经济经纬
經濟經緯
경제경위
Economic Survey
2012年
2期
75~80
,共null页
实际控制人 政治身份 自我约束治理 财务重述 债务融资契约
實際控製人 政治身份 自我約束治理 財務重述 債務融資契約
실제공제인 정치신빈 자아약속치리 재무중술 채무융자계약
actual controller; political status; self-discipline governance; financial restatement; debt financing contract
笔者采用2003年～2008年中国民营上市公司为样本，实证分析了实际控制人政治身份、财务年报恶意补丁出现几率及对债务融资契约的影响，发现上市公司实际控制人具备越高级别的政治身份，则上市公司发布恶意财务年报补丁的现象越少；上市公司发布了恶意财务年报补丁，则下年贷款规模明显下降，但是上市公司实际控制人的政治身份对上述负面影响有明显减弱，说明上市公司实际控制人具有的政治关联增强了上市公司出于维护潜在竞争优势的自我约束治理，从而增强了债务诚信，促进了债务契约签订。
筆者採用2003年～2008年中國民營上市公司為樣本，實證分析瞭實際控製人政治身份、財務年報噁意補丁齣現幾率及對債務融資契約的影響，髮現上市公司實際控製人具備越高級彆的政治身份，則上市公司髮佈噁意財務年報補丁的現象越少；上市公司髮佈瞭噁意財務年報補丁，則下年貸款規模明顯下降，但是上市公司實際控製人的政治身份對上述負麵影響有明顯減弱，說明上市公司實際控製人具有的政治關聯增彊瞭上市公司齣于維護潛在競爭優勢的自我約束治理，從而增彊瞭債務誠信，促進瞭債務契約籤訂。
필자채용2003년～2008년중국민영상시공사위양본，실증분석료실제공제인정치신빈、재무년보악의보정출현궤솔급대채무융자계약적영향，발현상시공사실제공제인구비월고급별적정치신빈，칙상시공사발포악의재무년보보정적현상월소；상시공사발포료악의재무년보보정，칙하년대관규모명현하강，단시상시공사실제공제인적정치신빈대상술부면영향유명현감약，설명상시공사실제공제인구유적정치관련증강료상시공사출우유호잠재경쟁우세적자아약속치리，종이증강료채무성신，촉진료채무계약첨정。
Taking the private listed companies of China from 2003 to 2008 as samples, the author empirically analyzes the actual controllers＇ political status, the malicious patch of financial annual report and its influence on debt financing contract and finds that the higher the actual controllers＇ political status, the less the phenomenon that listed companies release baleful patch of financial annual report ; if listed companies issue malicious financial patch, the size of loans of the next year will decrease obviously, but the above negative effect of the political connection reduces obviously, which shows that the political relevance of the actual controllers of listed companies strengthens the self-discipline governance of listed companies out of maintaining the potential competitive edge. Thus the debt integrity is reinforced and the signature of debt contract is promoted.
