金融生态环境、产权性质与负债的治理效应

Financial Ecological Environment,the Ownership Nature of the Ultimate Controller,the Governance Effect of Financing Debts

本文利用2001—2004年上市公司是否进行了债务重组的数据来研究金融生态环境和企业最终控制人性质对融资性负债治理效应的影响。本文发现,相对于在金融生态环境较差地区,金融生态环境较好地区上市公司的融资性负债水平与债务重组之间的正相关关系较弱;在金融生态环境较差地区,相对于最终控制人为非国有的上市公司,最终控制人为国有的上市公司的融资性负债水平与债务重组之间的正相关关系较弱;在金融生态环境较好地区,最终控制人为非国有的上市公司的融资性负债水平与债务重组之间是负相关关系,而最终控制人为国有的上市公司的融资性负债水平与债务重组之间关系却发生了逆转,呈现为正相关关系。本文的发现意味着,作为市场运行的"基础设施",金融生态环境有助于融资性负债发挥治理效应,但此效应会被政府作为国有控股上市公司最终控制人所具有的"父爱效应"所削弱。

This paper explores the relation among financial ecological environment, the ownership nature of the ultimate controller and the governance effect of financing debts by using the debt restructuring data of listed companies during 2001--2004. We document that, （ 1 ） Compared with the listed companies located in the area where the financial ecological environment is relatively bad （hereafter, FENV B）, the positive relation between financing debt and the probability of debt restructuring is weaker in the listed companies located in the area where the financial ecological environment is relatively good （hereafter, FENV_ G）. （2） In the FENV_ B, compared with the non-state-controlled listed companies （hereafter, NSCEs）, the positive relation between financing debt and the probability of debt restructuring is weaker in the state-controlled listed companies （hereafter, SCEs）. （3） In the FENV_ G, as to NSCEs, the relation between financing debt and the probability of debt restructuring is negative, but when it comes to SCEs, the relation is reversed to be positive. Our findings suggest that the financial ecological environment and the ownership nature of the ultimate controller have different effects on the governance role of the financing debt in listed companies. As a result, the reform of government objectives, government functions, and the ownership structure of the SCEs is not less important than the improvement of the financial ecological environment.