This study investigates the relationship between corporate R&D and creditor value.The empirical results suggest that such relationship is contingent on the situations of existing R&D investment and institution...This study investigates the relationship between corporate R&D and creditor value.The empirical results suggest that such relationship is contingent on the situations of existing R&D investment and institutional arrangement of corporate governance.We find that R&D investment increases creditor value when insufficient R&D threatens survival,while reduces creditor value when such threat is mitigated.Moreover,such curvilinear relationship is mainly driven by firms with relatively weak managerial entrenchment.Hypotheses are tested with 98 U.S.listed firms in manufacturing sector over 2001-2007.展开更多
Since the enactment of the Civil Code,the creditor's right of revocation in China has undergone significant development and has become increasingly refined.However,in practical application,issues persist regarding...Since the enactment of the Civil Code,the creditor's right of revocation in China has undergone significant development and has become increasingly refined.However,in practical application,issues persist regarding the lack of consensus on the relationship between the creditor's right of revocation and the application of malicious collusion rules,the ambiguity in standards for determining the fraudulent nature of the debtor's actions,and the incomplete realization of the legal effects of the creditor's right of revocation.These issues can be addressed through a three-tiered structure of'norm selection,constituent elements,and legal effect realization'In norm selection,the focus should shift from substantive law to procedural law.Malicious collusion should be positioned as a defense that courts may invoke ex officio.It should be clearly established that the procedural application of the creditor's right of revocation follows malicious collusion in order of precedence.In terms of constituent elements,a dual standard should be adopted to assess the fraudulent nature of the debtor's actions.This standard should specifically address the determination of fraudulence at the time the debtor's actions are undertaken and at the time the creditor exercises their rights.In terms of legal effect realization,on the one hand,creditors should be granted the right to request the return of property from the counterparty and to apply for enforcement against the counterparty;on the other hand,in specific circumstances,the counterparty should be imposed with a notice obligation,requiring them to notify the creditor when returning property to the debtor.展开更多
While market vitality has been boosted with the 2014 implementation of the reform creating the subscription-based capital registration system in China’s corporate capital regime,new issues about the insufficient prot...While market vitality has been boosted with the 2014 implementation of the reform creating the subscription-based capital registration system in China’s corporate capital regime,new issues about the insufficient protection of creditors’rights and interests have surfaced.Outside formal insolvency proceedings,creditors often encounter difficulties in holding shareholders liable for failure to perform capital contribution obligations under traditional legal mechanisms,resulting in a legal vacuum for remedies.This study,grounded in the current legal framework,systematically examines the substantive impact of the subscription system on the determination of shareholders’capital contribution liabilities and analyzes the institutional roots of creditors’enforcement dilemmas.Through quantitative analysis of relevant judicial cases over the past eight years,this research reveals that in non-bankruptcy proceedings,creditors prevailed in only 28.7%of cases where they sought to enforce shareholders'capital contribution liabilities.Moreover,successful claims were predominantly concentrated in specific circumstances,such as cases involving shareholders’manifest bad faith or instances where the company had already exhibited material insolvency.This empirical data indicates that the current legal regime’s regulation of shareholders’capital contribution obligations remains primarily anchored in liquidation proceedings,failing to effectively address the practical demands for creditor protection under the subscription-based capital system.展开更多
China＇s international investment position is characterized by large net foreign assets, a dominance of low-return foreign exchange reserves and costly foreign direct investment in foreign assets and foreign liabiliti...China＇s international investment position is characterized by large net foreign assets, a dominance of low-return foreign exchange reserves and costly foreign direct investment in foreign assets and foreign liabilities. In addition, China＇s foreign investment positions are facing potentially large exchange risks. These features reflect entrenched institutional and structural problems in China, including underdeveloped capital markets, biased resource allocation and a defective social security system. China＇s net creditor status might actually be an indication of weakness rather than strength. To improve its international investment position, China must speed up economic reforms and allow the market to play a fundamental role in resource allocation.展开更多
Using creditor litigation data from China,we investigate whether creditors can participate in corporate governance when agency conflict between shareholders and creditors is severe.By comparing firms that have experie...Using creditor litigation data from China,we investigate whether creditors can participate in corporate governance when agency conflict between shareholders and creditors is severe.By comparing firms that have experienced creditor lawsuits(litigation firms)with those that have not(non-litigation firms),we find that litigation firms have lower pay-performance sensitivity before lawsuits,suggesting that these firms have weaker corporate governance.This result is consistent with our expectation that creditors participate in corporate governance by introducing external monitoring when internal monitoring,dominated by shareholders,is insufficient.We also find that the association is stronger for firms with more severe shareholder-creditor agency conflict.Moreover,creditor litigation is strongly related to low pay-performance sensitivity when the external legal environment is strong.Our results remain robust to different model specifications and after addressing endogeneity problems.展开更多
文摘This study investigates the relationship between corporate R&D and creditor value.The empirical results suggest that such relationship is contingent on the situations of existing R&D investment and institutional arrangement of corporate governance.We find that R&D investment increases creditor value when insufficient R&D threatens survival,while reduces creditor value when such threat is mitigated.Moreover,such curvilinear relationship is mainly driven by firms with relatively weak managerial entrenchment.Hypotheses are tested with 98 U.S.listed firms in manufacturing sector over 2001-2007.
