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.

历史亏损企业所有者权益结构具有高股本、高资本公积、低盈余公积与高负向未分配利润并存的失衡特征。合理设计历史亏损企业所有者权益内在结构，既有利于协调股东、债权人、管理层之间的契约关系，又有利于提高债权人利益保护程度。本文以我国A股上市公司2007—2016年数据进行实证研究发现，对历史亏损企业而言，历史亏损越高，债权人利益保护程度越差；股本越大，债权人利益保护程度越好；资本公积（特别是股本溢价）越大，债权人利益保护程度越差；盈余公积占比较小，对债权人利益保护没有显著影响。本文研究聚焦历史亏损企业，首次从所有者权益结构视角探讨债权人利益保护问题，旨在为国家政策制定提供经验证据。

历史亏损 , 债权人利益保护 , 所有者权益结构