本文選題：勞動保護(hù) + 貸款違約��； 參考：《中央財經(jīng)大學(xué)學(xué)報》2017年09期

【摘要】：筆者主要研究勞動保護(hù)是否以及如何影響企業(yè)發(fā)生貸款違約的概率。以1999—2012年我國A股上市公司為樣本,利用2008年《勞動合同法》的實施度量勞動保護(hù)強(qiáng)度的變化,檢驗發(fā)現(xiàn),隨著勞動保護(hù)的增強(qiáng),勞動密集型企業(yè)在行業(yè)下滑時發(fā)生貸款違約的概率顯著增加。分樣本研究發(fā)現(xiàn),高財務(wù)杠桿企業(yè)由于面臨更加沉重的還款壓力,勞動保護(hù)增強(qiáng)使其更容易出現(xiàn)債務(wù)違約。相對國有企業(yè),民營企業(yè)缺乏信貸和展期上的優(yōu)勢,勞動保護(hù)增強(qiáng)對其債務(wù)違約的影響更為明顯。小企業(yè)具有更高的財務(wù)風(fēng)險和更不完善的勞動保障制度,其受勞動保護(hù)增強(qiáng)的負(fù)面影響也更加明顯。進(jìn)一步的平穩(wěn)性檢驗顯示,在新勞動法實施之前,不同特征企業(yè)的貸款違約趨勢并未出現(xiàn)顯著變化;在不同行業(yè)下滑的定義下,勞動保護(hù)增強(qiáng)對企業(yè)貸款違約的影響依然顯著。總的來說,筆者基于貸款違約得到的證據(jù)支持關(guān)于勞動保護(hù)具有負(fù)面經(jīng)濟(jì)后果的論斷。
[Abstract]:The author mainly studies whether and how labor protection affects the probability of loan default. Taking the A share listed companies of our country from 1999 to 2012 as a sample, using the implementation of Labor contract Law in 2008 to measure the change of labor protection intensity, it is found that, with the increase of labor protection, Labor-intensive enterprises in the industry decline in the probability of loan default increased significantly. A sample study found that highly leveraged firms are more likely to default on their debt because they face heavier repayment pressures and greater labor protection. Compared with the state-owned enterprises, the private enterprises lack the advantage of credit and extension, and the effect of labor protection on their debt default is more obvious. Small enterprises have higher financial risk and less perfect labor security system. Further stability tests show that before the implementation of the new labor law, the trend of loan default of enterprises with different characteristics has not changed significantly; under the definition of declining of different industries, the impact of labor protection on enterprise loan default is still significant. In general, the author supports the argument that labor protection has negative economic consequences based on the evidence of loan default.
【作者單位】： 上海交通大學(xué)上海高級金融學(xué)院;中央財經(jīng)大學(xué)會計學(xué)院;
【基金】：國家自然科學(xué)基金項目“勞動保護(hù)、人力資本專用性與公司價值:基于新《勞動合同法》的實證檢驗”(項目編號:71272233)
【分類號】：D922.52
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本文編號：2103854