基金supported by Zhejiang Province Philosophy and Social Science Planning Project(Grant Number:21NDQN259YB).
文摘Since the enactment of the Civil Code,the creditor's right of revocation in China has undergone significant development and has become increasingly refined.However,in practical application,issues persist regarding the lack of consensus on the relationship between the creditor's right of revocation and the application of malicious collusion rules,the ambiguity in standards for determining the fraudulent nature of the debtor's actions,and the incomplete realization of the legal effects of the creditor's right of revocation.These issues can be addressed through a three-tiered structure of'norm selection,constituent elements,and legal effect realization'In norm selection,the focus should shift from substantive law to procedural law.Malicious collusion should be positioned as a defense that courts may invoke ex officio.It should be clearly established that the procedural application of the creditor's right of revocation follows malicious collusion in order of precedence.In terms of constituent elements,a dual standard should be adopted to assess the fraudulent nature of the debtor's actions.This standard should specifically address the determination of fraudulence at the time the debtor's actions are undertaken and at the time the creditor exercises their rights.In terms of legal effect realization,on the one hand,creditors should be granted the right to request the return of property from the counterparty and to apply for enforcement against the counterparty;on the other hand,in specific circumstances,the counterparty should be imposed with a notice obligation,requiring them to notify the creditor when returning property to the debtor.
文摘While market vitality has been boosted with the 2014 implementation of the reform creating the subscription-based capital registration system in China’s corporate capital regime,new issues about the insufficient protection of creditors’rights and interests have surfaced.Outside formal insolvency proceedings,creditors often encounter difficulties in holding shareholders liable for failure to perform capital contribution obligations under traditional legal mechanisms,resulting in a legal vacuum for remedies.This study,grounded in the current legal framework,systematically examines the substantive impact of the subscription system on the determination of shareholders’capital contribution liabilities and analyzes the institutional roots of creditors’enforcement dilemmas.Through quantitative analysis of relevant judicial cases over the past eight years,this research reveals that in non-bankruptcy proceedings,creditors prevailed in only 28.7%of cases where they sought to enforce shareholders'capital contribution liabilities.Moreover,successful claims were predominantly concentrated in specific circumstances,such as cases involving shareholders’manifest bad faith or instances where the company had already exhibited material insolvency.This empirical data indicates that the current legal regime’s regulation of shareholders’capital contribution obligations remains primarily anchored in liquidation proceedings,failing to effectively address the practical demands for creditor protection under the subscription-based capital system.
文摘China＇s international investment position is characterized by large net foreign assets, a dominance of low-return foreign exchange reserves and costly foreign direct investment in foreign assets and foreign liabilities. In addition, China＇s foreign investment positions are facing potentially large exchange risks. These features reflect entrenched institutional and structural problems in China, including underdeveloped capital markets, biased resource allocation and a defective social security system. China＇s net creditor status might actually be an indication of weakness rather than strength. To improve its international investment position, China must speed up economic reforms and allow the market to play a fundamental role in resource allocation.
基金support from the National Natural Science Foundation of China(#71572210,#71802205)the Fundamental Research Funds for the Central Universities(#SWU1909771)
文摘Using creditor litigation data from China,we investigate whether creditors can participate in corporate governance when agency conflict between shareholders and creditors is severe.By comparing firms that have experienced creditor lawsuits(litigation firms)with those that have not(non-litigation firms),we find that litigation firms have lower pay-performance sensitivity before lawsuits,suggesting that these firms have weaker corporate governance.This result is consistent with our expectation that creditors participate in corporate governance by introducing external monitoring when internal monitoring,dominated by shareholders,is insufficient.We also find that the association is stronger for firms with more severe shareholder-creditor agency conflict.Moreover,creditor litigation is strongly related to low pay-performance sensitivity when the external legal environment is strong.Our results remain robust to different model specifications and after addressing endogeneity problems.
