企业诉讼、信号传递与融资约束

Corporate Litigation,Signal Transmission and Financial Constraints

随着市场不确定性的增加和法治化进程的推进,企业的诉讼风险不断增加。涉诉会如何影响企业的融资状况?基于信号传递理论,本文采用了2000—2017年的A股非金融类上市公司样本,考察了诉讼风险对于企业融资约束的影响。实证研究发现:诉讼会导致企业陷入融资约束;企业陷入资金类诉讼时,融资约束会更加严重;相比于以原告身份涉诉的企业及国有企业,以被告身份涉诉的企业及民营企业在诉讼后将面临更强的融资约束。因此,企业应增强法律意识、契约精神以及抵御诉讼风险的能力,政府应该努力营造公平的司法环境与融资环境,降低诉讼风险给企业带来的负面影响。

With the increase of market uncertainty and the advancement of the legalization process,corporate litigation risk is increasing.How does the litigation affect corporates’financial constraints?Based on the theory of signal transmission,this paper uses the sample of A-share non-financial listed companies from 2000 to 2017 to investigate the impact of litigation risk on corporate financial constraints.The empirical analysis suggests that litigation may lead to higher financial constraints;when enterprises face fund-related litigation cases,the constraints will be tightened;compared with plaintiff enterprises and state-owned enterprises,defendant enterprises and private enterprises face stronger financing constraints after litigation.Therefore,enterprises should improve legal awareness as well as contractual spirit,and increase their resilience to litigation risks.The government should strive to create a fair judicial and financial environment,and reduce negative impact of litigation risk may bring to firms.