产业政策缓解了企业的投融资期限错配吗?

Does Industrial Policy Alleviate the Maturity Mismatch of Corporate Investment and Financing?

宏观经济政策对微观企业行为具有至关重要的引导效应。本文基于产业政策的宏观视角,以2007—2019年沪深A股上市公司数据为样本,剖析产业政策对企业投融资期限错配的影响。研究发现:产业政策有助于缓解企业的投融资期限错配,且在非国有企业、小规模企业中其效果更为显著;作用机制检验结果显示,产业政策通过发挥行业竞争效应、财政激励效应以及信贷配给效应降低了企业投融资期限错配程度。上述结果在考虑内生性等问题后仍然保持稳健。本文的研究为全面理解投融资期限结构变化提供了新视角,对防范和化解金融风险亦具有重要的政策启示。

Macroeconomic policies have a crucial guiding effect on micro-firm behaviour.Based on the macro perspective of industrial policies,this paper analyses the impact of industrial policies on the maturity mismatch of corporate investment and financing,using the data of A-share listed companies in Shanghai and Shenzhen from 2007 to 2019 as a sample.It is found that industrial policies help to alleviate the maturity mismatch of corporate investment and financing,and the effect is more significant among non-state-owned enterprises and small-scale enterprises.Moreover,the test of the mechanism of action indicates that industrial policies reduce the maturity mismatch of corporate investment and financing through the effects of industry competition,fiscal incentives and credit rationing.The above results remain robust after considering endogeneity and other issues.This paper provides a new perspective for understanding changes in the maturity structure of investment and financing,and has important policy implications for preventing and mitigating financial risks.