地方金融发展能缓解企业投融资期限错配吗?--来自城商行设立的准自然实验

Local Financial Development and Maturity Mismatch of Investment and Financing:A Quasi-natural Experiment Based on City Commercial Banks

以地方设立城市商业银行为准自然实验,使用渐进双重差分法实证检验城商行为代表的地方金融发展对企业投融资期限错配的影响。研究结果表明,地方金融发展有助于降低企业的短贷长投程度,相比于国有企业和大型企业,地方金融发展对非国企和中小企业短贷长投的缓解作用更为显著。影响机制分析表明,地方金融发展通过增加企业信贷可得性、降低贷款担保要求、缓解企业面临的融资约束,抑制企业的短贷长投。进一步分析表明,地方金融发展所缓解的短贷长投有助于提升企业业绩、降低企业经营风险和财务困境成本。

In the context of financial repression,Chinese enterprises suffer serious investment and financing maturity mismatches.Once they encounter negative shocks,the risks accumulated by maturity mismatches may be transmitted to the entire financial system,which will lead to systemic financial risks.As the most important innovative product in the reform of local financial structure,city commercial banks represent the degree of local financial development to a large extent,and its impact on the mismatch of investment and financing terms of enterprises needs to be systematically analyzed.However,few literatures systematically examine how local financial development can improve the maturity mismatch of corporate investment and financing,and help prevent and resolve financial risks.Using the data of Chinese listed companies from 2007 to 2018,this paper uses the establishment of local city commercial banks as a natural experiment,and employs the staggered difference in difference method to test the impact of local financial development represented by city commercial behavior on the mismatch of corporate investment and financing terms.The results show that local financial development can help reduce the mismatch of investment and financing maturity of enterprises.Compared with state-owned enterprises and large enterprises,the effect of local financial development on the mismatch of investment and financing maturity is more pronounced among non-state-owned enterprises and small and medium-sized enterprises.The results of mechanism analysis show that local financial development can ease the mismatch of investment and financing maturity by increasing the availability of enterprise credit,reducing loan guarantee requirements,and alleviating the financing constraints faced by enterprises.Further tests show that the mismatch of investment and financing term alleviated by local financial development can help to improve enterprise performance,reduce business risk and financial distress cost.Compared with the previous literature,this paper makes contributionsas follows.First,under the background of preventing and defusing major risks,a large number of literatures have analyzed the impact of China’s financial supply-side structural reform measures,such as improving the appropriate level of monetary policy,promoting the liberalization of interest rates,and enhancing the integration of industry and finance,on short-term loans and long-term investment of enterprises.However,as one of the important manifestations of China’s current financial supply-side structural reform,there is little literature examining the impact of local financial development on short-term lending and long-term investment.From the perspective of local financial development,this paper supplements the research on the impact of financial supply-side structural reform on short-term loans and long-term investment.Second,we illustrate the positive role of local financial development from the micro-enterprise perspective of short-term loans and long-term investment,which provides new empirical evidence for understanding the economic consequences of local financial development and the micro-mechanisms of macro-effects.Third,we support the theory of optimal financial structure in economic development from the micro perspective of short-term loans and long-term investment of enterprises.This paper reveals the internal logic of local financial development alleviate the short-term loan and long-term investment of enterprises,and verifies that short-term loan and long-term investment is an alternative financing solution for enterprises to deal with China’s financial repression environment,rather than a financial strategy to reduce financing costs.At the same time,it provides policy reference for the government to continue to deepen the reform of the financial system,promote the development of small and medium-sized financial institutions,build a multi-level financial support service system,and enhance the ability of financial services to serve the real economy.