终极控制权、制度环境与民营上市公司债务融资

Ultimate control, institutional environment and debtfinancing of listed private enterprises

以沪、深两市2016年至2020年民营上市公司为研究样本,从公司终极控制人的角度对我国民营上市公司的控制权现状、各地区制度环境及债务融资等相关问题进行讨论,研究发现:我国民营上市公司的股权集中度较高,债务融资比例较大,地区间市场化程度有着明显的差距;终极控制权越高、政府干预程度越低、金融市场发展越完善、法律中介机构发育越好,民营企业短期债务融资越多,长期债务融资越少;制度环境较好地区的企业相对于制度环境较差地区的企业债务融资对公司终极控制权的依赖程度较低。研究结果反映了民营企业债务融资既受到微观因素终极控制权的影响,又受到宏观因素制度环境的影响,且宏观因素影响微观因素对民营企业债务融资的作用程度;终极控制权或制度环境对短期债务融资和长期债务融资的影响方向是相反的,这在一定程度上说明当前我国民营企业仍然存在较为严重的短期行为。

Taking listed private companies in Shanghai and Shenzhen from 2016 to 2020 as research samples,this paper discusses the current control and debt financing of private listed companies as well as their regional institutional environment from the perspective of the ultimate controller.Through the research,it is found that these private listed companies are characterized by a high equity concentration,a large proportion of debt financing and an obvious regional gap in marketization.Then high ultimate control,less government intervention,as well as sound financial market and legal intermediaries can all have a positive impact on the increasing short-term debt financing of private enterprises.Finally,the better institutional environment the enterprise enjoys,the less their debt financing relies on the ultimate company control.The results show that the debt financing of private enterprises is affected both by the ultimate control at a micro level and the institutional environment at a macro level,with the macro factor affecting the effect of the micro factor on the company′s debt financing.The ultimate control and the institutional environment have an adverse influence on the short-term and long-term debt financing,which shows that Chinese enterprises still have serious short-term behavior to a certain extent.