Does Financial Uncertainty Exacerbates the"Short-term Debt for Long-term Investment"Behavior of Non-financial Enterprises?
Based on a total of 328 variables at 18 levels in China,this paper measures China's financial uncertainty and examines the effect and mechanism of financial uncertainty on the"short-term debt for long-term investments"behavior of enterprises.The main findings are as follows.(1)Financial uncertainty significantly exacerbates the"short-term debt for long-term investments"behavior of enterprises.Enterprises with lower liquidity,growth rate or proportion of tangible assets are more severely affected;(2)Financial uncertainty increases the sensitivity of long term investment to short-term liabili-ties of enterprises;(3)Financial uncertainty exacerbates corporate financing constraints,which leads to shorter debt maturi-ty;financial uncertainty also motivates enterprises to reduce their holdings of short-term financial assets and increase their holdings of long-term financial assets,which leads to longer investment maturity.
financial uncertaintyshort-term debt for long-term investmentsmaturity mismatchasset financialization
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