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关于企业债权人利益保护效应的研究

Research on the Effect in Creditors’ Interest Protection

【作者】 张加清

【导师】 杨丹;

【作者基本信息】 西南财经大学 , 财务管理, 2009, 硕士

【副题名】影响企业偿债质量因素的实证研究

【摘要】 公司作为现代经济主要的企业组织形式,自产生以来,由于其公司法人地位和股东有限责任的突出特点导致公司债权人利益保护问题始终成为我们关注的话题。20世纪60年代出现了利益相关者概念,在此基础上发展的利益相关者理论提升了债权人的地位,由此促使对债权人利益保护的研究出现了新的内容。目前我国债权保护领域的研究,主要集中在对公司债权人利益保护的研究。而公司债务融资的来源主要有两个:一是银行信贷,二是发行企业债券。然而,当前我国尚处于经济转轨阶段,资本市场发展滞后,尤其是债券市场的发展始终落后于股票市场,很多保护机制在运行过程中缺乏必要的制度环境,特别在发挥作用时始终缺乏一种顺应时代发展的基础制度作保障,导致债权人利益侵害的现状得不到根本改善。在我国,债权人利益受损情况突出。以商业银行的债权为例,2006年年底我国商业银行不良贷款余额仍有12549.2亿元,不良贷款占贷款比率为7.09%,比2005年下降了584.4亿元,所占比率相应下降了1.52个百分点。表明上看我国商业银行的债权利益保护情况有所改善,但是不良贷款数据的下降很大程度上是建立在不良资产剥离基础上的。而对于其他债权人,形势也不容乐观,很多债务人想方设法通过破产改制、重组、以股偿债以及各种非法转移公司支出等手段逃避债务,使债权人行使债权无从下手,利益无法实现。毫无疑问,如果没有形成一个保障银行债权的有力环境,没有建立起一个保护银行债权的可靠制度,那么,国有商业银行的新增债权依旧摆脱不了被继续侵害的命运,这一轮银行业的改革,又将重蹈历史覆辙。由此可见,在国有商业银行深化改革和国有企业股份制改革后的新时期,分析和研究企业债权的保护问题,尤其是如何辨别银行等债权是否得到应有的保护,有着重要的理论和现实意义,这也是本文研究的创新之处。本文立足于我国已有的四个方面的债权保护机制,并积极探讨了在已有制度规范下,如何在现实环境中真正有效地确定债权保护效果。文章拟定了新的财务视角,回顾了已有研究理论和相关文献资料,并以企业公开的财务会计信息为基础,以债权在契约与相关机制的维护下债务人偿还债务的质量来判断债权保护机制的有效性。文章重点研究了上市公司偿债质量的影响因素,并提出了影响因素模型:即以偿债质量系数K为被解释变量,以每股现金流量、每股经营现金流量、总资产净利率、到期债务比及资产负债率为解释变量,企业资产规模为控制变量的实证模型,并经过分析和验证,引入了新变量:实际控制人股权集中度。在计算偿债质量系数K时,主要根据实际偿还债务所支付的现金和到期应偿还债务(主要是融资借款类)总额之间的比例来确定:K=(本期偿还债务+偿付利息支付的现金)/本期应偿还到期债务总额,其中本期偿还债务和支付利息的现金是来自本期现金流量表,作为分母的本期应偿还到期债务总额包括两部分:一部分是年初短期借款和一年内到期的非流动负债合计数,数据来自年初资产负债表,另一部分是本年度所筹集并要在本年度内偿还的短期借款数,数据来自本期现金流量表。在拟定影响因素模型时也主要是根据以上原理,利用企业的盈利创现能力和相关债务资产比例来确定财务指标,并根据研究结果确定模型系数。企业偿债质量的高低与本期偿还债务所支付的现金成正比,与本期应偿还到期借款总额成反比,在应偿还还债务一定时,还债所支付的现金越多,K值就越大,越接近1;当偿债所支付的数额一定时,到期债务越多,K值越小,距1越远。所以本文以计算K值的两个指标为中间变量,以其他相关指标为数据标准,通过中间变量来分析其对K值的影响。同时,在我国市场经济背景下,股权性质对于债务的影响比较严重,尤其是在经历了股权改制后,许多原来由国有性质的股份控股的企业现在转变为社会企业法人、自然人控股,也有点转变为境外控股。本文除影响企业偿债质量的债务与盈利创现因素外,还分析了实际控制人股权性质及股权集中度对偿债质量的影响。本文研究了2004-2007年四年间911家在上交所和深交所上市的公司的财务表现,数据源于由香港理工大学和深圳国泰安信息技术有限公司联合开发的CSMAR数据库以及WIND数据库,回归方法采用多元线性回归法,分析过程由EVIEWS3.1统计软件完成。论文内容主要包括:第一部引言,主要包括债权保护的重要性和必要性以及本文研究的目的和意义,主要从债权人的定位、国内外研究现状以及我国国有商业银行债权保护情况来展开分析。第二部分是介绍和评述我国现有的四方面的债权保护机制,包括:法定资本制度、企业清算制度、重大事项公开制度以及企业破产制度。第三部分是理论和文献回顾,主要包括利益相关者理论和信息不对称理论,而在国内外关于债权人利益保护的文献较多从资本结构、公司治理、法律和资本制度的角度出发讨论如何保障债权人的利益,而单独从表上信息评阅企业的偿债质量引出债权保护机制的研究基本没有。第四部分是实证研究部分,主要包括依据的理论渊源、本文研究基础分析、提出假设、变量和模型设定、描述统计分析、检验过程和结果分析以及实际控制人对上市公司偿还债务质量的影响,最后确定模型。第五部分是结论与政策建议部分。本文的创新和不足:笔者检验了企业偿债质量系数影响因素模型,所采用的变量均来自上市公司财务报表披露项目。在债权人无法适时跟踪企业资金使用情况下,本文就如何利用上市公司公开提供的财务信息辨别企业财务状况尤其是偿债能力的好坏提供了简便的因素模型,对于分析评价企业本期已偿还债务质量以及相关因素的使用也提供了很好的方法案例,尤其在计算偿债质量系数时,文章提出了简洁而有效的K值计算公式。但是由于使用数据跨度较短,数据连续性不够以致部分数据缺失,而且在分析实际控制人企业性质影响公司偿债质量时没有考虑股权分制改革的影响,没有考虑实际控制人对于上市公司现金收益权和实际控制权的差异对偿债质量的影响,这些不足之处希望在以后的研究中得到解决。

