摘要
法律制度是影响信贷市场发展的重要因素。中国从2008年开始实施的新《劳动合同法》是否会改变原有因素对信贷资源配置的作用效果?文章以新《劳动合同法》来界定劳动保护水平的变化,以2003-2012年上市公司为研究样本,考察了劳动力市场对企业与银行之间信贷契约关系的影响。研究发现,加强劳动保护提高了企业与银行之间信贷契约的标准,企业获得的借款规模和长期借款比例降低,而借款成本和担保借款比例提高,这种影响在劳动密集型企业中更加显著。文章进一步研究发现,劳动保护水平与银行借款契约标准之间的正相关性在具有政治关系、终极产权为国有股权以及法律保护水平较高地区的企业中会降低。劳动保护影响企业融资契约的可能机制是,加强劳动保护降低了企业的经营弹性,导致其财务风险增大。因此,在加强劳动保护后,银行会提高贷款合约的担保要求以降低风险和减少利益损失。
The legal system is an important factor influencing the development of credit markets. Can the new labor contract law implemented in 2008 in China change the effects of original factors on the allocation of credit resources？ This paper defines the changes in labor protection level according to the new labor contract law, and studies the effect of labor market on the credit contract relationship between enterprises and banks based on a sample of listed companies from 2003 to 2012. It arrives at the conclusions that strengthening labor protection improves the standards of credit contracts between enterprises and banks, namely borrowing scale and longterm borrowing ration reduce and borrowing costs and the proportion of guaranteed borrowings increase, especially in labor-intensive enterprises. It further shows that the positive correlation between labor protection level and standards of bank financing contracts reduces in enterprises with political connections and state ownership and from areas with higher legal protection level. The possible effect of labor protection on financing contracts is expressed by the phenomenon that strengthening labor protection reduces corporate operating flexibility, leading to the increase in financial risks. Therefore, after strengthening labor protection, banks can increase demand for guarantees of loan contracts in order to reduce risks and benefit losses.
出处
《财经研究》
CSSCI
北大核心
2014年第9期62-72,共11页
Journal of Finance and Economics
基金
国家自然科学基金项目(71102076
71372060
71272041
71272221)
对外经济贸易大学中央高校基本科研业务费专项资金(2013YQ03
CXTD5-02)
北京市哲学社会科学规划研究基地特别委托项目(13JDJGD006)
对外经济贸易大学学科建设专项经费(XK2014201)
关键词
劳动保护
银行借款
经营弹性
labor protection
bank borrowing
operating flexibility
