金融部门人力资本与企业投融资期限错配  

Human capital in the financial sectors and corporate maturity mismatch

作　　者：刘贯春 叶永卫 司登奎 刘媛媛 LIU Guan-chun;YE Yong-wei;SI Deng-kui;LIU Yuan-yuan(Lingnan College,Sun Yat-sen University,Guangzhou 510275,China;Institute of Mezzoeconomics,Sun Yat-sen University,Guangzhou 510275,China;School of Public Economics and Administration,Shanghai University of Finance and Economics,Shanghai 200433,China;School of Economics,Qingdao University,Qingdao 266071,China;School of Finance,Guangdong University of Foreign Studies,Guangzhou 510006,China;Southern China Institute of Fortune Management Research,Guangdong University of Foreign Studies,Guangzhou 510006,China)

机构地区：[1]中山大学岭南学院,广州510275 [2]中山大学中观经济学研究院,广州510275 [3]上海财经大学公共经济与管理学院,上海200433 [4]青岛大学经济学院,青岛266071 [5]广东外语外贸大学金融学院,广州510006 [6]广东外语外贸大学广州华南财富管理中心研究基地,广州510006

出　　处：《管理科学学报》2024年第10期103-124,共22页Journal of Management Sciences in China

基　　金：国家自然科学基金资助项目(72003116);广东省自然科学基金资助项目(2022A1515010204);上海市“晨光计划”资助项目(19CG40);“泰山学者”专项工程经费资助项目(taqn202103054)。

摘　　要：近年来持续推进的金融体制改革并未明显改善实体企业投融资期限错配问题,“短贷长投”之谜亟需得到诠释.本研究以人力资本不断流向金融部门作为切入点,基于“固定资产投资-短期负债”敏感性的检验框架,试图提供一种可行解释.本研究采用人均受教育年限衡量金融部门的人力资本配置,结合2008年中国经济普查微观数据库构造地级市层面的度量指标,并匹配至2011年—2013年工业企业数据库开展实证检验.结果显示,伴随着金融部门人力资本的提升,短期负债对固定资产投资的正向作用被强化,且该效应在信息不对称严重的企业和地区更为凸显.进一步的机制检验发现,金融部门的人力资本上升强化了信贷供给方的市场势力,企业债务期限显著降低,具体表现为短期负债增加而长期负债减少.本研究结论表明,人力资本偏向金融部门导致债务期限结构与长期资金需求无法有效匹配,是中国实体企业“短贷长投”行为的重要原因之一.Although substantial financial reforms have been implemented,asset-debt maturity mismatch performs an exacerbated trend.From the perspective of human capital in the financial sectors,this paper provides an explanation using the sensitivity of fixed-assets investment to short-term debt.Specifically,this paper utilizes the 2008 Chinese National Economic Census to construct city-level measure of financial sectors'human capital,and then matches the data with Chinese Industrial Enterprises Database over 2011-2013.The results show that human capital in the financial sector strengthens the positive effect of short-term debt on fixed-assets investment,especially for firms facing greater information asymmetry.Further,high-educated workers flowing to the financial sectors enhance their market power on credit allocation,resulting in decreased debt maturity provided for firms.These findings demonstrate that increasing human capital in the financial sectors lead to more serious mismatch of asset and debt maturity,which is conducive to explaining why China's nonfinancial firms are using more and more short-term debt to invest fixed-assets.

关 键 词：金融部门的人力资本 短贷长投 信息不对称 债务期限 

分 类 号：F275[经济管理—企业管理] F279[经济管理—国民经济]