Institutional Investors'Site Visits and Short-term Loans Used as Long-term Investment by Entity Enterprises
The short-term loan and long-term investment of entity enterprises will not only affect the continuous production and operation of enterprises but also exacerbate the risk of capital rupture.As an important external monitoring force,Whether the site visits of institutional investors can effectively reduce the short-term loans and long-term investment behaviors of enterprises.The article takes China's A-share non-financial listed companies from 2012 to 2020 as the expirical sample and finds that,institutional investors'site visits can significantly inhibit short-term loans and long-term investment behaviors of enterprises.The results of the mechanism research indicate that institutional investors'site visits can inhibit short-term loans and long-term investment behaviors mainly through harnessing the information effect and corporate governance effect,i.e.reducing the degree of information asymmetry and mitigating principal-agent conflict.The heterogeneity test finds that the inhibitory effect of institutional investors'site visits on enterprises'short-term loans and long-term investment is more significant in enterprises with a higher degree of financing constraints,executives without financial background,and in the maturity stage.The research in this paper provides a reference for effectively inhibiting the problem of corporate short-term loans and long-term investment.
Institutional Investors'Site VisitsShort-term Loans and Long-term InvestmentInformation EffectsGovernance Effect
万方数据
维普
