物权制度改革有助于企业去杠杆吗

Can the Reform of Real Right System Help Enterprises De-Leverage

使用2005—2009年民营上市公司数据,运用固定效应模型,实证分析了以《物权法》实施为标志的物权制度改革对企业杠杆率的影响机理。研究发现:(1)《物权法》的实施显著降低了企业杠杆率;(2)《物权法》降低企业杠杆率是通过强化物权保护渠道实现的;(3)《物权法》通过降低企业杠杆率优化了企业资本结构。企业是生成金融风险的微观主体,降低企业杠杆率也就相应降低了社会金融风险水平,这为物权制度改革能够降低社会金融风险水平提供了微观证据。因此,应继续加强物权保护,并进一步强化对知识产权等无形资产的保护,以降低企业杠杆率,优化资本结构,缓释金融风险。

By making use of the data of private listed companies from the 2005 to 2009, this paper applies the fixed effect model to empirically analyze the influencing mechanism of the real right reform which is marked by the implementation of the Property Law on the enterprise leverage ratio. The findings show that： （1） the implementation of the Property Law has significantly reduced the enterprise leverage ratio; （2） reducing the enterprise leverage ratio by the implementation of the Property Law is realized through strengthening the protection of the property rights; （3） through reducing the enterprise leverage ratio, the Property Law has optimized the enterprise capital structure. The enterprise is the microcosmic body which would generate financial risks, to reduce the enterprise leverage ratio is also to reduce the level of the social financial risks accordingly, which provides microscopic evidences for the fact that the property right reform can reduce the level of the social financial risks. Therefore, we should continuously strengthen the protection of property rights and further strengthen the protection of intellectual property and other intangible assets, so as to reduce the enterprise leverage ratio, optimize the capital structure, and release financial risks.