战略联盟何以抑制企业投融资期限错配?--“开源”和“节流”的双重视角  

How Strategic Alliances Alleviate the Maturity Mismatch of Investment and Financing——An Analysis from the Perspective of“Broadening Source”and“Reducing Expenditure”

作　　者：陈红[1] 朱震 赵荣权 胡耀丹[1] CHEN Hong;ZHU Zhen;ZHAO Rong-quan;HU Yao-dan

机构地区：[1]云南财经大学会计学院 [2]昭通学院管理学院,昆明650221

出　　处：《现代金融研究》2025年第3期84-99,共16页Journal of modern finance

基　　金：国家自然科学基金地区项目“新型社区治理场域下‘数字技术—制度结构’耦合机制及其优化路径研究”(72464038);国家自然科学基金地区项目“高管团队特征对企业数字化转型的影响研究”(72262033);云南省哲学社会科学规划项目重点项目“云南新型社区治理数字化转型研究”(ZD202212);云南省地方本科高校基础研究联合专项面上项目“研发要素流动影响云南省创新水平的理论分析与实证检验”(202101BA070001-098)的资助。

摘　　要：本文基于2009-2022年中国A股上市公司发布的战略联盟合作公告数据,探讨战略联盟对企业投融资期限错配的影响。研究发现,战略联盟整体改善了企业投融资期限错配,这得益于融资端的“开源”效应和投资端的“节流”效应,战略联盟能显著提升银行发放长期贷款的意愿,同时减少企业的长期资金支出,抑制企业“短贷长投”。进一步分析表明,战略联盟显著提升了企业的长期借款占比,增加的长期借款主要被用于期限较长的固定资产投资。此外,当企业内源融资不足、外部融资环境较差、联盟类别为横向联盟和股权式联盟时,战略联盟的投融资期限错配抑制效应更显著。This paper examines the impact of strategic alliances on the maturity mismatch of investment and financing based on strategic alliance cooperation announcements made by A-share listed companies during 2009-2022.The results find that strategic alliances generally alleviate the maturity mismatch of investment and financing.This can be attributed to the“broaden source”effect on the financing side and the“reduce expenditure”effect on the investment side.Strategic alliances can significantly increase the willingness of banks to issue long-term loans,and reduce the long-term capital expenditures of enterprises and suppress their“short-term loans for long-term investments”behavior.Further analysis indicates that strategic alliance has significantly increased the proportion of long-term debt of enterprises and these debt are mainly used for fixed assets investment with longer term.The inhibitory effect is more significant when the internal financing of the enterprise is insufficient,the external financing environment is poor,and the alliance types are horizontal alliances and equity alliances.

关 键 词：战略联盟 期限错配 非正式制度 长期资金 

分 类 号：F832.51[经济管理—金融学] F275