布时间：2018-02-14 12:52

本文关键词： 企业更名声誉官司诉讼信息不对称　出处：《经济研究》2017年01期 　论文类型：期刊论文

【摘要】：本文以声誉为着眼点,对我国上市企业更名与被诉官司之间的关系进行了理论和实证分析。研究发现,被诉官司引致的负面声誉冲击会显著、稳健地提高企业更名概率,而其中尤以资金和产权类官司的效应最强。影响机制方面,官司的声誉效应更多表现为加剧企业融资困境和内部代理冲突,并形成企业更名的主要诱因,相对而言产品市场则因信息迟滞等原因而并非关键的传递途径。我们的研究表明,被诉官司的确类似于负面的商业性信用评级,向市场传递了企业的声誉信号,但企业更名却在一定程度上弱化了这种声誉信号的作用。
[Abstract]:Based on reputation, this paper makes a theoretical and empirical analysis of the relationship between the name change of listed enterprises in China and the lawsuit. The research shows that the negative reputation impact caused by the lawsuit will be significant, and the probability of corporate renaming will be improved steadily. Among them, the effect of fund and property rights litigation is the strongest. In terms of influencing mechanism, the reputation effect of the lawsuit is more manifested in exacerbating the financing dilemma and internal agency conflict of enterprises, and forming the main inducement for the enterprise to change its name. In contrast, the product market is not a key channel of transmission due to information delays. Our research shows that the lawsuit is indeed similar to a negative commercial credit rating, sending a corporate reputation signal to the market. But the change of name weakens the effect of this kind of reputation signal to some extent.
【作者单位】：南开大学经济学院国际经济研究所;南开大学经济学院国际经济贸易系;
【基金】：国家自然科学基金面上项目(71273142) 教育部哲学社科重点研究基地重大课题(15JJD790017) “中国特色社会主义经济建设协同创新中心”(2011协同创新中心)的资助
【分类号】：D925.1;F272

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