【Abstract】 Company as the main business organizational form of modern economy from its coming into being, since whose prominent features of corporate status and shareholders’limited liability, it made the interest protection of creditors has become a significative topic to us. In the 1960s there was the concept of interest-relative, and then shaping the theory of interest-relative to enhance the status of creditors, which prompted creditor interests protection to have new study. At present, the area of creditor protection research, mainly focuses on the company’s creditor field in China. The company debt financing has two main sources, one is bank credit, and the other is to issue corporate bonds. However, China is still at the stage of economic transition, and the development of our capital markets is lagging behind, and has lagged behind the development of the stock market particularly. Many protective mechanisms are short of the necessary institutional environment in the process of running, especially when it has a role to play facing the absence of the basis security system with the times, so resulting in the status quo of the interest infraction of creditors is not improving at all.In China, the situation of creditor interests’infraction has been serious, and creditor rights protection must protect the claims of commercial banks firstly. By the end of 2006, the non-performing loans’amount of commercial banks was still 1,254,920,000,000 yuan, a proportion accounting for loans at 7.09 percent, with a decrease of 58,440,000,000 yuan compared to 2005. it’s seem to improve in a state of China’s commercial banks interests protecting, but the fall in non-performing loans was based on non-performing assets’spin-off to a large extent. As for the other creditors, the situation could not be optimistic also, because the debtors tried every means to avoid debt through the many ways, such as the bankruptcy reform, reorganization, debt-equity swapping, as well as a variety of illegal transfer of the company expenses, so that creditors have no place to exercise their rights, consequently their interest protection can not be achieved. There is no doubt that if there is not guarantee environmental of banks claims, there is not a reliable system to establish for protection of the bank debt, then the adding state-owned commercial banks claims will not get away of the fate continue being destroy, the reform of bank will repeat past mistakes. This shows that the analysis and research of corporate debt protection, particular on how to ascertain whether banks and other creditors are given a certain degree of protection, has important theoretical and practical significance in the new era with the reform of state-owned banks and state-owned enterprises. This is the innovational study of the article.This article is based on four mechanisms in creditor-protection, and explores actively how to effectively determine the effectiveness of creditor-protection in reality under the criterion specification. The paper draws up the new financial perspective, reviews some existing theories and related literature, and estimates the validity creditor-protection mechanisms by the quality in repaying debts with the contract and related mechanism safeguarding, which is based on public financial accounting information-based. Author focuses on the factors impacting the quality of listed companies repaying debts, and makes an empirical model of factors, whose interpreted variable is K standing for the quality coefficient of the debt repayed, whose independent variables include Cash-flow per-share, Cash-flow from operation per-share, the retained profit ratio of the total assets, the due debt ratio and the rate of assets and liabilities, and whose control variable is the assets size. At the same time, with analysis and verification, I introduce of a new variable again: the share concentration degree of the actual controllers.In the calculation of he quality coefficient of the debt repay, I confirm it primarily based on the proportion between the actual cash amount paid in and the total amount of due debt (mainly loan category). In drawing up the model, choosing financial indexes is mainly based on the above principle also.The main content of the paper include:The first part is introduction, mainly including the importance and necessity of creditor protection, as well as the purpose and significance of this paper, to make analysis from the creditors’orientation, the status quo at home and abroad of China, as well as state-owned commercial banks’loan protection.The second part presents and reviews four existing debt-protection mechanisms, including: the legal capital system, the liquidation system, the great business’public system and the bankruptcy system.The third part: the theory and literature review, mainly includes the theory about interest-relative and asymmetric information. when more literature discusses how to protect the creditors’interest at home and abroad from the point of view on capital structure, corporate governance, law and capital system, there is no work over the interests protection of creditors by evaluating the quality of corporate debt protection mechanisms individually from financial information in the lists. The fourth part: an empirical study part. There are the main theoretical source, basal analysis, putting forward assumptions, set variables and the model, the describing statistical analysis, testing process and result analysis, as well as the influence from the actual controllers of the listed companies, to determine the final model finally.Part V is the part of the conclusion.Author tests the model about influencing quality factors of corporate repay debt, and all variables used come from the financial statements of listed companies to disclose publicly. When creditors cann’t track how to use corporate loans in a timely manner, the paper provides a simple factor model for how to identify enterprises’solvency by public financial information, a good method of case for analysing and evaluating the business’financial situation, especially an effective formula for calculating the value of K about debt repay quality. However, due to short span of data, some missing data, without taking share-trading reform into account, and neglecting the difference between cash earnings rights and the actual control rights for actual controller, these shortcomings should be resolved by future studies, which lead to the model unperfected.

  • 【分类号】F832.51;F224
  • 【被引频次】1
  • 【下载频次】100
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