司法体制改革能否抑制公司违规——基于地方法院人财物省级统管改革的准自然实验

Can the Judicial System Reform Curb Corporate Violations:A Quasi-natural Experiment Based on the Reform of Provincial Control of Human Resources and Property in Local Courts

以省以下地方法院人财物统一管理改革为准自然实验,基于2007-2020年我国A股上市公司的数据,采用渐进双重差分法,考察了司法体制改革对公司违规的影响。研究发现:司法体制改革能够显著降低公司违规倾向和违规频数,且经过一系列稳健性检验后该结论依然成立,但政策效果因公司规模、产权性质和司法异地管辖而存在较大差异,其中小规模企业、民营企业和非司法异地管辖注册地企业的获益更大。从影响机制看,司法体制改革通过缓解企业融资约束和提升公司治理来抑制公司违规。

This paper examines the impact of the reform of the judicial system on corporate violations in China's A-share listed companies between 2007 and 2020.The study employs the staggered difference-indifference method to explore the effects of the reform of universal management of human resources and property in local courts below the province.The findings demonstrate that the reform of the judicial system can significantly mitigate the frequency and tendency of corporate violations.This conclusion is robust even after conducting several tests.However,the effect of the reform varies depending on factors such as the size of the company,the nature of property rights,and the jurisdiction of different jurisdictions.Notably,small-scale enterprises,private enterprises,and enterprises in non-jurisdictional jurisdictions benefit more from the reform of the local judicial system.The study further reveals that the reform of the judicial system has a positive influence mechanism on curbing corporate violations by easing corporate financing constraints and enhancing corporate governance.