地方金融发展能缓解企业投融资期限错配吗?--来自城商行设立的准自然实验  

Local Financial Development and Maturity Mismatch of Investment and Financing:A Quasi-natural Experiment Based on City Commercial Banks

作　　者：熊家财[1] 杨来峰 XIONG Jiacai;YANG Laifeng(School of Accounting,Jiangxi University of Finance and Economics,Nanchang 330013,China)

机构地区：[1]江西财经大学会计学院,江西南昌330013

出　　处：《当代经济科学》2022年第4期103-114,共12页Modern Economic Science

基　　金：国家自然科学基金项目“地方经济增长目标约束、资源配置与企业资本投向研究”(72162019);江西省社会科学基金项目“地方经济增长目标约束、资源配置与企业资本投向研究”(21YJ30);江西省高校人文社科基地课题“可持续发展视角下的上市公司绩效指标体系”(JD16049)。

摘　　要：以地方设立城市商业银行为准自然实验,使用渐进双重差分法实证检验城商行为代表的地方金融发展对企业投融资期限错配的影响。研究结果表明,地方金融发展有助于降低企业的短贷长投程度,相比于国有企业和大型企业,地方金融发展对非国企和中小企业短贷长投的缓解作用更为显著。影响机制分析表明,地方金融发展通过增加企业信贷可得性、降低贷款担保要求、缓解企业面临的融资约束,抑制企业的短贷长投。进一步分析表明,地方金融发展所缓解的短贷长投有助于提升企业业绩、降低企业经营风险和财务困境成本。In the context of financial repression,Chinese enterprises suffer serious investment and financing maturity mismatches.Once they encounter negative shocks,the risks accumulated by maturity mismatches may be transmitted to the entire financial system,which will lead to systemic financial risks.As the most important innovative product in the reform of local financial structure,city commercial banks represent the degree of local financial development to a large extent,and its impact on the mismatch of investment and financing terms of enterprises needs to be systematically analyzed.However,few literatures systematically examine how local financial development can improve the maturity mismatch of corporate investment and financing,and help prevent and resolve financial risks.Using the data of Chinese listed companies from 2007 to 2018,this paper uses the establishment of local city commercial banks as a natural experiment,and employs the staggered difference in difference method to test the impact of local financial development represented by city commercial behavior on the mismatch of corporate investment and financing terms.The results show that local financial development can help reduce the mismatch of investment and financing maturity of enterprises.Compared with state-owned enterprises and large enterprises,the effect of local financial development on the mismatch of investment and financing maturity is more pronounced among non-state-owned enterprises and small and medium-sized enterprises.The results of mechanism analysis show that local financial development can ease the mismatch of investment and financing maturity by increasing the availability of enterprise credit,reducing loan guarantee requirements,and alleviating the financing constraints faced by enterprises.Further tests show that the mismatch of investment and financing term alleviated by local financial development can help to improve enterprise performance,reduce business risk and financial distress cost.Compared with the previous literature,this

关 键 词：投融资期限 短贷长投 地方金融发展 城市商业银行 企业风险 

分 类 号：F275[经济管理—企业管理] F832.33[经济管理—国民经济]