债权人自我保护、能力差异与法治环境——基于证监会处罚公告的经验证据

发布时间：2018-01-10 23:04

本文关键词：债权人自我保护、能力差异与法治环境——基于证监会处罚公告的经验证据　出处：《山西财经大学学报》2012年04期 　论文类型：期刊论文

【摘要】：以2005～2008年被中国证监会处罚的上市公司为样本,考察了不同类型债权人自我保护能力的差异以及法治环境对债权人自我保护能力的影响。研究发现,舞弊公司次年资产负债率、流动负债、银行借款、短期借款较未舞弊公司有大幅下降;舞弊与未舞弊公司次年非流动负债、商业信用、长期借款的变化无显著差异;法治环境较差地区的舞弊公司次年资产负债率、银行借款及短期借款的降幅更为明显。该结果表明,总体上债权人具备自我保护能力,但不同类型债权人的自我保护能力存在显著差异,债权人自我保护与法律保护互为替代。
[Abstract]:From 2005 to 2008, the listed companies punished by CSRC were taken as samples. This paper examines the differences of the self-protection ability of different types of creditors and the influence of the legal environment on the self-protection ability of creditors. Short-term loans were significantly lower than those of non-fraudulent companies; There is no significant difference between fraud and non-fraud companies in the following year of non-current liabilities, commercial credit, long-term borrowing; The rate of assets and liabilities, bank borrowing and short-term borrowing of fraudulent companies in areas with poor rule of law declined more significantly the next year. The results showed that creditors in general had the ability to protect themselves. However, there are significant differences in the ability of self-protection between different types of creditors, and creditors' self-protection and legal protection are substitutes for each other.
【作者单位】：江西师范大学财政金融学院;武汉纺织大学会计学院;南昌工程学院经济贸易学院;
【基金】：国家自然科学基金资助项目“机构投资者禀赋差异对其选股偏好及作用于公司效应的影响研究——来自后股改时期的证据”(项目批准号:71002052) 教育部人文社会科学研究项目“治理环境、外部监督机制与上市公司财务舞弊防范”(项目批准号:09YJC630108)
【分类号】：F832.51;F224
【正文快照】： 债权人利益保护及其在公司治理中的作用一直是公司财务研究的焦点(Gillan,2006)。作为公司资金主要提供者之一的债权人,其与企业股东、高层管袁春生1,祝建军2,汪涛武3(1.江西师范大学财政金融学院,江西南昌330022;2.武汉纺织大学会计学院,湖北武汉430073;3.南昌工程学院经济

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