摘要
企业韧性反映了企业应对危机和长期持续发展的能力,是一国实现经济高质量发展和可持续发展的重要保障。本文基于2008年全球金融危机期间38个国家上市企业的数据,研究了投资者保护制度对企业韧性的影响。研究发现:投资者保护制度与企业韧性呈现显著的正相关,良好的投资者保护制度提高了企业应对危机的能力,这表现为危机期间更强的抵抗力和危机后更高的恢复力;危机前企业财务状况越好,投资者保护制度对韧性的正向作用越大,对企业的保护作用更明显;机制检验发现投资者保护制度通过融资渠道缓解了企业的融资约束,增加了企业的内部和外部融资来源,进而提高了企业韧性。本文的结论表明良好的投资者保护制度能够减轻外部冲击造成的损失程度,对资本市场稳定有较好的维护作用。
Almost all global companies have suffered severe losses during the Covid-19,but there are still large differences in the degree of loss of companies in different countries during the epidemic.Throughout all the financial crises,corporates in different countries have shown great differences in their response to crises.Corporates in some countries have always been able to maintain smaller losses and faster recovery speed,which reflects the differences in resilience of different corporates.There is no doubt that the stronger a corporate's resilience,the stronger the corporate's ability to adjust and adapt to changes during a crisis,the smaller the corporate's losses and the greater the corporate's chances of survival.Corporate resilience is the micro-foundation of a country's economic resilience,a key indicator for measuring the high-quality development of a country's economy,and an important guarantee for sustainable economic development.The research on the determinants of corporate resilience has important practical significance.This paper studies the institutional factors affecting corporate resilience from the perspective of investor protection by using data from companies listed in 38 countries during the 2008 global financial crisis.Firstly,we find that there is a significant positive relation between investor protection and corporate resilience,which is manifested in stronger resistibility during the crisis and higher recoverability after the crisis.Secondly,the better the financial situation of the enterprise before the crisis,the greater the positive effect of the investor protection on corporate resilience.Finally,the investor protection eased the financing constraints of enterprises through financing channels,which increased the internal and external financing sources of enterprises,and thus improved the resilience of enterprises.The conclusion of this article shows that a good investor protection can reduce the severity of losses caused by external shocks,and supports the view that the investor protectio
作者
胡海峰
宋肖肖
郭兴方
HU Hai-feng;SONG Xiao-xiao;GUO Xin-fang(Business School,Beijing Normal University,Beijing,100875,China;Institute of Finance and Securities,Henan University,Kaifeng,Henan,475004,China)
出处
《经济管理》
CSSCI
北大核心
2020年第11期23-39,共17页
Business and Management Journal ( BMJ )
基金
国家社会科学基金重点项目“中国机构投资者异化行为与监管政策研究”(19AGL012)。
关键词
投资者保护
企业韧性
抵抗力
恢复力
investor protection
corporate resilience
resistibility
recoverability
