债权人诉讼、法治环境与异常关联交易

Creditors’ Lawsuits,Rule of Law Environment and Abnormal Related Party Transaction

法律执行中的投资者保护效果是当前的重要议题之一。本文以债权人诉讼为研究对象,考察其对上市公司关联交易行为的影响。关联交易的过度采用,不但会损害中小股东的利益,而且会侵害债权人的利益。本文的实证结果表明,针对企业较频繁的关联交易行为,债权人可能会利用司法途径等手段寻求对上市公司的积极治理。在债权人起诉上市公司后,关联交易受到很强的抑制,特别是异常关联交易行为大幅减少。进一步的分析发现,在法治环境较好的地区,债权人诉讼的治理效果更明显。本文对于从微观角度理解法律的债权人保护效果具有重要意义,也是对法律在当前法治化建设中实践效果的重要检验,有利于进一步完善依法治市决策。

Currently, legal system construction is one of the most important topics.Based on the sample of creditors’ lawsuits, we try to examine whether the debt lawsuits can restrain listed firms’ related transaction behavior. Too many related party transactions will not only harm the interests of small and medium shareholders, but also harm the interests of creditors. Our empirical results show that creditors may use the legal way to seek active governance of listed firms and after creditor sues the firm, the related party transaction is restrained greatly, especially for the abnormal related transaction behavior. In addition, we find that the results are much more pronounced for firms with better legal environment. Our study is of great significance to understand how creditors use legal ways to protect their interests and it is also an important test about the effect of law in the current legal system construction, which is helpful to further improve the decision about ruling capital market by law.