Online judicial auction, loan availability, and corporate investment in China

IF 5.5 3区管理学 Q1 BUSINESS, FINANCE

British Accounting Review Pub Date : 2024-09-04 DOI:10.1016/j.bar.2024.101487

引用次数: 0

Abstract

Online judicial auctions can significantly impact corporate investment by enhancing creditor protection and facilitating loan availability. Using a dynamic difference-in-differences strategy, we find that the reform significantly boosts corporate investment. Mechanism tests reveal that the reform boosts corporate investment by improving corporate loan availability and creditors' willingness to lend. The effect is more pronounced in regions with high judicial auction turnover, high public participation, poorer legal environments, and lower banking competition, suggesting that these reforms enhance legal system efficiency and market competition. Additionally, we find that judicial auction reform reduces firms’ precautionary savings and fosters regional economic development. Overall, our study contributes to understanding the important role of creditor protection in corporate investment and provides insights for implementing digital judicial reforms.

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中国的在线司法拍卖、贷款供应和企业投资

通过加强债权人保护和促进贷款供应，在线司法拍卖可对企业投资产生重大影响。利用动态差分法，我们发现改革显著促进了企业投资。机制检验表明，改革通过提高企业贷款可得性和债权人的贷款意愿来促进企业投资。这种效应在司法拍卖成交率高、公众参与度高、法律环境较差和银行业竞争较低的地区更为明显，表明这些改革提高了法律制度的效率和市场竞争。此外，我们还发现司法拍卖改革减少了企业的预防性储蓄，促进了地区经济发展。总之，我们的研究有助于理解债权人保护在企业投资中的重要作用，并为实施数字司法改革提供启示。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

British Accounting Review BUSINESS, FINANCE-

CiteScore

8.60

自引率

3.90%

发文量

审稿时长

76 days

期刊介绍： The British Accounting Review*is pleased to publish original scholarly papers across the whole spectrum of accounting and finance. The journal is eclectic and pluralistic and contributions are welcomed across a wide range of research methodologies (e.g. analytical, archival, experimental, survey and qualitative case methods) and topics (e.g. financial accounting, management accounting, finance and financial management, auditing, public sector accounting, social and environmental accounting; accounting education and accounting history), evidence from UK and non-UK sources are equally acceptable.