集体声誉、产权性质与债务融资——基于中国高校系上市公司的准自然实验

Group Reputation, Ultimate Ownership and the Impacts on Debt Financing ——A Quasi-experiment from University-Controlled Listed Companies in China

我国A股市场较为独特的高校系上市公司为研究集体声誉如何作用于个体行为提供了一项准自然实验,从债务融资规模和期限结构等视角研究了集体声誉、产权性质与企业外部债务融资之间的关系。研究发现,集体声誉对上市公司的融资规模具有较显著的正向作用,但当个体行为能较好地被市场观测时,集体声誉作用较弱,个体声誉作用较强,表现为与其他非高校系上市公司相比,高校系上市公司的债务期限较短。此外,随着以商业银行为主体的借贷市场市场化程度的提高,样本期间,银行信贷政策并未偏袒于经行业和资本规模匹配的国有上市公司。因此,高度重视高校声誉对高校系上市公司的影响,完善高校系上市公司治理结构至关重要,深入推进金融和产权市场化改革。

For examining the effect of collective reputation on individual behavior, a quasi-natural experiment is provided by the listed companies controlled by colleges or universities, which are unique in China’s a-share market. From the perspective of debt financing scale and term structure, this paper studies the relationship between collective reputation, ownership and corporate external debt financing. The paper reveals that the individuals benefit from the group reputation on a whole but weakly when the individuals’ negative events can be well observed. By comparison, the university-controlled listed companies get more short-termed but less long-termed debt financing. Therefore, it is much important to give an insight into the impact of group reputation on the university-controlled listed companies, to improve the corporate governance structure of university-controlled listed companies, and to push forward the reform of financial and property right marketization.