企业金融资产配置与投融资期限错配:抑制还是加剧

Corporate Financial Asset Allocation and Maturity Mismatch between Investment and Financing:Inhibition or Aggravation

在当前实体经济虚拟化的背景下,企业配置金融资产是否影响上市公司的投融资期限错配程度,不同产权性质、外部环境对于上市公司的影响是否存在显著性差异等问题,有待深入探究。本文以2008-2018年我国A股上市公司为样本,探讨了企业金融资产配置对投融资期限错配的影响。研究发现,总体上,企业配置金融资产是出于投机套利的动机,会加剧企业的投融资期限错配程度;但国有企业会削弱这种相关性。如果考虑外部环境影响,更高的环境不确定性和市场化程度均会增强金融资产对投融资期限的错配效应。作用机制检验表明,更高的融资约束是金融资产配置影响企业投融资期限错配的重要渠道。鉴此,本文建议监管部门强化对配置金融资产企业的监督,严厉打击基于投机套利动机的短期投机行为,促进实体经济健康可持续发展。

Based on the virtualization of current real economy,whether the allocation of financial assets affects the maturity mismatch degree of investment and financing of listed companies,and whether there are significant differences in the impact of different property rights and external environment on listed companies need to be further explored.This paper takes China's A-share listed companies from 2008 to 2018 as the sample to explore the impacts of financial asset allocation on the investment and financing maturity mismatch.The results show that,on the whole,the allocation of financial assets is motivated by speculation and arbitrage,which will aggravate the maturity mismatch degree of investment and financing;but state-owned enterprises will weaken this correlation.If considering the influence of external environment,higher environmental uncertainty and marketization will enhance the maturity mismatch effects of financial assets on investment and financing.The mechanism test shows that higher financing constraint is an important channel for the influence of financial assets on investment and financing maturity mismatch.Based on this,this paper suggests that the regulatory authorities should strengthen the supervision of financial asset allocation enterprises,crack down on short-term speculation based on speculative arbitrage motivation,and promote the sustainable development of real enterprises.