“良药苦口”抑或“饮鸠止渴”——权变视角下投融资期限错配正负效应的比较分析

“Good Medicine is Bitter”or“Drinking Poision to Quench Thirst”——Comparative Analysis of the Positive and Negative Effects of Investment-Financing Maturity Mismatch from the Perspective of Contingency

从权变视角对国内外投融资期限错配的研究成果进行全面梳理和评述。研究发现:投融资期限错配引发的经济后果是复杂的,需要通过权变的视角来分析其正负效应;权变因素如行业属性、企业特征、金融政策等,可以帮助厘清投融资期限错配正负效应的边界条件;对于拥有高质量管理团队且具有较低内部代理成本、投资回收期短的企业而言,投融资期限错配是一种理性选择,但在不具备必要边界条件的情况下,如果放任管理层滥用投融资期限错配,可能会引发较高的投融资期限错配风险。

The article comprehensively sorted out and commented on the research results of investment-financing maturity mismatch at home and abroad from the contingency perspective.The research found that,the economic consequences of investment-financing maturity mismatch were complex,which need to use the contingency perspective to analyze their positive and negative effects.Contingent factors,such as industry attributes,corporate characteristics,and financial policies,could help to clarify the boundary conditions of the positive and negative effects.For the enterprises with high-quality management teams,low internal agency costs and short payback periods,investment-financing maturity mismatch was a rational choice.However,the abuse of the investment-financing maturity mismatch without necessary boundary conditions,might lead to a higher risk.