首页|金融改革试验区政策是否可以缓解企业投融资期限错配?

金融改革试验区政策是否可以缓解企业投融资期限错配?

扫码查看
原文链接
  • NETL
  • NSTL
  • 万方数据
本文以金融改革试验区政策作为准自然实验,运用交错双重差分法评估其对企业投融资期限错配的影响.结果表明:金融改革试验区政策能够抑制企业投融资期限错配、改善短贷长投,上述影响在金融发展水平高、市场化程度好的地区更显著.丰富权益融资、压缩融资成本及补充长期信贷是其作用机制.进一步研究发现,该政策有助于企业提升经营绩效,降低财务风险.金融改革试验区阶段性政策评估可为后续深化金融体制改革、优化金融生态环境提供有益借鉴.
Does the Policy of Financial Reform Pilot Zone Alleviate Maturity Mismatch of Corporate Investment and Financing?
This paper takes the policy of financial reform pilot zone as a quasi natural experiment and uses the staggered differences-in-differences(DID)to evaluate its impact on the maturity mismatch of corporate investment and financing.The results show that the policy of financial reform pilot zone can suppress the maturity mismatch of corporate investment and financing,and alleviate the behavior of corporate long-term investment with short-term financing.The above effects are more significant in areas with high levels of financial development and marketization.Enriching equity financing,re-ducing financing costs and supplementing long-term credit are its mechanisms.Further research has found that this policy helps enterprises improve operational performance and reduce financial risks.The phased policy evaluation of the financial reform pilot zone can provide useful reference for further deepening financial system reform and optimizing the financial ecological environment.

financial reforminvestment and financing maturity mismatchstaggered DIDfixed asset investment-short-term liability sensitivity

李楠、谢雁翔、王雷、金振

展开 >

南开大学经济学院

南开大学商学院(天津,300071)

中国财政科学研究院

金融改革 投融资期限错配 交错双重差分法 固定资产投资—短期负债敏感性

国家社会科学基金重大项目国家自然科学基金青年项目甘肃省基础研究计划软科学专项资助

21&ZD1127220208822JR4ZA039

2024

金融论坛
城市金融研究所 中国城市金融学会

金融论坛

CSTPCDCSSCICHSSCD北大核心
影响因子：1.83
ISSN：1009-9190
年,卷(期)：2024.29(2)
  • 61