公司超额银行借款与诉讼风险

公司诉讼风险的影响因素已得到学术界的广泛关注,但目前的研究较少从公司融资行为角度探讨,本文以2003-2015年中国A股上市公司为研究对象,探讨超额银行借款与公司诉讼风险之间的关系.实证研究发现,公司超额银行借款与诉讼风险存在显著正相关关系,公司内部控制水平的提高以及地区法律环境的改善可以显著弱化二者的正相关关系,并且公司内部控制与地区法律环境在弱化公司超额银行借款引起的诉讼风险过程中存在相互替代的关系.本文从公司超额银行借款行为出发,拓展了公司诉讼风险影响因素的研究视角;同时结合内部控制和地区法律环境,丰富了宏观环境对公司微观主体行为影响的研究.

Corporate's excess bank loans and litigation risk

The determinants of litigation risk have received much attention from academics, while the study from the perspective of corporate financing is limited. This paper explores the relation between excess bank loans and litigation risk using Chinese A-share listed corporates from 2003 to 2015. The empirical results show that the excess bank loans are significant positive with litigation risk while the improvement of internal control as well as the improvement of regional legal environment can weaken the positive correlation. Besides, internal control quality and regional legal environment can substitute for each other in the process of weakening the relationship. This paper extends the research perspective of determinants of litigation risk from excess bank loans and also enriches the research of the effects of macro environment on corporate behavior combining internal control quality and regional legal environment.