法治水平、金融发展水平与隐性担保--基于中国企业杠杆分化下的实证检验
首发时间:2019-07-19
摘要:本文利用2011年到2018年A股上市公司季度财务数据,重点分析了影响隐形担保程度的具体因素及其作用机制,结果表明:(1)法治水平提高、金融业发展水平升高以及GDP增速的提升能有效抑制隐形担保程度。(2)市场资金宽松程度变大、国企于地方国企之差会加深隐形担保程度。(3)在步入新常态经济之后,法治水平和金融业发展水平对抑制隐形担保有着更强的效果。(4)央企由于其更特殊的所有制地位,往往站在一个更有利的隐性担保偏向,面临的风险要小于地方国企。最后就解决隐形担保问题提供了有效抓手。
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The level of Rule of Law, the level of Financial Development and the implicit guarantee--An empirical Test based on the differentiation of Chinese Enterprises\' leverage
Abstract:Based on the quarterly financial data of A-share listed companies from 2011 to 2018, this paper focuses on the analysis of the specific factors affecting the degree of invisible guarantee and its mechanism. The results show that: (1) the level of rule of law is improved. The increase in the level of development of the financial industry and the increase in the growth rate of GDP can effectively curb the degree of invisible guarantee. (2) the degree of capital easing in the market has become greater. The difference between state-owned enterprises and local state-owned enterprises will deepen the degree of invisible guarantee. (3) after entering the new normal economy, The level of rule of law and the level of development of the financial industry have a stronger effect on the suppression of invisible guarantees. (4) Central enterprises because of their more special Ownership status, often standing in a more favorable implicit guarantee bias, facing less risk than local state-owned enterprises. Finally, it provides an effective grasp on solving the problem of invisible guarantee.
Keywords: Implicit guarantee, Lever differentiation, Rule of Law level, Financial Development level
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法治水平、金融发展水平与隐性担保--基于中国企业杠杆分化下的实证检验
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