“互联网+”与社会契约——基于地区“互联网+”指数与企业债务成本、期限结构证据
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摘要
本文以2013-2017年沪深两市上市公司为研究样本,实证检验了不同地区上市公司的"互联网+"环境与债务成本和债务期限结构之间的关系,发现"互联网+"发展程度越高,企业债务成本越低、债务期限结构越长。通过进一步的实证检验发现,"互联网+"对非国有企业的影响更为显著,并且"互联网+"与法制环境之间是相互补充的,当法制环境较好时,"互联网+"的影响更大。本文利用替换变量、多层线性回归模型和工具变量法进行稳健性检验得出的结果仍然支持上述研究结论。基于各地区的"互联网+"指数与企业债务成本和债务期限结构的证据,"互联网+"的发展优化了社会契约关系和社会契约结构,因此应该重视"互联网+"的社会规范功能,加强各地区"互联网+"的发展,充分发挥"互联网+"的积极作用,建设更完善和更高效的市场。
Taking Chinese listed companies as research samples from 2013 to 2017, this paper empirically tests the relationship between the"Internet +"environment of listed companies in various regions and the cost and maturity structure of debt and finds that the higher the development level of"Internet +", the lower the cost of corporate debt and the longer the debt maturity structure. Through further empirical tests, we find that"Internet +"has more significant impact on non-state enterprises, and"Internet +"and legal environment are complementary, when legal environment is better, the influence of"Internet +"is greater. The results obtained from the robustness test using substitution variables,HLM model and instrumental variable still support the conclusions of this paper. Based on the evidence of"Internet+"index of various regions and the cost and maturity structure of corporate debt, the development of"Internet+"optimizes social contract relations and social contract structure. Therefore, we should attach importance to the social norm function of"Internet +", strengthen the development of"Internet +"in all regions, give full play to the positive role of"Internet +"build a better and more efficient market.
Taking Chinese listed companies as research samples from 2013 to 2017, this paper empirically tests the relationship between the"Internet +"environment of listed companies in various regions and the cost and maturity structure of debt and finds that the higher the development level of"Internet +", the lower the cost of corporate debt and the longer the debt maturity structure. Through further empirical tests, we find that"Internet +"has more significant impact on non-state enterprises, and"Internet +"and legal environment are complementary, when legal environment is better, the influence of"Internet +"is greater. The results obtained from the robustness test using substitution variables,HLM model and instrumental variable still support the conclusions of this paper. Based on the evidence of"Internet+"index of various regions and the cost and maturity structure of corporate debt, the development of"Internet+"optimizes social contract relations and social contract structure. Therefore, we should attach importance to the social norm function of"Internet +", strengthen the development of"Internet +"in all regions, give full play to the positive role of"Internet +"build a better and more efficient market.
引文
[1]赵振.“互联网+”跨界经营:创造性破坏视角[J].中国工业经济,2015(10):146-160.
[2]Zeng Jianqiu,Yang Mengke.Internet Plus and Networks Convergence[J].中国通信,2015,12(4):42-49.
[3]张嘉军,赵杏一.论互联网视野下的法治建设[J].法学论坛,2017,32(4):148-154.
[4]Fan J P H,Titman S,Twite G.An international comparison of capital structure and debt maturity choices[J].Journal of financial and quantitative analysis,2012,47(1):23-56.
[5]Zheng X,Ghoul S E,Guedhami O,Kwok C C Y.National culture and corporate debt maturity[J].Journal of Banking and Finance,2012,36(2):468-488.
[6]Antoci A,Sabatini F,Sodini M.Bowling alone but tweeting together:the evolution of human interaction in the social networking era[J].Quality&Quantity,2014,48(4):1911-1927.
[7]逯东,付鹏,杨丹.媒体类型、媒体关注与上市公司内部控制质量[J].会计研究,2015(4):78-85,96.
[8]沈艺峰,杨晶,李培功.网络舆论的公司治理影响机制研究--基于定向增发的经验证据[J].南开管理评论,2013,16(3):80-88.
[9]杨德明,刘泳文.“互联网+”为什么加出了业绩[J].中国工业经济,2018(5):80-98.
[10]贾凡胜,叶敏健.非正式制度是否影响企业信贷?--以宗教传统为例[J/OL].中南财经政法大学学报:1-10.https://doi.org/10.19639/j.cnki.issn1003-5230.20180409.001.
[11]戴亦一,张俊生,曾亚敏,等.社会资本与企业债务融资[J].中国工业经济,2009(08):99-108.
[12]Strahan P E.How Laws and Institutions Shape Financial Contracts:The Case of Bank Loans[J].Journal of Finance,2007,62(6):2803-2834.
[13]Chui A C W,Kwok C C Y,Zhou G.National culture and the cost of debt[J].Journal of Banking and Finance,2016,69,(4):1-19.
[14]Chen H,Huang H H,Lobo G J,Wang C.Religiosity and the cost of debt[J].Journal of Banking and Finance,2016,70(9):70-85.
[15]沈洪涛,马正彪.地区经济发展压力、企业环境表现与债务融资[J].金融研究,2014(2):153-166.
[16]王彦超,姜国华,辛清泉.诉讼风险、法制环境与债务成本[J].会计研究,2016(6):30-37,94.
[17]孙铮,刘凤委,李增泉.市场化程度、政府干预与企业债务期限结构--来自我国上市公司的经验证据[J].经济研究,2005(5):52-63.
