债权人诉讼与企业投资效率:机制与路径

Creditor Litigation and Enterprise Investment Efficiency: Mechanism and Path

本文以债权人诉讼为视角,检验了诉讼之后上市公司投资效率的变化情况。实证结果发现,债权人诉讼能够有效提高上市公司的投资效率,并且在一定程度上对过度投资和投资不足行为都存在显著的影响。进一步的研究表明,不同债权人类型和不同企业性质治理的效果存在一定差异,具体来讲,在银行类金融机构债权人和非国有上市公司中,债务诉讼的治理作用更加显著。在诉讼的治理路径研究中发现,涉诉公司通过变更管理层来发挥债权治理作用。

From the perspective of creditor litigation, this paper examines the changes in the investment efficiency of listed companies after the litigation.The empirical results show that creditor litigation can effectively improve the investment efficiency of listed companies, and to a certain extent, it has a significant impact on both over-investment and under-investment behaviors.Further research shows that there are certain differences in the governance effects of different types of creditors and different types of enterprises.Specifically, in the creditors of banking financial institutions and non-state-owned listings, the governance effect of creditor litigation is more significant.In the study of the governance path of litigation, it is found that the company involved in the lawsuit plays the role of debt governance by changing the management.