金融地理结构与企业“短贷长投”

Financial Geography Structure and Enterprises’“Long-Term Investment with Short-Term Financing”

基于2007—2020年中国上市公司数据,实证检验了金融地理结构对企业“短贷长投”行为的影响。研究发现,实体企业周边金融地理结构越集中,越能够缓解企业“短贷长投”现象,提升信息传递效应和缓解融资约束效应是金融地理结构影响企业“短贷长投”行为的作用机制。异质性检验表明,金融地理结构对企业“短贷长投”的抑制作用在民营企业、地方国有企业、高管具有金融背景的企业中更加明显。进一步研究发现,集中的金融地理结构显著降低了贷款利率,减少了企业贷款留存的可能性。

Based on the data of listed companies in China from 2007 to 2020,this paper empirically examined the impact of financial geography structure on enterprises’“long-term investment with short-term financing”behavior.It was found that,for entity enterprises,more concentrated financial geography structure can exert a stronger alleviating effect on the phenomenon of“long-term investment with short-term financing”,where the action mechanisms were optimized information transmission and reduced financing constraints.Heterogeneity test showed that,this inhibiting effect was more significant in private enterprises,local state-owned enterprises,and the enterprises with the executives having financial back ground.Further research found that,concentrated financial geography structure can significantly reduce loan rate,and decrease the possibility of the loan retention of enterprises.