担保物权制度改革、融资约束与企业现金持有——基于中国《物权法》自然实验的经验证据

本文以《物权法》出台为自然实验,运用双重差分法考察担保物权制度改革如何影响企业现金持有。实证结果表明,《物权法》出台后,与固定资产占比较高企业相比,固定资产占比较低企业的现金持有水平显著下降。进一步地,三重差分检验结果表明,与融资约束较小企业相比,法律改革对融资约束较大企业现金持有的降低作用更显著。这揭示出,以扩大担保财产范围、完善担保物权设定实现程序为主要内容的担保物权制度改革缓解了企业融资约束,从而降低了企业基于预防性动机的现金持有。本文揭示出法律制度环境是影响企业现金持有的重要因素,同时利用法律改革引致融资约束冲击的差异性识别出企业的现金持有动机,这对理解我国企业流动性管理有重要启示意义。     

担保物权制度改革降低了企业债务融资成本吗?——来自中国《物权法》自然实验的经验证据

本文运用双重差分法考察以《物权法》出台为标志的担保物权制度改革是否降低了企业的债务成本。实证结果显示,《物权法》出台后,与固定资产占比较高的企业相比,固定资产占比较低企业的债务成本显著降低。进一步,与《物权法》出台通过扩大可抵押资产范围、加强债权人保护等渠道降低企业债务成本的经济直觉一致,三重差分检验结果表明,担保物权制度改革对企业债务成本的降低作用表现出丰富差异性:其一,与法律制度环境较好地区相比,《物权法》对企业债务成本的降低作用在法律制度环境较差地区相对更大;其二,与金融市场化程度较高地区相比,《物权法》对企业债务成本的降低作用在金融市场化程度较低地区相对更大;其三,与融资约束较弱企业相比,对于融资约束较强的企业而言,《物权法》对债务成本的降低作用相对更强。这些基于中国经济实践的经验证据识别并揭示出了担保物权制度改革促使企业债务成本下降的作用机理,从而对有效缓解企业融资难、融资贵等问题具有借鉴意义。     

担保物权制度改革对企业全球价值链分工位置影响机理研究——来自中国《物权法》准自然实验的经验证据

2007年中国担保物权制度改革对企业全球价值链分工位置的影响是一项不容忽视的重要举措。笔者以2005—2013年间中国工业企业为研究样本,基于中国《物权法》实施这一准自然实验,构建双重差分模型,通过实证检验担保物权制度改革与企业全球价值链分工位置变化,揭示二者的影响关系及其机理。结果证实：中国担保物权制度改革显著推动了企业全球价值链分工位置的提升,其间发挥关键作用的是改善融资约束。担保物权制度改革通过提高企业债务融资能力、调整企业负债期限结构和改善企业商业信用融资能力三个渠道缓解融资约束并促进企业全球价值链分工位置提升。进一步的异质性检验表明：担保物权制度改革对企业全球价值链分工位置的提升效应在不同类型的企业存在显著差异。本研究以来自中国《物权法》准自然实验的经验证据,揭示了担保物权制度改革对企业全球价值链分工位置的影响机理,拓展了国际贸易和分工理论,丰富了“法与贸易”研究领域的现有文献,为通过法律制度改革促进企业全球价值链位置提升提供了理论和实证依据。     

完善动产担保物权制度 优化金融生态

当前，我国正在制定《物权法》。《物权法》中担保物权制度与金融发展关系最为密切，担保法律环境直接影响金融生态。银行和工商企业普遍反映我国现行担保物权制度偏重于不动产担保，动产担保物权制度薄弱，动产担保物范围太窄，多种动产的担保价值无法发挥，不利于企业融资尤其是中小企业融资，不利于金融产品创新，不利于信贷人权利保护和银行贷款风险防范。因此，在制定《物权法》时，应充分考虑完善动产担保物权制度，促进金融发展和经济长期稳定增长。     

《物权法》与动产担保物权制度建设

《中华人民共和国物权法》(以下简称《物权法》)是规范我国民事财产关系的基本法律,与每个人的切身利益相关,因此该法在研究起草和审议的过程中一直受到社会各界的广泛关注。《物权法》中的担保物权制度与金融发展关系密切,它的颁布实施将对我国的经济金融活动产生重大影响。长期以来,我国担保物权制度偏重于     

