地方经济考核压力与企业短贷长投  

Pressure of Local Economic Assessment and the Short-term Loans for Long-term Investment of Enterprises

作　　者：谢获宝[1] 黄大禹 邹梦婷 Xie Huobao;Huang Dayu;Zou Mengting(Economics and Management School of Wuhan University;School of Economics and Management,Tsinghua University;Wuhan University of Technology,School of Economics)

机构地区：[1]武汉大学经济与管理学院,430072 [2]清华大学经济管理学院,100083 [3]武汉理工大学经济学院,430070

出　　处：《经济评论》2022年第4期148-164,共17页Economic Review

基　　金：教育部人文社会科学研究规划基金项目“去杠杆影响企业风险承担的经济后果、机制路径及优化策略研究”(项目批准号:19YJA630093)的资助。

摘　　要：本文基于2009—2019年沪深两市A股上市企业非平衡面板数据,研究地方经济考核压力对企业短贷长投行为的影响。研究发现,地方经济考核压力越大,则会加剧企业的短贷长投行为,上述核心结论在经过多重稳健性检验后仍保持不变。渠道机制检验发现,地方经济考核压力越大,会造成企业在金融市场中的融资约束增强和融资成本提高,并迫使企业有着更强的脱实向虚偏好,进而带来显著的财务不稳定,这些变化都会冲击企业的正常财务行为,带来短贷长投行为强度的增大。从企业和地区异质性来看,地方经济考核压力能够显著推升国有企业、高科技企业和东中部地区企业的短贷长投水平。本文可以为明晰经济高质量发展背景下地方政府经济增长偏好的影响提供经验证据的支持,为理解企业财务投融资行为提供来自政府制度层面的相关启示。Based on the unbalanced panel data of A-share listed companies in stock markets of Shanghai and Shenzhen from 2009 to 2019, this paper studied the impact of local economic assessment pressure on enterprises’ short-term loans for long-term investment behavior. The study found that the greater the pressure of local economic assessment was, the more enterprises would intensify the behavior of short-term loans for long-term investment. The above core conclusion remained unchanged after multiple robustness tests. Channel analysis and mechanism inspection found that pressure of local economic assessment would cause the financing constraints of enterprises in the financial market and the increase of financing costs, and would also force enterprises to have a stronger preference for transforming from substantial to fictitious, which in turn brought significant financial unstable. These changes would influence the normal financial behavior of enterprises and increase the intensity of short-term loans for long-term investment behavior. From the perspective of enterprise and regional heterogeneity, local economic assessment pressure could significantly push up the level of short-term loans for long-term investment of state-owned enterprises, high-tech enterprises, East and Middle enterprises in China. This article could provide empirical evidence that supported for understanding the impact of local government economic growth preferences clearly in the era of high-quality economic development, and provided relevant inspiration for understanding corporate financial investment and financing behavior from the government system level.

关 键 词：地方经济考核压力 短贷长投 融资行为 财务稳定 

分 类 号：F062.9[经济管理—政治经济学]