破产法改革与中小企业融资成本

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-06-17 DOI:10.1016/j.frl.2025.107794

Yudong Yu , Shanshan Wang

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引用次数: 0

摘要

破产法可以深刻地影响各种经济活动。本文旨在揭示中国破产法改革对中小企业融资成本的影响。通过对2014 - 2024年中国上市中小企业的综合研究样本，本研究证明了破产法改革大幅降低了中小企业的融资成本，尤其是对非制造业企业。此外，本文还认为破产清算的速度和债权人能够收回的资金量是支撑这一关系的核心经济机制。

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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Bankruptcy law reform and financing costs for small and medium enterprises

Bankruptcy laws can profoundly affect a variety of economic activities. This paper focuses on uncovering the effect of the recent bankruptcy law reform in China on the financing cost of Small and Medium Enterprises (SMEs). Exploiting a comprehensive research sample of listed SMEs in China from 2014 to 2024, this research offers evidence that the bankruptcy law reform substantially lowers SMEs’ financing costs, especially for non-manufacturing firms. Additionally, this paper also argues that the speed of bankruptcy liquidation and the amount of capital that creditors are able to recover are core economic mechanisms underpinning the relationship.

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance