供应链稳定与企业投融资期限错配  

Supply Chain Stability and Maturity Mismatch in Corporate Investment and Financing

作　　者：董浩 闫晴 Dong Hao;Yan Qing

机构地区：[1]东北财经大学金融学院,辽宁大连116025

出　　处：《证券市场导报》2025年第2期68-79,共12页Securities Market Herald

摘　　要：如何有效缓解企业投融资期限错配,对促进企业健康发展、防范系统性金融风险至关重要。本文基于2007—2022年沪深A股上市公司数据,系统考察了供应链稳定对企业投融资期限错配的影响及其作用机制。研究发现,供应链稳定显著改善了企业投融资期限错配,且这种改善作用在供应链依赖度高、融资约束强、资金缺口大以及外部融资依赖度高的企业中更显著。作用机制分析表明,供应链稳定能够提升企业内源融资能力、增加长期信贷可得性,从而显著改善企业投融资期限错配。经济后果检验表明,供应链稳定能显著抑制投融资期限错配对企业经营风险的负向影响。Effectively alleviating the maturity mismatch in corporate investment and financing is crucial for promoting corporate healthy development and preventing systemic financial risks.This paper systematically examines the impact of supply chain stability on the maturity mismatch in corporate investment and financing and the working mechanism behind it using data from A-share listed companies on the Shanghai and Shenzhen Stock Exchanges from 2007 to 2022.The paper finds that supply chain stability significantly mitigates the maturity mismatch in corporate investment and financing.Moreover,this mitigating effect is more pronounced in companies with high supply chain dependence,strong financing constraints,large funding gaps,and high dependence on external financing.The mechanism analysis indicates that supply chain stability can enhance corporate internal financing capabilities and increase the availability of long-term credit,thereby significantly mitigating the maturity mismatch in corporate investment and financing.The economic consequence tests show that supply chain stability can significantly suppress the negative impact of the maturity mismatch in investment and financing on corporate operational risks.

关 键 词：供应链稳定 投融资期限错配 降本增效 长期信贷 

分 类 号：F270[经济管理—企业管理]