Do property rights matter? Evidence from a property law enactment

被引：136

作者：

Berkowitz, Daniel ^{[1
]}

Lin, Chen ^{[2
]}

Ma, Yue ^{[3
]}

机构：

[1] Univ Pittsburgh, Pittsburgh, PA 15260 USA

[2] Univ Hong Kong, Hong Kong, Hong Kong, Peoples R China

[3] City Univ Hong Kong, Hong Kong, Hong Kong, Peoples R China

来源：

JOURNAL OF FINANCIAL ECONOMICS | 2015年 / 116卷 / 03期

关键词：

Property rights; Creditor rights; Expropriation risk; Asset tangibility; Political connections; POLITICAL CONNECTIONS; INVESTOR PROTECTION; FINANCE; CHINA; FIRMS; PERFORMANCE; CONSTRAINTS; ENDOWMENTS; ORIGINS; GROWTH;

D O I：

10.1016/j.jfineco.2015.04.003

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper considers a property law enactment that gave creditors more rights over the assets underlying their secured loans to private firms and gave private firms more protections against the potential expropriation of their assets. We find that this property law enactment led to a significant increase in firm value. We also find that the law's impact on value was more profound for firms with more tangible assets, lower internal cash flows, and stronger growth opportunities, and less profound for politically connected firms. Taken together, our findings confirm the importance of property rights protection in enhancing firm value. (C) 2015 Elsevier B.V. All rights reserved.

引用

页码：583 / 593

页数：11

共 38 条

[1] The colonial origins of comparative development: An empirical investigation [J].