抑制型产业政策能缓解企业投融资期限结构错配吗?——基于去产能政策的经验分析  

Can Suppressive Industrial Policy Alleviate the Maturity Mismatch of Corporate Investment and Financing?——Experience Analysis Based on De-capacity Policy

作　　者：叶德珠[1] 董兰新 YE De-zhu;DONG Lan-xin

机构地区：[1]暨南大学经济学院

出　　处：《产经评论》2023年第4期5-19,共15页Industrial Economic Review

基　　金：暨南大学宁静致远工程项目(项目编号:23JNZK05)。

摘　　要：在防范和化解重大风险背景下,企业投融资期限结构错配问题越来越受到学术界关注。基于国务院出台的去产能政策信息,以2010—2020年中国A股上市企业为研究样本,实证研究抑制型产业政策对企业投融资期限结构错配的影响和作用机制。结果显示:去产能政策缓解了产能过剩行业企业的投融资期限结构错配,即政策抑制了企业“短贷长投”行为。机制检验表明,去产能政策主要通过抑制企业固定资产投资和增加企业内源融资发挥缓解企业投融资期限结构错配的作用。异质性分析发现,相较于民营企业,去产能政策对国有企业投融资期限结构错配的缓解作用更强。对抑制型产业政策与企业投融资期限结构之间关系的认识能够为更好地推行产业政策、防范和化解金融风险提供重要启示。In the context of preventing and resolving major risks,the maturity mismatch of corporate investment and financing has attracted more and more attention from academic circles.Based on the information of the De-capacity policies issued by the State Council,this paper takes the A-share listed companies from 2010 to 2020 as the research sample,and empirically studies the impact and mechanism of the suppressive industrial policies on the maturity mismatch of corporate investment and financing.The research found that:(1)The De-capacity policy alleviated the investment and financing maturity structure mismatch of enterprises in overcapacity industries,that is,the policy restrained enterprises from“short-term loans and long-term investments”;(2)The mechanism of action test shows that the De-capacity policy mainly alleviates the mismatch of investment and financing term structure by inhibiting the fixed asset investment of enterprises and increasing the internal financing of enterprises;(3)The heterogeneity analysis finds that compared with private enterprises,the policy has a stronger effect on alleviating the investment and financing maturity structure mismatch of state-owned enterprises.The research in this paper supplements the understanding of the relationship between the overcapacity policy and the maturity mismatch of corporate investment and financing,and provides important policy inspiration for better implementing industrial policies and preventing and resolving financial risks.

关 键 词：抑制型产业政策 去产能政策 投融资期限结构错配 固定资产投资 内源融资 

分 类 号：F062.9[经济管理—政治经济学]