摘要
本文从上市企业风险承担的视角,研究了中国背景下的"法与金融"对企业行为的影响。研究发现,地区金融发展和法治深化均与上市企业风险承担水平负相关,而两者的交互项与上市企业风险承担水平正相关。上述发现在国有企业样本中更为显著。进一步研究表明,金融发展和法治深化能够通过影响债务融资结构,进而影响企业风险承担。本文的发现揭示了"法与金融"的发展在中国的经济转型进程中对激励企业成长的异质性作用。
In view of risk-taking of listed finns, this paper explores the impact of ＂law and finance＂ on finn behavior under China background. Our findings indicate that both financial development and legal enforcement are negatively associated with finn risk-taking, while their interaction term is positively associated with finn risk-taking. These findings are more pronounced for state-owned finns. Further analyses indicate that financial development and legal enforcement can exert influence on finn risk-taking by affecting debt structure. Our findings reveal heterogeneous impacts of the development of ＂law and finance＂ on encouraging firm growth in China＇s transition economy.
出处
《投资研究》
CSSCI
2017年第4期4-23,共20页
Review of Investment Studies
关键词
金融发展
法治深化
企业风险承担
Financial development
Law enforcement
Finn risk-taking
