摘要
本文将2013-2015年的“官员”独立董事辞职事件作为一项准自然实验,并基于2010-2017年中国上市公司的经验证据,实证检验了政治关联断损对企业债务风险的影响。研究发现:(1)政治关联断损对企业的债务风险有显著的负面影响;(2)政治关联断损对企业债务风险的影响在非国有和处于市场化水平较低地区的企业中更加显著。
This article takes the resignation of independent directors of"officials"from 2013 to 2015 as a quasi-natural experiment,and based on the empirical evidence of Chinese listed companies from 2010 to 2017,it empirically tests the impact of political connections breakage on corporate debt risks.The study found that:(1)the impact of political connections breakage has a significant negative impact on corporate debt risks;(2)the impact of political connections breakage on the corporate debt risks is more significant in non-state-owned enterprises and areas with low market level.
作者
陈岩
Yan Chen(School of Management Science and Engineering Nanjing University of Information Science and Technology,Nanjing,Jiangsu)
关键词
政治关联断损
企业债务风险
多期双重差分法
Political Connections Breakage
Corporate Debt Risks
Difference-in-Differences with Multiple Time Period
