经营投资责任追究与国有企业投融资期限错配改善

Accountability for Business Investment and Investment-Financing Maturity Mismatch Alleviation for State-owned Enterprises

经营投资责任追究作为国有企业改革的重要举措,对投融资决策行为有着重要影响。文章选取2011—2021年我国沪深A股上市企业为样本,实证检验了经营投资责任追究对国有企业投融资期限错配的影响。结果表明,经营投资责任追究能够显著改善国有企业投融资期限错配;机制检验显示,经营投资责任追究通过提高投资决策质量和强化管理层风险规避意识,改善国有企业投融资期限错配;异质性分析发现,在管理层过度自信程度较高、股权激励水平较低和内源融资能力较差时,经营投资责任追究改善国有企业投融资期限错配的作用更明显。研究结果有助于规范和约束管理层非理性决策行为,推动国有企业做强做优做大,对加快建设世界一流企业具有重要借鉴意义。

As an important measure in the reform of state-owned enterprises,the accountability for business investment has a significant impact on investment-financing decision-making behavior.This paper selects Chinese A-share listed companies in Shanghai and Shenzhen from 2011 to 2021 as samples,to empirically test the impact of the accountability for business investment on the investment-financing maturity mismatch for state-owned enterprises.The results indicate that the accountability for business investment can significantly improve the investment-financing maturity mismatch for state-owned enterprises.Mechanism testing shows that the accountability for business investment improves the investment-financing maturity mismatch for state-owned enterprises by enhancing the quality of investment decisionmaking and strengthening the risk avoidance awareness of management.The heterogeneity analysis finds that when the level of management overconfidence is high,the level of equity incentives is low,and the internal financing ability is poor,the role of the accountability for business investment in improving the investment-financing maturity mismatch is more significant.The research results help regulate and constrain the irrational decision-making behavior of management,pro‐mote the strengthening,optimization and expansion of state-owned enterprises,and have important reference for accelerat‐ing the construction of world-class enterprises.