法律效力与外部资本：外债的作用

IF 3.3 Q1 BUSINESS, FINANCE

JOURNAL OF ECONOMICS AND BUSINESS Pub Date : 2025-03-01 DOI:10.1016/j.jeconbus.2025.106244

George Allayannis , Gregory W. Brown , Leora F. Klapper

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引用次数: 0

摘要

先前的研究记录了法律质量对企业债务衡量的微弱影响，有时甚至是相互矛盾的影响。利用WorldScope对9个东亚国家的1689家公司的数据以及315家公司的更详细的专有数据，我们发现，获得外国融资似乎放松了与法律制度不健全相关的借贷限制。这有助于解决先前调查结果的不一致之处，并解释了法律保护对债务使用的重要性。特别是，我们发现法律效力对于确定债务的数额、期限（在某种程度上）和货币面额非常重要。我们讨论了几种机制，通过这些机制，公司可以通过外国借款来避免法律制度不健全的成本。最后，本文对围绕债权对国内贷款重要性的政策辩论做出了贡献。

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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Legal effectiveness and external capital: The role of foreign debt

Previous research has documented weak, and sometimes conflicting, effects of legal quality on measures of firm debt. Using WorldScope data for 1689 firms as well as more detailed proprietary data for 315 firms across nine East Asian countries, we find that access to foreign financing appears to loosen borrowing constraints associated with poor legal systems. This helps resolve inconsistencies in prior findings and explains how legal protection is important for debt use. In particular, we find that legal effectiveness is important for determining the amount, the maturity -to some extent-, and the currency denomination of debt. We discuss several mechanisms by which firms can avoid the costs of poor legal systems with foreign borrowing. Finally, this paper contributes to the policy debate surrounding the importance of creditor rights for domestic lending.

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来源期刊

JOURNAL OF ECONOMICS AND BUSINESS BUSINESS, FINANCE-

CiteScore

6.20

自引率

2.60%

发文量

期刊介绍： Journal of Economics and Business: Studies in Corporate and Financial Behavior. The Journal publishes high quality research papers in all fields of finance and in closely related fields of economics. The Journal is interested in both theoretical and applied research with an emphasis on topics in corporate finance, financial markets and institutions, and investments. Research in real estate, insurance, monetary theory and policy, and industrial organization is also welcomed. Papers that deal with the relation between the financial structure of firms and the industrial structure of the product market are especially encouraged.