“短贷长投”与全要素生产率关系研究

Research on the Relationship between"Short-Term Loans Used as Long-Term Investment"and Total Factor Productivity

"短贷长投"一直以来是我国企业面临的核心债务问题之一,投融资期限相匹配这一基本原则并未得到有效实施。利用2008—2018年中国A股上市公司的数据,探究了企业层面的"短贷长投"与全要素生产率之间的关系。通过相关研究证实,借助滚动的短期资金支持长期投资的财务策略对企业全要素生产率产生显著的负面效应。深入探究发现",短贷长投"从引发非效率投资和降低现金柔性两方面作用于全要素生产率。此外,上述消极影响存在一定的企业异质性,即在国有企业、融资约束较高以及内部控制质量较差的企业中更为明显。

"Short-term loans used as long-term investment"is one of the core debt problems that Chinese enterprises have been facing for a long time.The basic principle of matching investment and financing terms has not been effectively implemented.The existing literature has shown that the maturity structure of the term structure has adversely affected the financial risks,investment efficiency and business performance of the enterprise.Based on this,this paper uses the data of China’s A-share listed companies from 2008 to 2018 to explore the relationship between"short-term loans used as long-term investment"and total factor productivity at the enterprise level.It has been confirmed through relevant research that the financial strategy of supporting long-term investment with rolling short-term funds has a significant negative effect on the total factor productivity of enterprises.In-depth exploration found that"shortterm loans use as long-term investment"acts on total factor productivity from both inefficient investment and reduced cash flexibility.In addition,the above negative impacts have certain corporate heterogeneity,which is more obvious in state-owned enterprises,enterprises with higher financing constraints and poor internal control quality.This paper not only supplements the empirical evidence for the impact effect of"short-term loans used as long-term investment",but also provides theoretical support for improving corporate capital management and deepening financial market reform.