境外投资者持股与企业投融资期限错配

Foreign Ownership and the Maturity Mismatch of Corporate Investment and Financing

本文利用手工收集的上市公司境外股东信息数据,研究上市公司境外投资者持股对企业“短贷长投”行为的影响及作用机制。研究发现:境外股东持股能够抑制企业的“短贷长投”行为。机制分析表明,境外股东持股通过提升企业的治理水平、改善企业的债务期限结构及缓解企业的融资约束,抑制企业投融资期限错配行为。进一步研究发现,在非国有制、行业竞争度较高、信息不对称程度较高和代理成本较高的企业中,境外投资者持股对企业“短贷长投”行为的抑制作用更强;此外,盈余管理水平较低、信息披露质量较高的境外投资者、境外机构投资者,以及签署联合国投资原则(UNPRI)的境外投资者对所持股企业“短贷长投”的抑制作用更明显。本文的研究有助于进一步解释企业投融资期限错配的原因及资本市场开放背景下境外投资者持股对企业行为的影响。

It is of great significance for China to maintain high-level openness and pursue high-quality development of capital market.This paper employs manually collected data on foreign shareholders of listed companies to explore the impact and mechanism of foreign ownership on the maturity mismatch of investment and financing.The findings reveal that an increase in foreign ownership is associated with a reduction in the maturity mismatch of invest⁃ment and financing.Mechanism analysis shows that foreign ownership enhances corporate governance,refines the debt maturity profile,and alleviates financial constraints,thereby decreasing the incidence of maturity mismatch of investment and financing.The study also reveals that the influence of foreign ownership is particularly evident in non-state-owned firms,more competi⁃tive industries,and firms with poor corporate governance.Notably,the impact is amplified when foreign investors are institu⁃tional investors,come from countries with low level of earnings management and high level of information disclosure,or are sig⁃natories to the United Nations Principles for Responsible Investment.The insights gained from this research contribute to a deeper understanding of the determinants of maturity mismatch of in⁃vestment and financing,highlighting the implications of foreign ownership on corporate strategy within an open capital market framework.