新破产法实施对商业信用发挥破产威胁效应影响的实证分析

本文以沪深两地A股上市公司2003～2013年的数据为研究样本,构建相关模型,采用分阶段回归、单差分和双差分方法,实证检验新破产法实施对商业信用发挥破产威胁效应的影响。研究发现：新破产法实施之前,商业信用难以发挥破产威胁效应,而新破产法实施以后,商业信用能够发挥破产威胁效应,即新破产法实施能够改善商业信用难以发挥破产威胁效应的局面。总之,新破产法的实施对商业信用发挥破产威胁效应起到了正向积极的影响。

An Empirical Study on the Implementation of the New Bankruptcy Law has Impact on the Bankruptcy Threat Effect of Trade Credit

This paper establishes the model for analyzing A-share listed companies of Shanghai and Shenzhen during the period 2003-2013, and uses the phased regression, difference, difference in difference methods to analyze empirically the implementation of the new bankruptcy law has effect on the bankruptcy threat effect of trade credit. This study finds that trade credit could hardly give play to the effect of bankruptcy threat before the implementation of the new bankruptcy law. On the contrary, trade credit can give play to the effect of bankruptcy threat after the implementation of the new bankruptcy law. Namely, the implementation of the new bankruptcy law could improve the situation in which trade credit hardly give play to the effect of bankruptcy threat. To sum up, the implementation of the new bankruptcy law has made a positive impact on bankruptcy threat effect of trade credit.