大数据应用如何抑制企业投融资期限错配?--资源效应与信息效应  

How Big Data Applications Can Curb the Maturity Mismatch of Corporate Investment and Financing?--Resource Effect and Information Effect

作　　者：高玉强[1] 王子帅 张宇[2] GAO Yu-qiang;WANG Zi-shuai;ZHANG Yu

机构地区：[1]青岛大学经济学院,青岛266071 [2]东北财经大学金融学院

出　　处：《金融论坛》2023年第10期36-47,共12页Finance Forum

基　　金：国家社会科学基金项目“绿色农业补贴的污染减排效应评估与政策优化研究”(20BJL074);。

摘　　要：本文以2007-2020年中国沪深A股上市制造业企业为研究对象,基于信贷资源获取的视角,系统研究了大数据应用对企业投融资期限错配的影响及其传导机制。研究结果表明,大数据应用能显著抑制期限错配,改善企业债务期限结构,且在非国有企业和风险承担能力高的企业中效果更为明显。核心机制在于资源效应和信息效应:前者表现为大数据可以增强企业实体业务的比较优势,进而提高银行在信贷决策过程中基于“规模偏好”的资金配置倾向;后者表现为大数据可以缓解信息不对称,提高银行信贷决策和资金配置的效率。Based on the perspective of credit resource acquisition,this paper takes the Chinese Shanghai and Shenzhen A-share listed manufacturing enterprises from 2007 to 2020 as the research object,and systematically investigates the im-pact of big data application on the maturity mismatch of corporate investment and financing(MMIF)and its transmission mechanism.The findings show that big data applications can significantly suppress MMIF and improve the maturity struc-ture of corporate debt,and the effect is more pronounced in non-state enterprises and enterprises with high risk-taking capacity.The core mechanism lies in the resource effect and information effect.Resource effect means that big data can enhance the comparative advantage of enterprise business,thereby enhancing the tendency of banks to allocate funds based on“scale preference”in the credit decision-making process.Information effect means that big data can alleviate informa-tion asymmetry and improve the efficiency of bank credit decision-making and fund allocation.

关 键 词：大数据 投融资期限错配 信贷决策 资源效应 信息效应 

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