科技金融结合试点政策对企业期限错配的影响

The Influence of The Pilot Policy of Technology Finance Integration on The Term Mismatch of Enterprise

科技金融结合试点政策既是以典型治理为特征的渐进式改革,也是防止资本无序扩张,引导金融服务实体经济,加快推动经济高质量发展的有力举措。作为市场经济的重要参与者,企业转型升级和创新发展离不开长期资金的支持。基于2007—2020年中国A股制造业上市公司数据和科技金融结合试点政策的准自然实验,采用双重差分法研究科技金融结合试点对企业期限错配的影响。研究发现科技金融结合试点政策显著抑制了企业的期限错配,该结论在一系列稳健性检验后依然成立。影响渠道分析发现,科技金融结合试点通过权益性融资、长期债权类融资、政府帮扶三种途径缓解企业的期限错配。异质性分析发现,科技金融结合试点政策对期限错配严重的企业以及理性借款的企业抑制效果更为明显。研究结论为政府积极引导金融资本、推动金融服务实体经济提供了重要参考。

The pilot policy of technology finance integration is not only a gradual reform characterized by typical governance,but also a powerful measure to prevent the disorderly expansion of capital,guide the financial sector to serve the real economy,and accelerate high-quality economic development.As an important participant in the economy,enterprises cannot transform,upgrade and innovate without long-term financial support.Based on data from 2007 to 2020 on Chinese A-share listed manufacturing companies and a quasi-experiment on the technology finance integration pilot policy,this paper finds that the technology finance integration pilot policy significantly suppresses maturity mismatch of enterprises,and this finding still holds significantly after a series of robustness tests.The channel analysis shows that the technology finance integration pilot can effectively mitigate the maturity mismatch of enterprises through channels of equity financing,long-term debt-type financing and government assistance.Heterogeneity analysis indicates that the inhibitory effect of the technology finance integration pilot policy on maturity mismatch was more pronounced among enterprises with severe maturity mismatch and those with rational borrowing.The conclusions of this paper provide an important reference for the government to actively guide financial capital to promote economic development.