劳动保护、经营弹性与银行借款契约
财经研究 2014 年 第 40 卷第 09 期, 页码:62 - 72
摘要
参考文献
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。
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[7]唐跃军,赵武阳.解雇成本、市场分割与《劳动合同法》——基于理论模型对《劳动合同法》争议的新解释[J].经济理论与经济管理,2009,(7):11-16.
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1在具体计算中,Labor intensity=log(1+员工总人数/公司总资产)×1 000。
1经营杠杆度越高则经营弹性越低,感谢审稿人的建议。
2如果企业某一季度的息税前利润为负,则直接将息税前利润对销售收入进行回归。
1由于各地区法律环境保护指数的数据只更新到2010年,而本文的样本期间为2003-2012年,2011年和2012年的数据取2010年的值。
[2]樊纲,王小鲁,朱恒鹏.中国市场化指数——各地区市场化相对进程2011年报告[M].北京:经济科学出版社,2011.
[3]方军雄.所有制、制度环境与信贷资金配置[J].经济研究,2007,(12):82-92.
[4]黄平.解雇成本、就业与产业转型升级——基于《劳动合同法》和来自中国上市公司的证据[J].南开经济研究,2012,(3):79-94.
[5]廖冠民,陈燕.劳动保护、劳动密集度与经营弹性:基于2008年《劳动合同法》的实证检验[J].经济科学,2014,(2):91-103.
[6]陆建桥,梁上坤,陈冬华.长期资产减值信息有用性的实证检验——来自银行借款契约角度[J].南开管理评论,2009,(5):118-124.
[7]唐跃军,赵武阳.解雇成本、市场分割与《劳动合同法》——基于理论模型对《劳动合同法》争议的新解释[J].经济理论与经济管理,2009,(7):11-16.
[8]余明桂,潘红波.政治联系、制度环境与民营企业银行贷款[J].管理世界,2008,(8):9-21.
[9]Agrawal A K,Matsa D A.Labor unemployment risk and corporate financing decisions[J].Journal of Financial Economics,2013,108(2):449-470.
[10]Atanassov J,Kim E.Labor and corporate governance:International evidence from restructuring decisions[J].Journal of Finance,2009,64(1):341-374.
[11]Bae K-H,Goyal V K.Creditor rights,enforcement,and bank loans[J].Journal of Finance,2009,64(2):823-860.
[12]Banker R D,Byzalov D,Chen L T.Employment protection legislation,adjustment costs and crosscountry differences in cost behavior[J].Journal of Accounting and Economics,2013,55(1):111-127.
[13]Brandt L,Li H.Bank discrimination in transition economies:Ideology,information,or incentives?[J].Journal of comparative economics,2003,31(3):387-413.
[14]Chen H J,Kacperczyk M,Ortiz-Molina H.Labor unions,operating flexibility,and the cost of equity[J].Journal of Financial and Quantitative Analysis,2011,46(1):25-58.
[15]Dichev I D,Skinner D J.Large-sample evidence on the debt covenant hypothesis[J].Journal of Accounting Research,2002,40(4):1091-1123.
[16]Hosseini F.Labor protection laws and firm volatility[R].Working Paper,Stockholm School of Economics,2013.
[17]La Porta R,Lopez-de-Silanes F,Shleifer A,et al.Law and finance[J].Journal of Political Economy,1998,106(6):1113-1155.
[18]Lazear E P.Job security provisions and employment[J].Quarterly Journal of Economics,1990,105(3):699-726.
[19]Mandelker G N,Rhee S G.The impact of the degrees of operating and financial leverage on systematic risk of common stock[J].Journal of Financial and Quantitative Analysis,1984,19(1):45-57.
[20]Matsa D A.Capital structure as a strategic variable:Evidence from collective bargaining[J].Journal of Finance,2010,65(3):1197-1232.
[21]Miller D P,Reisel N.Do country-level investor protections affect security-level contract design?Evidence from foreign bond covenants[J].Review of Financial Studies,2012,25(2):408-438.
[22]Pratt,R.A structural model of human capital and leverage[R].Working Paper,Duke University,2011.
[23]Qian J,Strahan P E.How laws and institutions shape financial contracts:The case of bank loans[J].Journal of Finance,2007,62(6):2803-2834.
[24]Serfling M A.Labor adjustment costs and capital structure decisions[R].Working Paper,2013.
[25]Simintzi E,Vig V,Volpin P.Labor and capital:Is debt a bargaining tool?[R].WFA 2010Victoria Meetings Paper,2010.
1在具体计算中,Labor intensity=log(1+员工总人数/公司总资产)×1 000。
1经营杠杆度越高则经营弹性越低,感谢审稿人的建议。
2如果企业某一季度的息税前利润为负,则直接将息税前利润对销售收入进行回归。
1由于各地区法律环境保护指数的数据只更新到2010年,而本文的样本期间为2003-2012年,2011年和2012年的数据取2010年的值。
引用本文
陈德球, 胡晴, 梁媛. 劳动保护、经营弹性与银行借款契约[J]. 财经研究, 2014, 40(9): 62–72.
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