投融资期限错配及其制度解释——来自中美两国金融市场的比较  

Maturity Mismatch of Investment and Financing and Its Institutional Explanation——Evidence from Comparison of Chinese and U.S. Financial Markets

作　　者：白云霞[1] 邱穆青 李伟[2] 

机构地区：[1]同济大学经济与管理学院 [2]长江商学院

出　　处：《中国工业经济》2016年第7期23-39,共17页China Industrial Economics

基　　金：国家自然科学基金面上项目"金融制度变迁与企业期限错配"(批准号71472138)

摘　　要：资产期限与融资期限相匹配是公司金融理论的一个基本原则。过去20多年,中国经济增长依赖于大规模投资,而金融系统的发展相对滞后。本文试图研究微观企业在中国滞后的金融系统下如何解决长期投资的资金问题,从而在总量上推动中国经济持续高速增长。基于中国与美国的比较,本文发现,中国的长期投资速度高于美国,而中国金融市场提供的长期融资却较少,期限也更短,且大部分流向了资产期限较长的领域,导致中国在宏观上呈现严重的用短期融资支持长期投资的期限错配现象。以1998—2013年中美两国上市公司为样本,实证发现中国在企业层面同样存在期限错配问题,而且国有企业更为严重。进一步地,本文考察了中国企业期限错配与金融制度之间的关系,发现在金融市场上,长期融资能力强的中国企业期限错配程度较低,并且不同于美国企业,中国企业的期限错配程度不受长短期资金利差的影响,而与预期货币政策一致。本文揭示出中国企业普遍存在的期限错配并不是企业节约融资成本的财务策略,而是根源于中国金融市场结构不完备、利率期限结构不合理以及货币政策不稳定等制度缺陷。因此,要从根本上解决中国的期限错配问题需要在这些制度成因上下功夫。The matching of assets maturities and financing terms is a basic principle of corporate finance theory. In the past 20 years, China＇s economy growth mainly depends on large-scale investment, while the development of the financial system is relatively lag. This paper attempts to study the way of firms to obtain funds for investment which promotes China＇s sustained rapid economic growth under the existing financial system. Based on the comparison of China and America, this paper finds that the rate of China＇s long-term investment is higher than the U.S. But the long-term financing provided by China＇s financial markets is not only less and shorter, but also flows to the fields with long term assets, which leads to the phenomenon of severe maturity mismatch on the macro level. Using a sample consisting of Chinese and U.S. public companies during 1998--2013, this paper finds such a similar phenomenon： the magnitude of financing long-term investments using short-term borrowing is greater for Chinese companies than for their U.S. counterparts, especially the state owned enterprises. Furthermore, this paper examines the relationship between the financial system and the firms＇ maturity mismatch in China and finds that for Chinese companies, maturity mismatch is mitigated by the access to long-term borrowing, unaffected by the spread of short-term and long-term interest rates, and consistent with the expected moves in monetary policies. Collectively, the findings suggest that maturity mismatch in corporate financing in China is driven by deficiencies of the Chinese financial institutions, such as low availability of long-term funds, poor term structures of interest rates, and inconsistency in monetary policies. These deficiencies may have to be overcome to address the maturity mismatch problem for Chinese companies.

关 键 词：期限错配 金融制度 长期融资 

分 类 号：F270[经济管理—企业管理]