财务柔性对企业投融资期限错配的影响研究——一个有调节效应的中介模型

A Study of the Impact of Financial Flexibility on Corporate Investment and Financing Maturity Mismatch--A Mediation Model with Moderating Effects

选取2012-2022年中国A股上市公司的数据,运用有调节效应的中介模型实证分析财务柔性对企业投融资期限错配的影响、融资约束在财务柔性与企业投融资期限错配之间的作用路径以及内部控制对财务柔性与企业投融资期限错配关系的调节作用。结果表明,财务柔性能够显著降低企业的投融资期限错配程度;机制检验结果表明,财务柔性可以通过缓解企业面临的融资约束程度进而降低企业的投融资期限错配程度;内部控制质量对财务柔性的直接效应以及融资约束的中介效应均具有调节作用。研究结论对增强企业财务柔性储备意识、加强企业内部控制制度建设、优化企业投融资期限结构等具有重要意义。

Selecting the data of Chinese A-share main board listed enterprises from 2012 to 2022,we empirically analyze the impact of financial flexibility on corporate investment and financing maturity mismatch,the role of financing constraints in the channel between the two,and the moderating role of internal control on the direct and indirect paths of financial flexibility in influencing corporate investment and financing maturity mismatch using the moderated intermediation model.The results show that financial flexibility can significantly reduce the degree of corporate investment and financing maturity mismatch;the mechanism test results show that financial flexibility can reduce the degree of corporate investment and financing maturity mismatch by alleviating corporate financing constraints;at the same time,internal control quality moderates both the direct effect of financial flexibility and the mediating effect of financing constraints.The findings of the study are of great significance for enterprises to enhance the awareness of financial flexibility reserves,strengthen internal control,and optimize the maturity structure of corporate investment and financing.