法制环境改革对提供担保经济后果的影响效应研究

›› 2019, Vol. 31 ›› Issue (8): 26-34.

法制环境改革对提供担保经济后果的影响效应研究

冷奥琳¹, 王梦迪², 张俊瑞²

1. 西北工业大学管理学院, 西安 710072;
2. 西安交通大学管理学院, 西安 710049

收稿日期:2017-12-14 出版日期:2019-08-28 发布日期:2019-09-11
通讯作者: 王梦迪(通讯作者),西安交通大学管理学院博士研究生
作者简介:冷奥琳,西北工业大学管理学院副教授,博士;张俊瑞,西安交通大学管理学院教授,博士生导师,博士。
基金资助:
国家自然科学基金项目（71172186；71472148；71803151；71502138）；陕西省创新能力支撑计划（2018KRM057）。

The Impact of Legal System Reform on the Economic Consequences of Guarantees

Leng Aolin¹, Wang Mengdi², Zhang Junrui²

1. School of Management, Northwestern Polytechnical University, Xi'an 710072;
2. School of Management, Xi'an Jiaotong University, Xi'an 710049

Received:2017-12-14 Online:2019-08-28 Published:2019-09-11

摘要/Abstract

摘要：

中国共产党第十八次全国代表大会将依法治国作为我党治国理政建设的核心，本文将全面推动我国法制改革以及法治建设统称为法制环境改革，利用LLSV^［1］理论构建法制环境改革对公司提供担保的动机、行为及经济后果影响的机理概念模型。利用我国2007-2016年上市公司提供担保事件数据，以十八大为时间窗实证检验法制环境改革对提供担保经济后果的影响效应，发现十八大后提供担保事件的［-5,5］窗口期累计异常收益率（CAR）均值提高了0.37%，且上市公司对子公司担保，非国有上市公司担保的价值损毁效应得到显著缓解。说明法制环境改革能够有效缓解担保的价值损毁效应，抑制担保利益侵占行为。理论与实证检验证明法制环境改革是解决我国市场经济分配效率问题的有效途径。

关键词: 中共十八大, 法制环境改革, 担保, 经济后果

Abstract:

The 18th CPC National Congress has made the rule of law as the core of the governance in China, and promoting the reform of the legal system and the construction of the rule of law is collectively referred to as its legal system reform. Based on the theory of LLSV^[1], this paper constructs the theoretical basis of the impact of legal system reform on the motivations, behaviors and economic consequences of companies providing guarantees. Using the data of providing guarantees from Chinese listed companies from 2007 to 2016 and the 18th CPC National Congress as time window, this paper empirically examines the effect of legal system reform on the economic consequences of guarantees. It is found that after the 18th CPC National Congress, the cumulative abnormal returns (CAR) due to guarantee events have significantly increased by 0.37%. Moreover, the value destruction effect of the listed companies' guarantees on their subsidiaries and of the non-state-owned listed companies' guarantees is significantly alleviated. The results indicate that the legal system reform can effectively relieve the value destruction of guarantees and inhibit encroachment behaviors with guarantees. It is believed that legal system reform is a valid approach to solve the problem of the efficiency of market economy distribution in China.

Key words: the 18th CPC National Congress, legal system reform, guarantee, economic consequences

冷奥琳, 王梦迪, 张俊瑞. 法制环境改革对提供担保经济后果的影响效应研究[J]. , 2019, 31(8): 26-34.

Leng Aolin, Wang Mengdi, Zhang Junrui. The Impact of Legal System Reform on the Economic Consequences of Guarantees[J]. , 2019, 31(8): 26-34.

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