[18]王金波.传统文化、非正式制度与社会契约--基于宗族观念、民族伦理与企业债务期限结构的微观证据[J].经济管理,2013,35(12):150-161.
[19]Bhojraj S,Sengupta P.The Effect of Corporate Governance Mechanisms on Bond Ratings and Yields:The Role of Institutional Investors and Outside Directors[J].Journal of Business,2003,76(3):455-476.
[20]何贤杰,王孝钰,赵海龙,陈信元.上市公司网络新媒体信息披露研究:基于微博的实证分析[J].财经研究,2016,42(3):16-27.
[21]Bolton G E,Katok E,Ockenfels A.How Effective are Online Reputation Mechanisms?An Experimental Study[J].Management Science,2004,50(11):1587-1602.
[22]Binzel C,Fehr D.Social distance and trust:Experimental evidence from a slum in Cairo[J].Journal of Development Economics,2013,103(1):99-106.
[23]郭士祺,梁平汉.社会互动、信息渠道与家庭股市参与--基于2011年中国家庭金融调查的实证研究[J].经济研究,2014,49(S1):116-131.
[24]Rotondi V,Stanca L,Tomasuolo M.Connecting alone:Smartphone use,quality of social interactions and well-being[J].Journal of Economic Psychology,2017,63(10):17-26.
[25]Ruan Y,Durresi A.A survey of trust management systems for online social communities-Trust modeling,trust inference and attacks[J].Knowledge-Based Systems,2016,106(8):150-163.
[2]Zeng Jianqiu,Yang Mengke.Internet Plus and Networks Convergence[J].中国通信,2015,12(4):42-49.
[3]张嘉军,赵杏一.论互联网视野下的法治建设[J].法学论坛,2017,32(4):148-154.
[4]Fan J P H,Titman S,Twite G.An international comparison of capital structure and debt maturity choices[J].Journal of financial and quantitative analysis,2012,47(1):23-56.
[5]Zheng X,Ghoul S E,Guedhami O,Kwok C C Y.National culture and corporate debt maturity[J].Journal of Banking and Finance,2012,36(2):468-488.
[6]Antoci A,Sabatini F,Sodini M.Bowling alone but tweeting together:the evolution of human interaction in the social networking era[J].Quality&Quantity,2014,48(4):1911-1927.
[7]逯东,付鹏,杨丹.媒体类型、媒体关注与上市公司内部控制质量[J].会计研究,2015(4):78-85,96.
[8]沈艺峰,杨晶,李培功.网络舆论的公司治理影响机制研究--基于定向增发的经验证据[J].南开管理评论,2013,16(3):80-88.
[9]杨德明,刘泳文.“互联网+”为什么加出了业绩[J].中国工业经济,2018(5):80-98.
[10]贾凡胜,叶敏健.非正式制度是否影响企业信贷?--以宗教传统为例[J/OL].中南财经政法大学学报:1-10.https://doi.org/10.19639/j.cnki.issn1003-5230.20180409.001.
[11]戴亦一,张俊生,曾亚敏,等.社会资本与企业债务融资[J].中国工业经济,2009(08):99-108.
[12]Strahan P E.How Laws and Institutions Shape Financial Contracts:The Case of Bank Loans[J].Journal of Finance,2007,62(6):2803-2834.
[13]Chui A C W,Kwok C C Y,Zhou G.National culture and the cost of debt[J].Journal of Banking and Finance,2016,69,(4):1-19.
[14]Chen H,Huang H H,Lobo G J,Wang C.Religiosity and the cost of debt[J].Journal of Banking and Finance,2016,70(9):70-85.
[15]沈洪涛,马正彪.地区经济发展压力、企业环境表现与债务融资[J].金融研究,2014(2):153-166.
[16]王彦超,姜国华,辛清泉.诉讼风险、法制环境与债务成本[J].会计研究,2016(6):30-37,94.
[17]孙铮,刘凤委,李增泉.市场化程度、政府干预与企业债务期限结构--来自我国上市公司的经验证据[J].经济研究,2005(5):52-63.
[18]王金波.传统文化、非正式制度与社会契约--基于宗族观念、民族伦理与企业债务期限结构的微观证据[J].经济管理,2013,35(12):150-161.
[19]Bhojraj S,Sengupta P.The Effect of Corporate Governance Mechanisms on Bond Ratings and Yields:The Role of Institutional Investors and Outside Directors[J].Journal of Business,2003,76(3):455-476.
[20]何贤杰,王孝钰,赵海龙,陈信元.上市公司网络新媒体信息披露研究:基于微博的实证分析[J].财经研究,2016,42(3):16-27.
[21]Bolton G E,Katok E,Ockenfels A.How Effective are Online Reputation Mechanisms?An Experimental Study[J].Management Science,2004,50(11):1587-1602.
[22]Binzel C,Fehr D.Social distance and trust:Experimental evidence from a slum in Cairo[J].Journal of Development Economics,2013,103(1):99-106.
[23]郭士祺,梁平汉.社会互动、信息渠道与家庭股市参与--基于2011年中国家庭金融调查的实证研究[J].经济研究,2014,49(S1):116-131.
[24]Rotondi V,Stanca L,Tomasuolo M.Connecting alone:Smartphone use,quality of social interactions and well-being[J].Journal of Economic Psychology,2017,63(10):17-26.
[25]Ruan Y,Durresi A.A survey of trust management systems for online social communities-Trust modeling,trust inference and attacks[J].Knowledge-Based Systems,2016,106(8):150-163.