| 诉讼风险、债务重构与金融风险传染 |
| Litigation risk, debt restructuring, and financial risk contagion |
| 摘要点击 63 全文点击 0 投稿时间：2025-05-10 修订日期：2025-11-18 |
| 查看/发表评论 下载PDF阅读器 |
| 中文关键词 诉讼风险; 债务融资; 债务重构; 风险传染; 多期双重差分模型 |
| 英文关键词 litigation risk; debt financing; debt restructuring; risk contagion; multi-period DID model |
| 基金项目 国家自然科学基金专项资助项目(72342022) |
| 投稿方向 公司金融 |
| 作者 | 单位 | 邮编 | | 戴雨璇 | 天津大学 | 300072 | | 张维 | 天津大学 | | | 刘华瑾* | 郑州大学 | 450001 |
|
| 中文摘要 |
| 基于2012--2023年中国上市公司的诉讼数据, 运用多期双重差分模型系统考察外生法律诉讼对企业债务融资的影响. 研究发现, 企业首次被诉事件导致债务增速显著下降, 降幅达到样本均值的 29%. 通过构建融资需求指标进行识别检验, 证实债务收缩主要源于信贷供给端主动调整而非企业融资需求下降. 机制分析表明, 诉讼通过直接经济损失和间接声誉损害双重路径降低了企业价值, 促使债权人重新评估风险敞口并缩减债务规模. 在正规融资渠道受限的情况下, 涉诉企业通过优化流动资产配置和拓展商业信用缓解融资约束. 进一步研究揭示了诉讼风险存在跨主体传染效应, 通过区域金融网络与供应链关联渠道引发同城企业及产业链上下游的信贷紧缩.本文从债务契约响应、债务重构和风险传染三个维度揭示了法律诉讼的金融传导机制, 为企业和政策制定者构建诉讼风险防控体系, 阻断系统性金融风险传导链条提供了理论支撑与决策参考. |
| 英文摘要 |
| Based on litigation data from Chinese listed companies from 2012 to 2023, the paper employs a multi-period DID model to examine the impact of exogenous litigation on corporate debt financing.} We find that a firm's first litigation event reduces debt growth by 29\% of the sample mean. Identification tests show this contraction stems primarily from credit supply adjustments rather than reduced financing demand. Litigation erodes firm value through both direct economic losses and indirect reputational damage, leading creditors to reduce exposure. When formal financing is constrained, affected firms optimize liquid assets and expand trade credit. Additionally, litigation risks spill over through regional financial networks and supply chains, causing credit contraction among geographically proximate firms and industry peers. {\color{blue}Our findings on debt contract responses, debt restructuring, and risk contagion reveal the financial transmission mechanism of litigation, providing theoretical support and policy implications for litigation risk prevention and systemic financial risk mitigation. |
| 关闭 |
|
|
|
|
|
