“一带一路”倡议与企业投融资期限错配:促进还是抑制?

The Belt and Road Initiative,Enterprise Investment,and Financing Maturity Mismatch:Promote or Inhibit?

“一带一路”倡议作为推动全面对外开放新格局的重大战略部署,对于“走出去”企业的资本配置具有重要意义。构建双重差分模型实证分析“一带一路”倡议对上市公司投融资期限错配的影响,结果显示:“一带一路”倡议有助于缓解公司的投融资期限错配,该抑制效应在国有产权、主要节点城市的公司更明显;“一带一路”倡议对投融资期限错配的抑制效应有助于降低公司的经营风险,改善投资效率。研究结论为评估“一带一路”倡议的实施效果,优化公司投融资决策提供了政策参考。

The Belt and Road Initiative is of great significance to the capital allocation of enterprises“going global”.China s listed companies actively respond to the Belt and Road Initiative,with significantly increased outward foreign direct investment and import and export trade,and increasingly urgent financing needs,making financing issues a key factor affecting the implementation of the Belt and Road Initiative.Current research mainly focuses on financing constraints,financing scale,and capital cost,and the financing problem of Chinese enterprises participating in the Belt and Road construction is still unresolved.Investment and financing term structure arrangement is an important part of enterprise investment and financing decision-making.Exploring whether the Belt and Road Initiative can match the investment and financing period of enterprises has strong reference significance for promoting the high-quality development of the Belt and Road Initiative and optimizing the capital allocation efficiency of enterprises.This paper takes China s A-share listed companies as the research object and empirically tests the impact of the Belt and Road Initiative on the maturity mismatch of investment and financing by constructing a difference-in-differences model.The results show that after listed companies participate in the Belt and Road Initiative,the maturity mismatch of investment and financing decreases significantly;Moreover,the Belt and Road Initiative has a more significant inhibitory effect on the maturity mismatch of investment and financing of listed companies in state-owned property rights and main node cities.Further,expanding the scale of long-term financing and obtaining more government subsidies and tax incentives are effective ways for the Belt and Road Initiative to restrain the maturity mismatch of investment and financing.Finally,the economic consequence test shows that the restraining effect of the Belt and Road Initiative on the maturity mismatch of investment and financing reduces the operating risk and improves the investment efficiency of enterprises.The marginal contributions of this paper may be as follows.First,this paper extends research on the policy implementation effect of the Belt and Road Initiative to the perspective of investment and financing relations,providing an empirical reference for the government to improve the design and adjustment of the policy framework and ensure the financing of enterprises participate in of the Belt and Road construction.Second,aiming at the transmission path of the Belt and Road Initiative to alleviate the maturity mismatch of investment and financing,this paper conducts an empirical test to uncover the“black box”of the Belt and Road Initiative to optimize corporate investment and financing decision-making,which is helpful to correctly understand the microeconomic effects of macroeconomic policies.Third,from the perspective of the Belt and Road Initiative,this paper makes a useful supplement for examining the investment and financing term structure arrangement of companies,which provides certain reference for enterprises to allocate capital elements reasonably and strengthen risk management.