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.
关键词
金融不确定性/短贷长投/期限错配/资产金融化
Key words
financial uncertainty/short-term debt for long-term investments/maturity mismatch/asset financialization
万方数据