产融结合与企业融资约束——基于期限错配视角的实证分析

Industry and finance combination and corporate financing constraints:empirical analysis based on the perspective of term mismatch

以2010—2018年沪深A股非金融类上市公司为研究样本,构建投资—现金流敏感性模型及其拓展模型,基于期限错配视角对产融结合缓解融资约束的影响机制进行分析。研究发现产融结合通过抑制期限错配从而达到缓解上市公司融资约束的作用,且高度的产融结合对抑制期限错配缓解融资约束的作用更显著;非国有企业、中小规模企业的产融结合缓解融资约束的作用更显著,并且这种融资约束的缓解在金融欠发达地区作用更显著。为产融结合缓解融资约束的影响路径提供了新的视角。

Taking the 2010—2018 Shanghai-Shenzhen A-share non-financial listed company as the research sample,constructs the investment-cash flow sensitivity model and its expansion model,and analyzes the impact mechanism of the industry-integration and mitigation financing constraints based on the maturity mismatch perspective.The study finds that:the combination of industry and finance achieves the effect of alleviating the financing constraints of listed companies by suppressing the maturity of maturity,and the combination of high production and financing has a more significant effect on the suppression of financing mismatches in the suppression of maturity;the production and integration of non-state-owned enterprises and small and medium-sized enterprises The combination of mitigating financing constraints is more significant,and the mitigation of such financing constraints is more pronounced in financially underdeveloped regions.This paper provides a new perspective for the integration of industry and finance to mitigate the impact of financing constraints.