担保物权制度改革影响了公司股价崩盘风险吗?——基于双重差分法的研究

Does the Reform on Security Interests System Affect the Company's Crash Risk?——Research Based on Difference-in-Differences Method

探究法律制度变化对公司股价崩盘风险的影响,对中国金融市场发展以及《民法典》的完善具有十分重要的意义,由此采用双重差分法考察其对公司股价崩盘风险的影响。研究发现:担保物权制度改革通过减小企业的融资约束显著降低了股价崩盘风险。进一步通过三重差分法进行异质性检验结果表明,在法律制度环境较好、市场化进程较快、政府关系程度较强的地区,该降低作用相对更大。因此,法律制定者在进一步完善担保物权制度时,应当针对不同企业采取差别化措施,从而促进金融市场良性发展。

Exploring the impact of changes in the legal system on corporate crash risk is of great significance to the development of China's financial market and the improvement of the civil code.Therefore,the difference-in-differences method is used to systematically investigate the impact of the reform of security interests system on corporate crash risk.The research shows that:The reform of security interests system has greatly reduced the stocks crash risk by reducing the financial constraints of enterprises.Furthermore,the results of the heterogeneity test through the difference-in-difference-in-differences method shows that in regions with a better developed legal system environment,a higher degree of marketization,and a stronger government relationship,the reform of security interests system has a relatively greater effect in reducing the corporate crash risk.Therefore,when legal makers further perfect the security interests system,they should take different measures for different enterprises,so as to promote the sound development of the financial market.