投资审批制度改革与企业投融资期限匹配--来自投资项目在线审批监管平台的证据  

Investment Approval System Reform and Corporate Investment-Financing Maturity Match:Evidence from the Online Approval and Supervision Platform for Investment Projects

作　　者：覃家琦 张令昊 马振邦 Qin Jiaqi;Zhang Linghao;Ma Zhenbang(School of Finance,Nankai University,Tianjin 300350,China)

机构地区：[1]南开大学金融学院,天津300350

出　　处：《财经研究》2025年第1期139-153,共15页Journal of Finance and Economics

基　　金：国家自然科学基金面上项目(71772091)。

摘　　要：国家“十四五”规划强调,深化投融资体制改革是促进形成市场主导的投资内生增长机制的重要举措。文章以2015年以来的省市级投资项目在线审批监管平台建设作为准自然实验,使用交错双重差分法系统考察了平台上线所引领的投资审批制度改革对企业投融资期限匹配的因果影响。研究结果表明,平台显著缓解了企业投融资期限错配程度。机制分析表明,平台通过抑制企业低效投资和缓解企业因信息不对称而产生的融资约束,实现了投资与融资的高效联动与协调。异质性分析发现,在实体投资需求旺盛、管理层风险偏好较高、劳动力投资效率较高、银行贷款可得性较低的企业中,平台的纠偏效果更强。此外,平台有助于优化地区营商环境,引导企业“脱虚向实”,促进企业业绩高质量增长。文章为进一步优化平台建设提供了丰富的经验证据,也为建立政企常态化沟通交流机制和充分激发市场主体投资活力提供了来自投资制度改革视角的理论依据和决策参考。The“14th Five-Year Plan”emphasizes that deepening the reform of the investment and financing system is an important measure to promote the formation of a market-oriented endogenous growth mechanism for investment.The online approval and supervision platform for investment projects simplifies approval processes,improves efficiency,and ensures transparency throughout the entire lifecycle of investment projects by establishing a normalized mechanism for data sharing and business collaboration.This provides institutional support for facilitating corporate investment and financing.This paper uses the construction of provincial and municipal online approval and supervision platforms for investment projects since 2015 as a quasi-natural experiment and employs a staggered DID approach to study their impact on corporate investment-financing maturity match.The results show that the platform significantly alleviates investment-financing maturity mismatch.Mechanism testing reveals that the platform enhances the efficient coordination of investment and financing by curbing inefficient corporate investments and mitigating financing constraints caused by information asymmetry.Heterogeneity analysis indicates that the corrective effect of the platform is stronger in firms with robust real investment demand,higher managerial risk preferences,greater labor investment efficiency,and lower access to bank loans.Additionally,the platform contributes to optimizing the regional business environment,guiding firms to shift towards real economic activities,and promoting high-quality corporate performance growth.This paper makes the following contributions:(1)From the perspective of corporate investment-financing maturity match,it examines for the first time the impact and mechanism of the online approval and supervision platform on corporate investment and financing activities.(2)Grounded in the market-oriented reform of the investment system,it provides a new framework for understanding investment-financing maturity mismatch among Chi

关 键 词：投资项目在线审批监管平台 投融资期限错配 有效投资 

分 类 号：F275[经济管理—企业管理]