摘要
投融资期限错配易于引发企业资金紧张并导致企业陷入财务困境,面临严重负面冲击时,甚至可能引发系统性金融风险。本文采用2011—2018年中国A股上市公司数据,从金融服务实体经济视角,分析地区数字金融发展对企业投融资期限错配的影响及其作用机制。研究发现,地区数字金融发展显著改善了企业的投融资期限错配现象,在非国有企业、中小企业及成长期企业中,数字金融的作用更为显著。机制分析表明,数字金融通过缓解融资约束、降低信息不对称程度以及赋能传统金融三大路径,改善企业的投融资期限错配现象。经济后果分析表明,数字金融对企业投融资期限错配的改善作用,有助于降低企业未来的财务困境风险。本文不仅从数字金融视角拓展了企业投融资期限错配的研究,也为进一步创新金融模式、提升金融服务,进而更好地服务实体经济提供了经验证据和政策启示。
Using short-term debt to fund long-term investment is a high-risk behavior that can prevent firms from having sufficient cashflow to repay their maturing debts,which will raise their debt repayment pressure and exacerbate their financial risks.This paper employs the data of Chinese A-share listed companies from 2011to 2018to empirically investigate the impact of digital financial development on corporate debt maturity structure,mechanism principle and heterogeneity.This study finds that digital finance significantly reduces maturity mismatch of corporate investment and financing.The results of cross sectional analysis show that the mismatch mitigation effect is more pronounced for non-state owned enterprises,small and medium-sized enterprises and growth enterprises.The mechanism analysis shows that the development of macro digital finance reduces the mismatch of investment and financing term by alleviating corporations'financing constraints,lowering corporations'information asymmetry and the spillover effect on traditional financing institutions.The results of economic consequences suggest that the mismatch of investment and financing term alleviated by local financial development can help to reduce firms'future financial distress risk.This paper not only expands the research on enterprise investment and financing term mismatch from the perspective of digital finance,but also provides some reference for further innovating financial model,improving financial services,and enhancing the capability to serve the real economy.
作者
熊家财
刘充
Xiong Jiacai;Liu Chong
出处
《金融学季刊》
2022年第3期170-194,共25页
Quarterly Journal of Finance
基金
国家自然科学基金项目“地方经济增长目标约束、资源配置与企业资本投向研究”(项目编号:72162019)
江西省社会科学基金项目“地方经济增长目标约束、资源配置与企业资本投向研究”(项目编号:21YJ30)
江西省研究生创新专项资金项目“数字金融发展与企业投融资期限错配——基于短贷长投视角的检验”(项目编号:YC2021—S377)的资助
关键词
数字金融
投融资期限错配
短贷长投
融资约束
digital finance
maturity mismatch of investment and financing
short-term loans for long-term investment
financing constraint
