短债长用与资源配置

Long-term Use of Short-term Debt and Resource Allocation

利用2008—2018年我国A股上市公司的经验数据,采用混合回归模型,研究短债长用对企业资源配置的影响。实证结果表明:第一,企业短债长用的程度越高,研发投入越少,销售投入越多;第二,当企业所属行业的集中度较高时,短债长用对研发投入的负向影响会被削弱;第三,当企业所在地区的市场化程度较高时,短债长用对销售投入的正向影响会被削弱。本研究有助于理解短债长用对绩效等的影响机制,为相关政策提供决策依据。

Based on the empirical data of A-share listed companies in the Shanghai and Shenzhen stock exchanges from 2008 to 2018, this paper studies the impact of long-term use of short-term debt on enterprise resource allocation by using mixed regression model. There are following findings:(1) The higher the utilization degree of the enterprise’s short-term debt and the less the R&D cost are, but the more sale investment is.(2) When the concentration of the industry to which the enterprise belongs is high, the negative impact of long-term use of short-term debt on R & D investment will be weakened.(3) When the degree of marketization in the area where the enterprise is located is high, the positive impact of long-term use of short-term debt on sales investment will be weakened. The conclusions of this paper are helpful for us to deeply understand the influence mechanism of short-term debt for long-term use on corporate corporate performance and provide decision-making basis for relevant policy makers.