企业投融资期限错配如何影响其绩效?

How Does the Maturity Mismatch Investment and Financing Term Affect the Firm Performance?

企业将短期资金用于长期投资使得企业投融资期限错配对其绩效的影响一直是学者们关注的焦点。文章以2007-2021年沪深A股上市制造企业面板数据为样本,基于红皇后竞争理论考察这些企业的投融资期限错配是如何作用于多市场接触并影响企业的绩效水平,同时引入竞争经验这个调节变量,对市场竞争的情境因素进行综合考量。研究发现:投融资期限错配对企业绩效具有显著的负面影响;多市场接触在投融资期限错配与企业绩效间起部分中介作用;竞争经验在投融资期限错配与多市场接触间具有负向调节效应,并弱化了多市场接触的中介作用。研究结论不仅为理解投融资期限错配对企业绩效的影响机制提供了一个新的微观视角,也为企业管理者做出正确的投融资决策提供了一定的经验证据与参考。

The impact of the mismatch of investment and financing periods on the performance of enterprises when they use short-term funds for long-term investment has been the focus of scholars.Taking the panel data of A-share listed manufacturing enterprises in Shanghai and Shenzhen from 2007 to 2021 as a sample,this paper examines how the investment and financing term mismatch of these enterprises affects multi market contact and enterprise performance based on the Red Queen competition theory.At the same time,it introduces the regulatory variable of competition experience to comprehensively consider the situational factors of market competition.The research finds that the mismatch of investment and financing period has a significant negative impact on the performance of enterprises;Multi market contact plays a part of mediating role between investment and financing term mismatch and enterprise performance;Competitive experience has a negative regulatory effect between investment and financing term mismatch and multi market contact,and weakens the intermediary role of multi market contact.The research conclusion not only provides a new micro perspective for understanding the impact mechanism of investment and financing term mismatch on enterprise performance,but also provides some empirical evidence and reference for enterprise managers to make correct investment and financing decisions.