历史亏损 , 债权人利益保护 , 所有者权益结构

The owner equity structure of the historical loss enterprises has the unbalanced characteristics of high equity, high capital reserves, low surplus reserves and high negative undistributed profit. It is important to design the internal structure of the owners equity of the historical loss enterprises, to coordinate the contract relationship between the shareholders, the creditors and the management and to improve the protection of the creditors interests. Based on the data of 2007—2016 Ashare listed companies in China, this study found as follows: The higher historical loss, the worse creditors interest protection. The higher equity scale, the better creditors interest protection. The higher capital reserves (especially the equity premium), the less creditors interest protection. Surplus reserve has no significant influence to the creditors interest protection because of the small amount. This paper focuses on the historical loss enterprise, exploring the protection of creditors from the perspective of owner equity structure for the first time, aiming at providing empirical evidence for national policy making.