法律与边界:企业家的移民身份与贸易信贷

IF 7.2 1区 经济学 Q1 BUSINESS, FINANCE Journal of Corporate Finance Pub Date : 2024-06-06 DOI:10.1016/j.jcorpfin.2024.102606
Changqin Luo , Hanwen Sun , Guochao Yang , Bohui Zhang
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引用次数: 0

摘要

我们研究了企业家的移民身份是否是债权人在提供贸易信贷时所关注的问题。通过披露中国控股股东的海外居留权,我们发现海外居留权会对企业获得贸易信贷的能力产生负面影响。如果海外司法管辖区与中国签订了引渡条约,这种负面影响就会减弱。引入香港国家安全法作为国内法边界的外生变量来源,我们的结果是稳健的。在那些被认为不太值得信任(即社会信任度较低或征用风险较高)的企业中,贸易信贷提供的减少更为明显。我们的研究结果为我们提供了新的视角,让我们了解法律的跨国界影响企业的融资活动。
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Law and borders: Entrepreneurs' immigration status and trade credit

We examine whether the immigration status of entrepreneurs is a concern for creditors when extending trade credit. Utilizing the disclosure of overseas residence rights of controlling shareholders in China, we show that overseas residence rights negatively affect firms' ability to obtain trade credit. This negative association is attenuated if the overseas jurisdiction has an extradition treaty with China. Our results are robust to the introduction of the Hong Kong national security law as a source of exogenous variation in the boundary of domestic law. The decrease in trade credit provision is more pronounced in firms that are perceived as less trustworthy (i.e., with less social trust or higher expropriation risk). Our results offer new insights into how the reach of law across borders can affect firms' financing activities.

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来源期刊
Journal of Corporate Finance
Journal of Corporate Finance BUSINESS, FINANCE-
CiteScore
11.80
自引率
3.30%
发文量
0
期刊介绍: The Journal of Corporate Finance aims to publish high quality, original manuscripts that analyze issues related to corporate finance. Contributions can be of a theoretical, empirical, or clinical nature. Topical areas of interest include, but are not limited to: financial structure, payout policies, corporate restructuring, financial contracts, corporate governance arrangements, the economics of organizations, the influence of legal structures, and international financial management. Papers that apply asset pricing and microstructure analysis to corporate finance issues are also welcome.
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