公司融资风险的高位演化——异质性管理者短视的新解释  

High-level Evolution of Firm Financing Risk:A New Interpretation of Heterogeneous Managers' Myopia

作　　者：刘柏[1] 琚涛 Liu Bai;Ju Tao(School of Business and Management,Jilin University,Changchun 130012,China;School of Accounting and Finance,The Hong Kong Polytechnic University,Kowloon 999077,Hongkong,China)

机构地区：[1]吉林大学商学与管理学院,130012 [2]香港理工大学会计与金融学院,中国香港999077

出　　处：《南开经济研究》2025年第1期145-161,共17页Nankai Economic Studies

基　　金：教育部人文社会科学研究规划基金项目“企业数字化资产的核定方法和价值评估研究”(22YJA630047)的资助。

摘　　要：投资偏差是融资风险的底层来源,显性投资水平因易观测而受到广泛研究,隐性投资结构因难察觉而鲜有关注。从公司投资结构上的时间和空间短视行为视角出发,探究其对债务和股权融资风险的异质性影响。选取A股上市公司2009—2020年数据为研究样本,通过线性回归及一系列稳健性检验发现,时间短视增加债务融资风险但降低股权融资风险;相反,空间短视行为不仅抑制了企业的财务困境风险,还加大了企业的股价崩盘风险。对于时间短视,市场竞争放大了其对债务融资风险的正向作用,但削弱了其对股价融资风险的负向作用。对于空间短视,市场竞争放大了其对债务融资风险的负向作用而对股权融资风险未产生影响。最后,管理者短视主要通过影响盈余水平与盈余波动影响公司的融资风险。研究结论为制定宏观金融风险管控措施提供了微观证据。Investment bias is the underlying source of financing risk.Explicit investment level has been widely studied because it is easy to observe,while implicit investment structure has received little attention because it is difficult to detect.From the perspective of temporal and spatial myopia of firm investment structure,this paper explores the heterogeneity of debt and equity financing risks.The data of A-share listed firms from 2009 to 2020 are selected as the research sample.Through linear regression and a series of robustness tests,it is found that temporal myopia increases the risk of debt financing but reduces the risk of equity financing.On the contrary,spatial myopia not only inhibits the risk of financial distress,but also increases the risk of stock price collapse.For temporal myopia,market competition amplifies its positive effect on financial distress risk but weakens its negative effect on stock price crash risk.For spatial myopia,market competition amplifies its negative effect on financial distress risk but has no effect on financial distress risk.Finally,managers' myopia mainly affects the firm's financing risk by influencing the level and fluctuation of earnings.The conclusion of the study provides micro-evidence for the formulation of macro-financial risk control measures.

关 键 词：财务困境风险 股价崩盘风险 时间短视 空间短视 产品市场竞争 

分 类 号：F275[经济管理—企业管理] F832.51[经济管理—国民经济] F272.91