“《物权法》实施与担保物权创新”座谈会综述

《物权法》所体现的物权平等保护原则,扩大动产、权利引入质押范围等法律规定,与银行经营管理关系密切,在完善担保手续、规范担保流程、实现担保物权等方面较《担保法》及其解释更为清晰和严格。《物权法》实施一周年来的效果显示,《物权法》给银行业拓展业务、优化金融生态环境、降低物权实现成本等方面带来积极影响,但在相关法律配套衔接、担保物权实现环境协调等方面还有较多需要完善的地方。深入研究和认真思考《物权法》实施效果与存在的不足是包括法律、银行在内相关部门的时代责任。     

论我国担保物权制度的发展

我国的担保物权制度经历了一个由无到有,由零乱到系统的发展过程。《物权法》的颁布,将担保物权制度从涵盖了保证、定金等内容的《担保法》中分离出来,完成了物权法的体系化,是我国担保物权制度发展过程中的一大进步。但是我们也应该看到,《物权法》的规定并不完善,我国的担保物权制度仍然存在诸多不足。     

新《物权法》框架下的金融产权风险管理制度创新研究

2007年10月,《物权法》正式实施。作为首部系统明确物的归属、效用以及物权平等保护原则的法律,它将对中国金融业务的发展尤其是金融产权管理制度创新产生深刻的影响。本文通过剖析现有物权担保制度的局限性,探索研究并提出在《物权法》法律框架下,金融产权风险管理制度创新的思路与模式。     

《物权法》对担保物权制度的调整与完善

《物权法》是一部调整物的归属和利用的民事基本法,对我国原有的担保物权制度作了重大调整,增加了许多新的规定,本文通过对《物权法》与《担保法》、《担保法司法解释》进行比较,从物权变动的因果区分、约定独立担保、物的担保与人的担保并存时责任承担规则等方面,分析《物权法》对我国担保物权制度的调整和完善。     

《物权法》有关规定对商业银行的影响评析

《物权法》作为一部调整和规范财产关系的基本法律，它确立了物权法定原则。在《担保法》及其司法解释的基础之上，对担保物权制度作了重要修改和完善。本文对《物权法》中与商业银行经营管理具有密切关系的规定进行了概述，对商业银行如何妥善应对《物权法》所带来的影响做了深入分析。[编者按]     

Financial constraints on credit ratings and cash-flow sensitivity

This study investigates whether financial constraints, as measured by the level of credit ratings and their migrations would affect the firm's cash flow allocation policies and reflect the main financial constraints on a firm's cash flow sensitivity of cash. For a given credit quality shock, control for firm-level characteristics and endogeneity of cash flow allocation, our results suggest that firms with higher credit financial constraints have significantly higher cash flow sensitivities on cash holding, investment, and debt financing activities. Our results provide evidence that credit rating risk has a larger impact on cash flow allocation and drives the financial constraints on cash flow sensitivity for various reasons, including precautionary motivation and restricted access to external financing.     

劳动力成本与中小企业融资约束

本文利用世界银行提供的中国企业调查数据,基于信贷配给理论,考察劳动力成本对企业融资约束的影响。分别以劳动力成本占企业总成本的比重和劳动力成本相对于企业销售额的比值作为劳动力成本代理指标,通过考察企业是否需要银行贷款的自主决策与贷款可得性两方面信息,甄别企业受到的不同类型的信贷配给,进而系统考察劳动力成本对企业信贷约束的影响。研究发现:第一,劳动力成本显著地提高了企业受到信贷配给约束的概率,信贷对劳动力成本较高的企业具有明显的“筛选效应”;第二,劳动力成本对企业受到银行信贷配给和自我信贷配给约束的概率均有显著的正向影响,说明劳动力成本较高的企业不仅会受到更高的来自银行的信贷约束,还会受到来自自身的信贷约束,形成双重“筛选效应”;第三,机制分析表明,较高的金融发展程度和市场化水平通过减轻信息不对称问题,能够显著缓解“筛选效应”的不利影响。本研究为深化金融供给侧结构性改革、破解企业融资难题提供了新的政策启示。     

Finance and employment: Evidence from U.S. banking reforms

Economic theory offers competing hypotheses about how the cost and availability of finance influence labor market outcomes. Making use of the U.S. banking reforms between the 1970s and the 1990s as a quasi-natural experiment, this paper studies the impact of credit market development on employment. This paper documents the significant effects of these reforms on employment growth. Potential channels between finance and employment are also investigated. Changes in the growth of the number of self-employed individuals, the entry and exit of firms, and investment growth do not explain most of the employment growth following the reforms. The reforms had a substantially higher impact in industries with higher labor intensity, which is consistent with the idea that labor has fixed costs that need to be financed.     

