财务困境与创新—来自《破产法》的证据

杨伽伦; 王茵田

doi:10.16511/j.cnki.qhdxxb.2022.21.045

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清华大学学报（自然科学版） ›› 2023, Vol. 63 ›› Issue (9) : 1452-1466. DOI: 10.16511/j.cnki.qhdxxb.2022.21.045

经济与公共管理

财务困境与创新—来自《破产法》的证据

杨伽伦¹, 王茵田²

作者信息 +

Financial distress and innovation: Evidence from the Enterprise Bankruptcy Law

YANG Jialun¹, WANG Yintian²

Author information +

文章历史 +

摘要

该文探讨《中华人民共和国企业破产法》实施对企业创新的影响。选取2007年《破产法》实施作为准自然实验以构建双重差分模型, 采用多期动态回归、倾向得分匹配等办法, 并引入三因子模型特质波动率等指标衡量企业风险承担。在《破产法》实施后, 实验组比控制组专利申请的数量增加了18.77%, 发明专利申请的数量增加了25.86%。《破产法》的实施加强了债权人保护并提高企业风险承担水平, 使财务困境中企业的创新产出、创新质量显著增加。进一步分析表明, 《破产法》主要在企业治理水平高的企业、在法治水平或知识产权保护水平高的地区更为显著。《破产法》的推出提高了中国债权人的合法权益, 为债权人获得潜在清偿提供了强有力的保证, 进而提高企业风险容忍度, 激励了企业创新。

Abstract

[Objective] Traditional social concepts still hold certain negative views and stereotypes about bankruptcy. After the implementation of the Enterprise Bankruptcy Law in China in 2007, the positive role of the bankruptcy system and the impact of creditor protection are still not fairly understood. Until now, no literature has systematically analyzed and studied the effect of the Enterprise Bankruptcy Law on the innovative behavior of enterprises in financial distress. In fact, only a few quantitative analyses of the economic effects of implementing the Enterprise Bankruptcy Law have been found. This study examines the impact of the Enterprise Bankruptcy Law implementation on firm innovation and finds an increase in patent activity for firms in financial distress following the implementation of the law, thereby filling a gap in the literature on law and finance. [Methods] The 2007 Enterprise Bankruptcy Law is used as a quasi-natural experiment to construct a difference-in-difference model, as the model is intended to net out the common trend between the treatment and control firm groups. This study takes Merton's option pricing theory as the theoretical foundation of the credit monitor model and gauges the degree of financial distress faced by enterprises by calculating their distance to default. Based on the financial distress level faced by sample firms in 2006, the year before implementing the Bankruptcy Law, the firms are grouped by the annual median level of financial distress. However, firms with high financial distress typically differ from those with low financial distress in terms of other company characteristics, which could lead to concerns about missing variables. This paper introduces a propensity score matching method based on the difference model and selects four firms in the control group that belong to the same industry and have the closest propensity scores to those in the treatment group to effectively eliminate this concern. The estimation of the trend-matching scoring is performed using logical regression, and the sample set has passed the balance test. Furthermore, multistage dynamic regressions are employed to account for the interference of causal issues with the results. In addition, a volatility indicator based on the three-factor model is used to assess a firm's risk bearing to study the channel through which the Enterprise Bankruptcy Law influences firm innovation. [Results] After the implementation of the Enterprise Bankruptcy Law, the results revealed the following: 1) The number of patent applications of the experiment group increased by 18.77%, and the number of invention patent applications increased by 25.86% compared with the control group. 2) The implementation of the Enterprise Bankruptcy Law has strengthened the protection of creditors and thus improved the level of firm risk bearing, which has significantly increased innovation output and innovation quality of financially-distressed firms. 3)The above phenomena are more pronounced in firms with good corporate governance in regions with strict rules of law and strong intellectual property protection. [Conclusions] This study confirms the effect of creditor protection on business innovation. The introduction of the Enterprise Bankruptcy Law has enhanced the legitimate rights and interests of creditors in China, provided a strong guarantee for creditors to obtain potential repayment, enhanced the risk tolerance of firms, and encouraged firms to innovate. This study reveals the far-reaching effects of the legal system on the real economy and expands our knowledge of how the legal system environment influences enterprise innovation.

导出引用

杨伽伦, 王茵田. 财务困境与创新—来自《破产法》的证据[J]. 清华大学学报（自然科学版）. 2023, 63(9): 1452-1466 https://doi.org/10.16511/j.cnki.qhdxxb.2022.21.045

YANG Jialun, WANG Yintian. Financial distress and innovation: Evidence from the Enterprise Bankruptcy Law[J]. Journal of Tsinghua University(Science and Technology). 2023, 63(9): 1452-1466 https://doi.org/10.16511/j.cnki.qhdxxb.2022.21.045

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