| 法定代表人身份转出与民营企业的债务融资成本 |
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| 引用本文：钱先航1，聂婉祯1，刘芸2.法定代表人身份转出与民营企业的债务融资成本[J].财经理论与实践,2026,(1):83-90 |
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| 中文摘要:融资难题是制约民营企业发展的关键，识别影响民营企业融资的因素对于保障民营经济高质量发展具有重要意义。为此，基于中国特有的企业法定代表人制度，选取2009—2021年民营上市公司作为研究对象，考察实际控制人转出法定代表人身份行为对企业债务融资成本的影响。结果表明：实际控制人转出法定代表人身份会增加企业的债务融资成本，这一影响在机构投资者持股比例较低、内部控制水平较低、两权分离度较高和媒体关注度较低的企业中更为明显。法定代表人身份转出通过加剧控股股东掏空行为、降低信息透明度和会计稳健性，提高企业的债务融资成本；法定代表人身份转出导致的企业债务融资成本增加会降低企业的创新效率、增加企业的经营风险和股价崩盘风险。鉴于此，应加强对法定代表人身份转出企业的监管，并进一步完善相关法律制度，以保障债权人的合法权益。 |
| 中文关键词:法定代表人 实际控制人 债务融资成本 代理成本 |
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| Legal Representative Identity Transfer and Private Firms’ Debt Financing Costs |
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| Abstract:Financing difficulties are a key constraint on the development of private firms.Identifying factors that affect the financing of private firms is crucial for ensuring high-quality development of the private economy. Based on the Chinese unique legal representative system, this paper examines the effect of the transfer of actual controllers’ legal representative identity on corporate debt financing costs, using a sample of private listed firms from 2009 to 2021. The results show that firms with transferred legal representative identities face higher debt financing costs. This effect is more pronounced for firms with lower institutional investor ownership, firms with weaker internal controls, firms with greater ownership-control separation, and firms with less media coverage. Mechanism analysis shows that the transfer of legal representative identity increases debt financing costs by increasing controlling shareholders’ tunneling and decreasing information transparency and accounting conservatism. Economic consequence tests show that the increased debt financing costs driven by the transfer of legal representative identity reduce corporate innovation efficiency and increase corporate operating risk and stock price crash risk. In light of these findings, we recommend strengthening supervision of firms with transferred legal representative identities and improving legal frameworks to protect creditors’ rights. |
| keywords:legal representative actual controller debt financing costs agency costs |
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