摘要
文章以2010—2020年非金融上市公司数据为样本,考察金融错配对企业“脱实向虚”的影响机制。研究发现:金融错配加深会降低企业实物投资水平,增加企业金融投资的意愿,加剧了实体企业“脱实向虚”。金融错配改变了企业债务结构,增加了企业债务风险从而影响企业金融化的动机。具体而言,金融错配程度越高,短期债务占企业债务比重越高、信用借款占比越低。在通过更换变量、改变样本范围、工具变量法等一系列稳健性检验后,上述结论依然成立。进一步研究发现:在银行业竞争程度高的地区,金融错配对企业金融化的影响相对较小。过度负债企业和民营企业受金融错配的影响大于财务状况较好的企业,金融错配推动高风险、高负债企业及民营企业债务状况进一步恶化,导致更高程度的金融化水平。解决金融错配问题、提高信贷资源的市场化配置效率,对于降低企业债务风险、防范系统性金融风险、推动实体经济健康发展具有重要意义。
Based on the data of non-financial listed companies from 2010 to 2020,this paper examines the impact mechanism of financial mismatches on enterprises'shift from real to virtual.The results shows that financial mismatch will aggravate the enterprises'shift from real to virtual,which is reflected in the reduction of physical investment and the increase of willingness to financial investment.Financial mismatch changes the debt structure of enterprises and increases the default risk of enterprises,thus affecting the motivation of enterprise financialization.Specifically,the higher the degree of financial mismatch,the higher the proportion of short-term debt in enterprise debt and the lower the proportion of credit loans.After a series of robustness tests such as changing variables,sample range and instrumental variable method,the conclusion is still valid.Further research shows that in areas with high bank competition,the impact of financial mismatch on enterprise financialization is relatively small.Over-indebted enterprises and private enterprises are more affected by financial mismatch.Financial mismatch worsens the debt situation of high-risk,highly indebted enterprises and private enterprises,resulting in a higher level of financialization.This paper shows that the solution of financial mismatch and the improvement of credit resource allocation efficiency are of great significance to reduce enterprise debt risk,prevent systemic financial risk and promote the healthy development of real economy.
作者
马健美
MA Jian-mei(Bohai University,Liaoning Jinzhou 121013,China)
出处
《技术经济与管理研究》
北大核心
2022年第5期49-55,共7页
Journal of Technical Economics & Management
关键词
金融错配
债务风险
债务结构
企业“脱实向虚”
Financial mismatch
Default risk
Debt structure
Enterprises'shift from real to virtual
