投融资期限配置、现金持有与企业财务风险

Investment and Financing Maturity Allocation,Cash Holdings and Financial Risk

融资与投资期限合理配置一直是企业平衡资金使用效率与财务风险控制的管理难题。近年来,由于投融资期限错配使企业深陷财务困境,甚至导致知名企业面临破产清算财务危机也屡见不鲜,使企业投融资期限配置问题成为社会普遍关注的焦点问题之一。文章基于2008—2022年沪深A股上市公司数据,实证检验了投融资期限配置对企业财务风险的影响及作用机制。研究结果表明,投融资期限配置与企业财务风险之间存在显著的正U型关系,且经过稳健性检验后,研究结论仍然成立。进一步研究发现,现金持有水平在投融资期限配置影响企业财务风险的过程中发挥着中介作用。同时,在CEO具有财务背景及民营企业样本组中,投融资期限配置对企业财务风险影响的显著性程度有所降低。

Rational allocation of financing and investment term has always been a management problem for enterprises to balance the efficiency of capital use and financial risk control.In recent years,the maturity mismatch has put enterprises in financial difficulties,and even caused well-known enterprises to face bankruptcy and liquidation crises,which has made the issue of enterprise investment and financing term allocation become one of the focuses of general social concern.Based on the data of A-share listed companies in Shanghai and Shenzhen from 2008 to 2022,the article empirically examines the impact and mechanism of investment and financing term allocation on corporate financial risk.It is found that there is a significant positive U-shaped relationship between investment and financing maturity allocation and corporate financial risk,and the findings still hold after the robustness test.It is further found that the level of cash holding plays a mediating role in the process of investment and financing term allocation affecting corporate financial risk,and at the same time,the significance of the impact of investment and financing term allocation on corporate financial risk decreases in the sample groups of CEOs with financial backgrounds and private enterprises.