摘要
诉讼是否具有经济后果可以体现法治化的进程。涉诉主体在诉讼前后行为变化直接反映了法治化效果。随着法治化进程的推进,诉讼应该会对被诉人形成一定的约束和影响。基于此,本文以重大债务诉讼为研究对象,旨在检验诉讼是否影响了企业的财务行为,试图为法律制度发挥的外部治理作用提供经验证据。实证结果发现,企业被债权人提起诉讼之后,会通过调整财务政策而逐步改善企业资产流动性,提高现金持有量水平。进一步研究发现,企业被诉之后,银行信用和商业信用受到影响,信用借款萎缩,同时抑制了主营业务增长,而被诉企业主要通过收回投资、处置资产和减少长期投资的方式来增加现金持有量,以改善资产流动性。
Whether the lawsuit has economic consequences can reflect the progress of the rule of law. The fact that the subject involved in the litigation did not respond before and after the litigation was the invalidation of the litigation and directly reflected the invalidity of the rule of law. With the advancement of the rule of law, lawsuits should form a certain constraint and influence on the respondent. Based on the hand collected debt lawsuits from 2003-2015 from China, we try to provide empirical evidence for the external governance role played by the legal system. We find that, after the firm was sued, will gradually improve corporate liquidity by adjusting the financial policy, improve the level of cash holdings. Further research found that after the firm was sued, bank credit and business credit were affected and shrank. At the same time, the main business also brought about a certain degree of impact. The respondent firm mainly recovered the investment, disposed assets and reduced long-term investment. Increase cash holdings to improve asset liquidity to meet the needs of the company＇s own operations and protect the interests of creditors.
作者
王彦超
王语嫣
Wang Yanchao;Wang Yuyan
出处
《会计研究》
CSSCI
北大核心
2018年第7期35-42,共8页
Accounting Research
基金
国家自然科学基金面上项目"选择性执法:基于上市公司债务诉讼的研究"(71572210)的阶段性成果
关键词
债务诉讼
现金持有量
债权人保护
Debt Litigation
Cash Holdings
Creditor Protection
