公司违规、法制环境与债务融资成本——基于倾向评分匹配(PSM)法的分析

Corporate Violation,Legal Environment and Debt Financing Cost——An Analysis Based on Propensity Score Matching( PSM) Method

文章以我国2008-2016年沪深A股上市公司为样本,通过运用倾向评分匹配(PSM)法形成配对样本并建立模型,实证研究了上市公司违规并被监管机构处罚后对债务融资成本的影响,并进一步探讨了在不同的法律环境下两者关系的差异。结果表明,相较于没有违规行为的公司,存在违规行为的公司且被监管机构处罚之后,其下一期的债务融资成本更高;进一步的研究发现,相比于高法治水平地区,低法治水平地区的公司违规行为对其债务融资成本的影响更为显著。因此公司应合法经营,减少其违规行为的发生。而在提升区域法制环境的进程中,应注重建立健全投资者保护的法律体系。

This paper,taking A-share listed companies in Shanghai and Shenzhen stock markets from 2008 to 2016 as samples,applies the propensity score matching(PSM)method to form the paired samples and builds the model.The paper empirically studies the influence of listed companies'violation and being punished by the regulators on debt financing cost,and further explores the differences between them in different legal environments.The results show that companies with violations and being punished by the regulators,compared those without violations,will have the higher debt financing cost in the next phase;The further study finds that the influence of illegal behavior of companies in the areas with low level of rule of law on debt financing cost,compared to those in the areas with high level of rule of law,will be more significant.Thus,companies should operate legally and reduce their violations.Moreover,it is important to establish a sound legal system to protect investors in the process of promoting regional legal environment.