提高直接融资比重有助于提升企业价值吗?——基于短债长投的分析视角

Does Increasing the Proportion of Direct Financing Help Enhance Corporate Value?Analysis Based on Long-term Use of Short-term Debt

采用中国地级城市2002-2022年面板数据和上市企业微观数据,研究城市直接融资比重对企业价值的影响。研究结果表明:(1)提高城市直接融资比重有助于提升企业价值;(2)提高城市直接融资比重通过降低企业“短债长投”水平提升企业价值;(3)对于资本市场信息不对称程度高和产品市场竞争程度高的企业中,提高城市直接融资比重能够更显著地改善企业融资行为,提升企业价值。研究结果为从区域金融结构角度理解企业融资行为与价值提升提供了微观证据;为企业降杠杆的有效环境提供了实证证据;为深化资本市场改革、改善企业融资环境、转变企业经营行为,从而促进企业长期价值增值提供了政策启示。

Using Micro-Panel data of listed companies of prefecture level cities in China from 2002 to 2022 to study the impact of the proportion of urban direct financing on corporate value.The research results indicate that:(1)increasing the proportion of urban direct financing helps to enhance corporate value;(2)Increasing the proportion of direct financing in cities can increase the value of enterprises by reducing their level of“Long-term use of Short-term Debt”;(3)For enterprises with high levels of information asymmetry in the capital market and competition in the product market,increasing the proportion of urban direct financing can significantly improve their financing behavior and enhance their value.The research results provide micro evidence for understanding corporate financing behavior and value enhancement from the perspective of regional financial structure,show empirical evidence for an effective environment for enterprises to reduce leverage,and illustrate policy inspiration for deepening capital market reform,improving the financing environment of enterprises,transforming business operations,and promoting long-term value appreciation of enterprises.