投融资期限错配与企业全要素生产率:效应与机制
Maturity Mismatch of Investment and Financing and Enterprise Total Factor Productivity:Effect and Mechanism
于然海1
作者信息
- 1. 福州大学经济与管理学院,福建福州 350108
- 折叠
摘要
金融机构信贷期限结构长期化与企业融资以短期为主,映射出当前中国经济发展面临的金融资源错配问题.企业的投融资期限错配应对行为,理论上会通过风险承担和风险规避对全要素生产率产生正反两种影响.利用 2004-2019 年中国A股非金融类上市公司数据研究发现:投融资期限错配会显著抑制企业全要素生产率提高.这一关系在企业规模小、资本密集程度高、信息不透明程度高、内部控制质量低的企业中更显著.投融资期限错配通过增强管理者风险规避程度(提高管理者短视主义)和降低风险承担水平(挤出创新投入)抑制全要素生产率提高.排除非线性效应和行业的年度趋势的影响,企业投融资期限错配的其他经济后果表现为对有形资产的偏向性配置.总之,应从供需两端发力,将提高金融机构中长期资金供给水平和公司现代化治理能力,作为支撑中国经济高质量发展的一项重要措施.
Abstract
Maturity mismatch of investment and financing is an alternative method for enterprises to deal with financial constraints.On the one hand,this aggressive financing strategy may trigger liquidity risk and has a negative effect on the TFP of enterprises.On the other hand,it may be a risk-taking behavior actively chosen by firms,which can enhance the value of enterprises and have a positive effect on the TFP.Using the annual data of nonfinancial listed firms from 2004 to 2019,the empirical results are as follows.First,the maturity mismatch of investment and financing has a significant negative impact on the TFP of corporates.The study finds that the inhibiting effect on enterprise TFP is more significant in firms with smaller scale,higher capital intensity,higher opacity,and lower-quality internal control.Investment-finance maturity mismatch inhibits TFP by increasing managerial risk aversion(increasing managerial myopia)and reducing the level of risk-taking(crowding out innovation inputs).Excluding non-linear effects and annual trends in the industry,other economic consequences of corporate investment and finan-cing maturity mismatches are manifested in the biased allocation of tangible assets.Therefore,efforts should be made from both the supply and demand sides,to improve the level of medium-and long-term capital supply to financial institutions and to modernize the companies'governance,in order to support the high-quality development of China's economy.
关键词
信贷期限结构/投融资期限错配/管理者短视主义/企业全要素生产率Key words
term structure of credit/maturity mismatch/managerial myopia/total factor productivity引用本文复制引用
基金项目
国家自然科学基金面上项目(72273032)
国家社会科学基金重大专项(18VDL012)
福建省社会科学研究基地重大项目(FJ2022MJDZ011)
出版年
2024
NETL
NSTL
维普
万方数据