资金占用、民事诉讼与债权人保护

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

资金占用、民事诉讼与债权人保护

王彦超¹, 姜国华²

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. 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/Abstract

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

王彦超, 姜国华. 资金占用、民事诉讼与债权人保护[J]. , 2016, 28(1): 191-204.

Wang Yanchao, Jiang Guohua. The Effect of Litigation on Tunneling of Debt[J]. , 2016, 28(1): 191-204.

参考文献

[1] LaPorta R., Lopez-de-Silanes F., Shleifer A., Vishny R. Law and Finance[J]. Journal of Political Economy, 1998,106(6):1113-1155
[2] Armour J., Deakin S., Prabirjit S., Siems M., Ajit S. Shareholder Protection and Stock Market Development: An Empirical Test of the Legal Origins Hypothesis[J]. Journal of Empirical Legal Studies, 2009,6(2):343-380
[3] Atanasov V., Black B. S., Ciccotello C., Gyoshev S. B. How Does Law Affect Finance? An Examination of Equity Tunneling in Bulgaria[J]. Journal of Financial Economics, 2010,96(1):155-173
[4] Jiang G., Lee C., Yue H. Tunneling Through Interoperate Loans: The China Experience[J]. Journal of Financial Economics, 2010,98(1):1-20
[5] Jiang G., Rao P., Yue H. Tunneling Through Non-operational Fund Occupancy: An Investigation Based on Officially Identified Activities[J]. Journal of Corporate Finance, 2015,32(1):295-311
[6] Donelson D. C., Mcinnis J. M., Mergenthaler R. D. Discontinuities and Earnings Management: Evidence from Restatements Related to Securities Litigation[J]. Contemporary Accounting Research, 2013,30(1):242-268
[7] Brochet F., Srinivasan S. Accountability of Independent Directors: Evidence from Firms Subject to Securities Litigation[J]. Journal of Financial Economics, 2014,111(2):430-449
[8] Dai Z., Jin L., Zhang W. Executive Pay-Performance Sensitivity and Litigation[J]. Contemporary Accounting Research, 2014,31(1):152-177
[9] Chen C., Martin X., Wang X. Insider Trading, Litigation Concerns, and Auditor Going-Concern Opinions[J]. The Accounting Review, 2013,88(2):365-393
[10] DeFond M., Zhang J. A Review of Archival Auditing Research[J]. Journal of Accounting and Economics, 2014,58(2):275-326
[11] Kaplan S. E., Williams D. D. Do Going Concern Audit Reports Protect Auditors From Litigation? A Simultaneous Equations Approach[J]. The Accounting Review, 2013,88(1):199-232
[12] 毛新述,孟杰.内部控制与诉讼风险[J]. 管理世界, 2013,242(11):155-165
[13] 潘越,潘健平,戴亦一.公司诉讼风险、司法地方保护主义与企业创新[J]. 经济研究, 2015,50(3):131-145
[14] Venkataraman R., Weber J. P., Willenborg M. Litigation Risk, Audit Quality and Audit Fees: Evidence from Initial Public Offerings[J]. The Accounting Review, 2008,83(5):1315-1345
[15] Rogers J., Van Buskirk A. Shareholder Litigation and Changes in Disclosure Behavior[J]. Journal of Accounting and Economics, 2009,47(1):136-156
[16] Djankov S., Hart O., McLiesh C., Shleifer A. Debt Enforcement around the World[J]. Journal of Political Economy, 2008,116 (6):1105-1149
[17] Jensen M. C., Meckling W. H. Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure[J]. Journal of Financial Economics, 1976,3(4):305-360
[18] Qian Y. A Theory of Shortage in Socialist Economies Based on the Soft Budget Constraint[J]. American Economic Review, 1994,84(1):145-156
[19] Faccio M., Lang H. P., Young L. Pyramiding vs Leverage in Corporate Groups: International Evidence[J]. Journal of International Business Studies, 2010,41(1):88-104
[20] Kim I., Skinner D. J. Measuring Securities Litigation Risk[J]. Journal of Accounting and Economics, 2012,53(2):290-310
[21] Jian M., Wong T. Propping through Related Party Transactions[J]. Review of Accounting Studies, 2010,15(1):70-105
[22] Wang Kun, Xing Xiao. Controlling Shareholders Tunneling and Executive Compensation: Evidence from China[J]. Journal of Accounting and Public Policy, 2011,30(4):89-100
[23] 孙艳霞,鲍勤,汪寿阳.房地产贷款损失与银行间市场风险传染——基于金融网络方法的研究[J]. 管理评论, 2015,27(3):3-15
[24] 杨博,魏先华,杨晓光.欧债危机中商业银行流动性管理研究——主权信用评级变化差异的视角[J]. 管理评论, 2015,27(5):9-18