中国民营上市公司债务融资破产威胁功效的实证研究

Empirical Analysis about the Effectiveness of Debt Financing Bankruptcy Threat to Private Listed ST Companies

以2002～2007年陷入财务危机的民营上市公司（ST公司）为研究样本．通过相关分析实证检验了中国债务融资的破产威胁功效.研究发现，中国民营上市公司债务融资总体上对财务状况恶劣的公司起到了债务治理作用，发挥了破产威胁功效。短期债务能够对陷入财务危机的民营上市公司起到改善业绩的作用，较好地发挥破产威胁功效，而长期债务未能发挥破产威胁作用。银行贷款能够促进陷入财务困境的民营上市公司改善业绩，发挥破产威胁功效，而商业信用却没能发挥破产威胁功效。

This paper takes the private listed ST Companies which drifted into financial crisis from 2002 to 2007 as the research samples, empirically tests the effectiveness of bankruptcy threat of debt financing through relevant studies. The research result shows that the debt financing of Chinese private listed companies play a debt governance role in bad financial management and exert the effectiveness of bankruptcy threat. Short - term debt that brings bankruptcy threat into good play can help improves the performance of private listed companies which sinking into financial crisis. While, as long -term debt occupies a very small share in debt maturity structure, it has a scarce effect of bankruptcy threat. Bank loans boost the performance of financial crisis companies and therefore exerted the bankruptcy threat effect; on the contrary, commercial credit has no bankruptcy threat effect.