证劵发行管制下的地方"护租"与上市公司财务困境风险化解

Local Government“Protection Rent”under Securities Issued Regulation and Listed Companies' Financial Distress Risk Dissolve

通过分析证券发行管制下的地方"护租"行为研究了地方政府参与辖内上市公司财务困境风险化解机制:中央政府证券发行管制形成垄断租金,地方政府围绕证券发行机会的竞争使得垄断租金转化成为可占用性准租,为了辖内公司获得未来发行证券机会,避免租值转移,地方政府积极参与辖内上市公司财务困境风险化解。上述理论分析得到了经验证据的支持。以2005—2009年处于财务困境上市公司为研究样本,发现辖内上市公司处于财务困境状况对该地区未来的公司证券发行申请通过发审委审核比例存在显著影响,地方政府则会根据自身执行能力努力减少辖内上市公司处于财务困境。本文的研究对于中国转型期证券行政监管阶段性有效,特别是地方政府积极参与辖内上市公司财务困境风险化解给出了机理性解释并提供了经验证据。

Through analysis of local government 'protection rent' under securities issued regulation, this paper study the local government to participate in the jurisdiction of listed companies' financial distress risk resolving mechanism: Monopoly rents is generated by the control of securities offerings of the central government, the competition involved in the chance of securities offerings among the local governments transfers monopoly rents to appropriable quasi rent. In order to obtaining the chance of securities offerings in future and avoiding the transferring of rents, the local government positively participate in dissolving financial risk of the companies which is in their jurisdiction. Analysis of theory above is supported by the experience evidence. Take the listed companies which is in financial risk during 2006 to 2009 as our samples, studies have found that the situation of the financial distress of companies in jurisdiction has a significant influence on the proportion of the passage of applying for future securities offerings ,which is controlled by the issuance examination committee. The local government will try their best to reduce financial distress of the listed companies in their jurisdiction according to their executive ability. Research in the paper is stage effective to administrative supervision of securities offerings in the transition period of China, specially, the mechanical explanation and experience evidence is given to interpret the dissolving the financial problem of listed companies in their jurisdiction which is positively participated by the local government.