债务融资和掠夺-来自中国家族上市公司的证据

以295家公司为样本,本文重点探讨我国家族上市公司债务融资的动机。结果发现,无论是用短期债务融资还是长期债务融资来衡量,银行借款行为都反映了家族终极控制人的掠夺动机。具体表现为:终极控制权和所有权的分离程度越大,负债融资的比例越高;在治理环境不完善的地区,这一特征尤其明显。这说明上市公司进行银行融资的目的不是为了发挥债务的治理效应,而是为了增加其可以控制的资源,为终极控制人的掏空行为提供便利。本文的分析有提醒金融监管当局防范金融风险的政策含义。

Debt and Expropriation:Evidence from China's Family-Controlled Listed Firms

Using the data of 295family-controlled listed-firms,this paper explores the relationship between ultimate control and financial debt.It is found that both the short-term debts and long-term debts from banks reflect the tunneling motivation of controlling families.The debt increases with the wedge between ownership and control,especially in a poor institutional environment.The study suggests that financial debt facilitates the expropriation of controlling families,rather than plays a role of governance.