›› 2016, Vol. 28 ›› Issue (1): 191-204.

• 会计与财务管理 • 上一篇    下一篇

资金占用、民事诉讼与债权人保护

王彦超1, 姜国华2   

  1. 1. 中央财经大学会计学院, 北京 100081;
    2. 北京大学光华管理学院, 北京 100871
  • 收稿日期:2014-11-05 出版日期:2016-01-30 发布日期:2016-02-01
  • 作者简介:王彦超,中央财经大学会计学院副教授,硕士生导师,博士;姜国华,北京大学光华管理学院教授,博士生导师,博士。
  • 基金资助:

    国家自然科学基金项目(71572210;71102123;71472007);中央高校基本科研业务费专项资助;中央财经大学科研创新团队支持计划资助。

The Effect of Litigation on Tunneling of Debt

Wang Yanchao1, Jiang Guohua2   

  1. 1. School of Accountancy, CentralUniversity of Finance and Economics, Beijing 100081;
    2. Guanghua School of Management, Peking University, Beijing 100871
  • Received:2014-11-05 Online:2016-01-30 Published:2016-02-01

摘要:

法律在多大程度上可以保护投资者利益是依法治国的重要课题之一。大股东对上市公司的掏空行为,不仅伤害了中小股东,更伤害了债权人利益。资金占用规模持续上升加剧了债权人与股东之间的代理冲突。为了约束大股东行为,债权人会通过引进法律这一外部治理机制解决代理冲突,通过诉讼参与公司治理,保护自身的利益。基于手工整理的中国债务诉讼数据,本文发现,大股东占用上市公司资金比例越高,越容易引起债权人诉讼,特别是在债权人对公司控制力较弱时,这一关系更加密切;上市公司被债权人起诉后,从第2年开始,资金占用情况得到抑制,表明法律诉讼在一定程度上可以约束大股东行为,影响公司内部治理,保护债权人利益。

关键词: 债权掏空, 诉讼, 债权人保护

Abstract:

It is one of vital issues on rule of law to study the effect of law on investor protection. Tunneling of firm by large shareholder can not only cause damage to the minority shareholders, but impair thevalue of creditors. Increasing rise of other receivables in firm will intensify agency conflict between shareholder and creditors. To regulate the behavior of large shareholder, creditors will fall back on the law as outside governance that lessens the conflict between shareholder and creditors, which can protect creditor`s rights. Based on the hand collected debt lawsuits from 1998-2007 in China, the results show that occurrence of litigation keep positive correlation with degree of tunneling via internal corporate loan, and the relationship get strongly when there are less leverage in firm. Since second year after litigation against firm, degree of tunnel from large shareholder get less, which verifies the effect of litigation on the creditor protection, and of the law as outside governance on controlling shareholder behavior.

Key words: tunneling debt, litigation, creditor protection