跨境资本流动与企业投融资期限错配:兼论宏观审慎政策与资本管制措施的作用  

Cross-border Capital Flows and Corporate Investment-financing Maturity Mismatch:the Role of Macroprudential Policies and Capital Control Measures

作　　者：卞雨晨 高水文 BIAN Yuchen;GAO Shuiwen

机构地区：[1]东华大学旭日工商管理学院 [2]上海海关学院工商管理与关务学院

出　　处：《世界经济研究》2023年第8期119-134,M0004,共17页World Economy Studies

基　　金：教育部人文社会科学研究规划基金项目“跨境资本流动对商业银行信贷风险的影响机理及政策研究”(项目编号:20YJA790014);中央高校基本科研业务费专项资金、东华大学研究生创新基金项目“跨境资本流动对企业投资的影响研究”(项目编号:CUSF-DH-D-2023050)。

摘　　要：随着中国有序融入世界经济体系,各渠道跨境资本流动规模显著提升。文章以2010~2022年中国A股上市企业为样本,系统地考察了跨境资本流动对企业投融资期限错配的影响。研究表明,跨境资本净流入规模增加会提升企业长期投资规模,从而加剧企业投融资期限错配,并且跨境资本直接投资对企业投融资期限错配的助推力度最大;跨境资本流出规模增加会缓解企业投融资期限错配。拓展研究表明,宏观审慎政策和资本管制措施能够缓解跨境资本流动对企业投融资期限错配的影响,且相比之下,资本管制措施的调控作用更强;管理者短视和财务柔性是跨境资本流动影响企业投融资期限错配的传导渠道;跨境资本流动对投融资期限错配的影响在低杠杆企业以及处于低竞争行业、全球供应链参与度高的地区和货币收缩期的企业更明显。With China's orderly integration into the world economy,the scale of various cross-border capital flows has been increasing significantly.Based on a sample of Chinese A-share listed corporates from 2010-2022,this article systematically examines the impact of cross-border capital flows on the corporate investment-financing maturity mismatch.The results show that net crossborder capital inflows can increase the scale of long-term investment,thereby exacerbating the corporate investment-financing maturity mismatch,and cross-border direct capital investments contribute most strongly.In contrast,cross-border capital outflows can alleviate the corporate investment-financing maturity mismatch.Further research shows that macroprudential policies and capital control measures can mitigate the impact of cross-border capital flows on the corporate investment-financing maturity mismatch,and capital control measures have a stronger regulatory effect than macroprudential policies.Besides,managerial myopia and financial flexibility are the transmission channels through which cross-border capital flows affect the corporate investment-financing maturity mismatch.Moreover,the impact of cross-border capital flows on the corporate investment-financing maturity mismatch is more significant in low-leverage corporates,corporates in low-competition industries,regions with high participation in the global supply chain,and periods of currency contraction.This study explains the investment-financing maturity mismatch of Chinese corporates from the perspective of capital liberalization,which has specific policy value for the scientific design of the capital account liberalization process and the optimization of the maturity structure of corporates'investment and financing.

关 键 词：跨境资本流动 投融资期限错配 短贷长投 宏观审慎政策 资本管制措施 

分 类 号：F832.6[经济管理—金融学] F832.51F275