资本市场开放对企业投融资期限错配的影响研究——基于“沪深港通”样本的多期双重差分分析  

Research on the Impact of Stock Market Liberalization on the Mismatch of Investment and Financing Period of Enterprises: Multi-period DID Analysis Based on the“Shanghai-Shenzhen-Hong Kong Stock Connect”Sample

作　　者：朱康 唐勇 Zhu Kang;Tang Yong

机构地区：[1]福州大学经济与管理学院,福建福州350108

出　　处：《金融理论与实践》2023年第2期87-96,共10页Financial Theory and Practice

基　　金：国家社会科学基金项目“公共数据资产市场化配置研究”(21BJY033)的阶段性成果。

摘　　要：在防范化解金融风险的背景下,企业短贷长投问题受到广泛关注。基于“沪深港通”这一准自然实验,以2010—2021年我国A股上市公司为样本,采用多期双重差分模型,实证研究资本市场开放对企业投融资期限错配的影响。研究发现,资本市场开放抑制了企业短贷长投问题,缓解了企业投融资期限错配程度。中介机制分析表明,“沪深港通”通过缓解融资约束、提升分析师关注和提高市场流动性能够抑制企业短贷长投问题。进一步研究发现,当样本企业是非国有企业、董事长和总经理两职分离以及机构持股比例较高时,“沪深港通”抑制企业投融资期限错配的效果更好。研究结论为理解企业短贷长投提供了新的研究视角,对于防范化解金融风险具有实践意义;同时丰富了资本市场开放在微观领域的经济效果研究,为进一步推进资本市场纵深发展提供了经验证据。In the context of preventing and resolving financial risks, the issue of short-term loans and long-term investment of enterprises has attracted extensive attention. Based on the quasi-natural experiment of“Shanghai-Shenzhen-Hong Kong Stock Connect”, this paper takes my country’s Ashare listed companies from 2010 to 2021 as a sample, adopts a multi-period DID model, and empirically studies the impact of stock market liberalization on the maturity mismatch of investment and financing. The study found that: the stock market liberalization helps to restrain the mismatch of investment and financing terms of enterprises;The analysis of the medium mechanism shows that the“Shanghai-Shenzhen-Hong Kong Stock Connect”restrains enterprises from short-term loans and long-term investment by easing financing constraints, increasing analysts’ attention, and improving market liquidity;When the sample enterprises are non-state-owned enterprises, the positions of chairman and general manager are separated, and the proportion of institutional shareholding is high,the“Shanghai-Shenzhen-Hong Kong Stock Connect”is more effective in suppressing the maturity mismatch of investment and financing. The conclusion puts forward a new research perspective for understanding short-term loans and long-term investment of enterprises, which has practical significance for resolving corporate financial risks;at the same time, it expands the research on the economic effects of stock market liberalization in the micro-field, and provides empirical evidence for further expanding the scope of capital market opening.

关 键 词：资本市场开放 沪深港通 投融资期限错配 短贷长投 

分 类 号：F832.51[经济管理—金融学]