劳动力成本与中小企业融资约束

本文利用世界银行提供的中国企业调查数据,基于信贷配给理论,考察劳动力成本对企业融资约束的影响。分别以劳动力成本占企业总成本的比重和劳动力成本相对于企业销售额的比值作为劳动力成本代理指标,通过考察企业是否需要银行贷款的自主决策与贷款可得性两方面信息,甄别企业受到的不同类型的信贷配给,进而系统考察劳动力成本对企业信贷约束的影响。研究发现:第一,劳动力成本显著地提高了企业受到信贷配给约束的概率,信贷对劳动力成本较高的企业具有明显的“筛选效应”;第二,劳动力成本对企业受到银行信贷配给和自我信贷配给约束的概率均有显著的正向影响,说明劳动力成本较高的企业不仅会受到更高的来自银行的信贷约束,还会受到来自自身的信贷约束,形成双重“筛选效应”;第三,机制分析表明,较高的金融发展程度和市场化水平通过减轻信息不对称问题,能够显著缓解“筛选效应”的不利影响。本研究为深化金融供给侧结构性改革、破解企业融资难题提供了新的政策启示。     

Credit Allocation and Firm Productivity Under Financial Imperfection: Evidence from Chinese Manufacturing Firms

The role of the financial system, especially the credit market, in productivity enhancement has interested many researchers. However, how credit allocation affects firms’ productivity in emerging economies remains unanswered. Using data from the Annual Survey of Industrial Firms (ASIF) during 1999–2007, this article examines whether credit allocation impacts Chinese firms’ productivity under financial imperfection. Our results show that the size of credit market has no influence on Chinese firms’ total factor productivity (TFP), while allocating more credit to non-SOEs significantly promotes firm TFP. Our further analysis shows that firms which are less subsidized, smaller, more external financially dependent, and more labor intensive are affected more by credit allocation. As China is the largest emerging economy, our analysis also sheds light on the development of firms in emerging economies.     

Financial Constraints,Institutions, and Firm Productivity: Evidence from China

ABSTRACT

This paper investigates whether Chinese firms utilize trade credit as an alternative financial intermediation to alleviate financial constraints, and whether trade credit matters for firm productivity. The results show that trade credit significantly affects firm productivity in private and foreign-owned firms but not state-owned enterprises, indicating that trade credit is an efficient financial intermediation for non-state firms. Second, trade credit better helps firms that have severe financial constraints grow. Third, the mechanism of trade credit and TFP is by the substitution effect of cash flow, the smoothing effect of working capital and the drive of innovation. Finally, the impact of trade credit on productivity is driven by the regions under a more institutionally developed environment.     

Employee protection shocks and corporate cash holdings

We examine the relation between employee protection legislation and corporate cash holdings. Our rationale rests on the notion that higher labor adjustment costs increase a firm's operating leverage making firms to adjust their liquidity management by increasing precautionary savings. Consistent with this, we show that the staggered passage of legal exceptions to the “at-will” employment doctrine in various U.S. states led to an average increase in cash holdings by 7.2%. Cash increases are higher when unionization rates and industry concentration are lower, and when industry discharge rates and volatility is higher. Consistent with the financial flexibility argument of tighter employment protection increasing corporate cash needs, the value of cash increases after the passage of pro-labor regulations. Moreover, we find that the increase in the value of cash is especially pronounced for financially constrained firms.     

The Effect of Financial Liberalization on the Capital Structure and Investment Decisions of Indonesian Manufacturing Establishments

This article analyzes the consequences of financial liberalization,using a large panel of Indonesian manufacturing establishments.It discusses whether financial reforms have had an impact oninvestment and on the allocation of credit and whether the effectsdiffer depending on the type of firms. The overall conclusionis that shifting from administrative toward market-based allocationof credit has increased borrowing costs, particularly for smallerfirms, but, at the same time, has benefited firms by givingthem widened access to finance.     

Corporate distress and lobbying: Evidence from the Stimulus Act

The literature on distressed firms has focused on these firms’ investment, capital structure, and labor decisions. This paper investigates a novel aspect of firm behavior in distress: how financial health affects a firm?s lobbying and, consequently, its relationship with the government. We exploit the shock to nonfinancial firms during the 2008 financial crisis and the availability of the stimulus package in the first quarter of 2009. We find that firms with weaker financial health, as measured by credit default swap spreads, lobbied more. We also show that the amount spent on lobbying was associated with a greater likelihood of receiving stimulus funds.