横向法人人格否认制度与企业债务融资成本

当代财经 ›› 2026, Vol. 0 ›› Issue (4): 140-153.

横向法人人格否认制度与企业债务融资成本

郑晓宇¹, 李文圳²

1.海南大学国际商学院,海南海口 570100;
2.江西财经大学金融学院,江西南昌 330013

收稿日期:2025-03-12 修回日期:2025-11-29 发布日期:2026-04-24
作者简介:郑晓宇,海南大学副教授,管理学博士,主要从事会计、审计研究;李文圳（通信作者）,江西财经大学博士研究生,主要从事公司金融、法与金融研究,联系方式2202310063@stu.jxufe.edu.cn。
基金资助:
国家社会科学基金西部项目“政策跟踪审计对营商环境的影响机理及后果研究”（22XJY041）

Horizontal Denial of Corporate Personality and Corporate Debt Financing Costs

Zheng Xiao-yu¹, Li Wen-zhen²

1. Hainan University, Haikou 570100;
2. Jiangxi University of Finance and Economics, Nanchang 330013, China

Received:2025-03-12 Revised:2025-11-29 Published:2026-04-24

摘要/Abstract

摘要： 债务融资作为我国企业获取外部资金的主要途径,其成本高低会直接影响企业的经营效益。以2019年《全国法院民商事审判工作会议纪要》发布为准自然实验,利用2014—2023年中国A股上市公司的数据,采用双重差分法实证检验了横向法人人格否认制度对企业债务融资成本的影响。结果表明,相较于存在异常横向关联交易的企业,横向法人人格否认制度显著降低了存在异常横向关联交易企业的债务融资成本。机制分析表明,横向法人人格否认制度可以增强债权人的信心和降低企业的债务违约风险,因而横向法人人格否认制度可以降低企业的债务融资成本。异质性分析发现,在存在实际控制人的企业、实际控制人控制权与所有权相偏离的企业、拥有法律背景高管的企业以及法律制度环境好地区的企业中,横向法人人格否认制度对债务融资成本的降低作用更显著。为此,要加强横向法人人格否认制度的推广,完善其适用条件及实施细则;要持续优化企业治理机制,强化高管法律意识,增强债权人的信心。

关键词: 债权人保护, 横向法人人格否认, 关联交易, 债务融资成本

Abstract: Debt financing is the primary means for Chinese enterprises to obtain external funds, the cost of debt financing directly affects the operating efficiency of the enterprises. Taking the publishing of The Minutes of the National Conference on Civil and Commercial Trial Work of Courts in 2019 as a natural experiment, this study empirically tests the impact of the horizontal corporate personality denial system on the cost of corporate debt financing by using the data from Chinese A-share listed companies from 2014 to 2023 with the difference in differences method. The results indicate that compared to enterprises with abnormal horizontal related party transactions, the system of horizontal corporate personality denial significantly reduces the debt financing costs of enterprises with abnormal horizontal related party transactions. The mechanism analysis shows that the system of horizontal denial of corporate personality can enhance the confidence of creditors and reduce the risk of debt default for enterprises. Therefore, the system of horizontal denial of corporate personality can reduce the cost of debt financing for enterprises. The heterogeneity analysis found that in enterprises with actual controllers, enterprises where the actual controller’s control rights deviate from ownership, enterprises with legal background executives, and enterprises in regions with good legal system environment, the horizontal corporate personality denial system has a more significant effect on reducing debt financing costs. To this end, it is necessary to strengthen the promotion of the horizontal legal personality denial system, improve its application conditions and implementation rules, continuously optimize the corporate governance mechanism, strengthen the legal awareness of executives, and enhance the confidence of creditors.

Key words: creditor protection, horizontal denial of corporate personality, related party transactions, debt financing costs

中图分类号:

F275.3

郑晓宇, 李文圳. 横向法人人格否认制度与企业债务融资成本[J]. 当代财经, 2026, 0(4): 140-153.

Zheng Xiao-yu, Li Wen-zhen. Horizontal Denial of Corporate Personality and Corporate Debt Financing Costs[J]. Contemporary Finance & Economics, 2026, 0(4): 140-153.

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