担保物权制度变革对民企融资难的影响研究——来自《物权法》的准自然实验

The Research on the Influence of Collateral Property System Reform on the Financing Difficulties of Private Enterprises——Quasi-natural Experiment Research Based on Property Law

以2001—2017年民营上市企业为研究样本,基于双重差分法实证研究担保物权制度变革对民企融资难的影响。研究结果表明:以《物权法》的出台为标志的担保物权制度变革有助于解决民企融资难问题,特别有助于解决固定资产占比较低的民企融资难问题;《物权法》的出台更有助于解决受融资约束较强的民企融资难问题;与知识产权保护力度较强的地区相比,《物权法》的出台对解决民企融资难问题的影响在知识产权保护力度低的地区更强。法律制度环境的改善是有效破解民企融资难题的重要途径,中国法律制度实施效率存在地区差异,从而为破解民企融资难题提供参考启示。

Taking the private listed enterprises from 2001 to 2017 as the research samples,this paper empirically studies the impact of the reform of collateral property system on the financing difficulties of private enterprises based on the double difference method.The results show that the reform of collateral property system marked by the promulgation of Property Law is helpful to solve the financing problem of private enterprises,especially the problem of low fixed assets;the promulgation of the Property Law is more conducive to solving the financing difficulties of private enterprises with strong financing constraints;compared with regions with strong intellectual property protection,the promulgation of Property Law has a stronger impact on solving the financing difficulties of private enterprises in regions with low intellectual property protection.The improvement of legal system environment is an important way to effectively solve the financing problem of private enterprises.There are regional differences in the implementation efficiency of China’s legal system,thus providing reference for solving the financing problem of private enterprises.