企业集团成员声誉受损存在“连坐”效应吗？——来自银行贷款成本的经验证据
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| Title | Is there “Collective punishment” in the business group with reputation impaired members?——evidence from costs of bank loan
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| 作者 | 潘红波 周颖 |
| Author | Pan Hongbo and Zhou Ying |
| 作者单位 | 武汉大学经济与管理学院 |
| Organization | Wuhan University |
| 作者Email | phb@whu.edu.cn；whuzy2011@126.com |
| 中文关键词 | 企业集团 声誉受损 “连坐”效应 银行贷款成本 非正式制度 |
| Key Words | Business Group; Impaired Reputation; “Collective Punishment”; Costs of Bank Loans; Informal Institutions |
| 内容提要 | 本文以银行贷款成本为例，实证检验了集团成员公司声誉受损给其它“无辜”成员公司带来的“连坐”效应。研究发现：集团成员公司声誉受损，会使得其它“无辜”成员公司受到惩罚：银行贷款成本显著提高，平均而言，银行贷款成本增加约0.04（37.56%）。这表明，对于集团成员公司而言，除受自身影响外，集团声誉对其外部融资也具有重要的影响。进一步的研究还发现，这种效应在民营企业以及金融市场、法制水平等正式制度较好的区域中更强。这说明，在中国转型经济条件下，集团声誉作为一种非正式制度对成员公司的外部融资具有重要的影响，并且与金融市场、法制水平等正式制度存在互补关系。 |
| Abstract | Taking costs of bank loans as an example, the paper examines the “collective punishment” caused by affiliated firms whose reputation is impaired. We find that when the reputation of a member is impaired, other “innocent” members in the business group will be punished: their costs of bank loans will be raised significantly by 0.04 (37.56%) on average. This finding implies that apart from being influenced by individual factors, the external financing of affiliated firms is also influenced by the reputation of the group. Moreover, we find that this effect is more pronounced in private companies and in institutions where the financial market and legal protection is better. This indicates that in the transition economy of China, the reputation of business group, as an informal institution, has a significant impact on the external financing of affiliated firms, and is complementary to formal institutions. |
| 文章编号 | WP1407 |
| 登载时间 | 2019-08-20 |
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