以2005～2008年被中国证监会处罚的上市公司为样本,考察了不同类型债权人自我保护能力的差异以及法治环境对债权人自我保护能力的影响。研究发现,舞弊公司次年资产负债率、流动负债、银行借款、短期借款较未舞弊公司有大幅下降;舞弊与未舞弊公司次年非流动负债、商业信用、长期借款的变化无显著差异;法治环境较差地区的舞弊公司次年资产负债率、银行借款及短期借款的降幅更为明显。该结果表明,总体上债权人具备自我保护能力,但不同类型债权人的自我保护能力存在显著差异,债权人自我保护与法律保护互为替代。 Taking the listed companies punished by China Securities Regulatory Commission from 2005 to 2008 as samples, this paper examines the differences in the ability of different types of creditors to protect themselves and the impact of the rule of law environment on the ability of creditors to protect themselves. The study found that the following year fraud and asset liability ratio, current liabilities, bank borrowings, short-term loans than the non-fraud companies have dropped significantly; fraud and non-fraud companies the following year non-current liabilities, commercial credit, long-term loans change no significant difference; Fraudulent companies in the poorer areas saw a more pronounced decline in their debt-to-asset ratio, bank loans and short-term loans in the following years. The result shows that, as a whole, creditors have self-protection ability, but there are significant differences in the self-protection ability of different types of creditors, and the self-protection and legal protection of creditors replace each other.