贷款受托支付与企业短贷长投  

Entrusted Payment by Lender and Enterprises’Short-term Loans for Long-term Investment

作　　者：王禹 曹以伦 WANG Yu;CAO Yi-lun

机构地区：[1]南开大学经济学院,天津300071 [2]内蒙古大学经济管理学院

出　　处：《金融论坛》2024年第7期26-36,共11页Finance Forum

基　　金：国家社会科学基金重大项目“新发展格局下金融结构优化与高质量技术创新研究”(21&ZD11)的资助。

摘　　要：本文以2010年《流动资金贷款管理暂行办法》的出台为外生冲击,利用中国A股上市公司数据研究贷款受托支付对企业短贷长投的影响。研究发现:贷款受托支付抑制了企业短贷长投;贷款受托支付通过促使企业增加长期融资并回归稳健经营的渠道抑制了企业短贷长投,而固定资产投资渠道则并不显著;企业关联交易、高管金融背景和区域银行业竞争会削弱贷款受托支付的政策效果;贷款受托支付降低了企业破产风险。Taking the introduction of the Interim Measures for the Administration of Working Capital Loans in 2010 as an exogenous shock,this paper examines how the entrusted payment by lender(EPL)affects enterprises’use of short-term loans for long-term investment using data from non-financial listed companies in the Chinese A-share market.It is found that,after the implementation of the EPL,the extent of enterprises’use of short-term loans for long-term investment de-creased significantly.The mechanism analysis shows that the EPL inhibites the enterprises’use of short-term loans for long-term investment by motivating the enterprises to increase long-term financing and adopt more prudent operation strategy,while the fixed assets investment channel is not significant.More transactions with related parties,richer financial backgrounds of executives,and fiercer competition among regional banks mitigate the effects of the EPL.Further analysis shows that the EPL reduces firms’insolvency risk.

关 键 词：贷款受托支付 短贷长投 贷中支付监管 监管套利 

分 类 号：F832.4[经济管理—金融学]