股票流动性与企业短贷长投:抑制还是促进?

Stock Liquidity and Short-Term Loans and Long-Term Investments of Enterprises:Inhibition or Promotion?

选取2010—2020年我国A股上市企业的数据,分析股票流动性对企业投融资期限错配中短贷长投的影响,从外部环境与企业内部特征两大影响渠道进行研究,实证结果表明:股票流动性会显著提高企业短贷长投水平,并且这一正向影响在庞氏型融资企业以及国有企业更加明显。股票流动性通过降低股价崩盘风险、提高市场价值和增强管理者过度自信三个途径促进短贷长投;通过降低融资约束渠道抑制短贷长投,表明股票流动性对短贷长投具有双重作用,但总效应是促进,说明企业内在因素起到更加主导的作用。应健全资本市场,正确处理股票市场流动性,完善企业内部治理和投融资机制。

Based on the data of A-share listed companies in China from 2010 to 2020,this paper analyzes the impact of stock liquidity on the mismatch of investment and financing terms of enterprises and studies it from two major channels of the external environment and internal characteristics of enterprises.The empirical results show that stock liquidity will significantly improve the level of short-term loans and long-term investments of enterprises,and this positive impact is more obvious in Ponzi financing types and state-owned en-terprises.Stock liquidity can promote short-term lending and long-term investment by reducing the risk of stock price collapse,in-creasing market value,and enhancing managers'overconfidence.It can also reduce short-term loans and long-term investments by re-ducing financing constraints,reflecting that stock liquidity has a dual effect on short-term loans and long-term investments,but the o-verall effect is to promote it,indicating that the internal factors of the enterprise play a more dominant role.In policy,we should im-prove the capital market,properly handle the liquidity of the stock market,and improve the company's internal governance and invest-ment and financing mechanism.