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    经济经纬 2020 Issue (5) :141-150
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    银行业竞争会影响企业“短贷长投”吗？——来自A股上市公司的证据
洪金明, 桑倩兰, 龙海红
中国财政科学研究院,北京 100142
    Does Banking Industry Competition Affect Enterprises “Maturity Mismatch”?——Evidence From A-Share Listed Companies
    HONG Jinming, SANG Qianlan, LONG Haihong
Chinese Academy of Fiscal Sciences, Beijing 100142, China
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摘要 近年来,我国银行业改革加剧了银行业的竞争,有效缓解了企业融资难、融资贵的问题,影响了企业“短贷长投”的财务行为。以A股上市公司为样本,对银行业“短贷长投”行为进行实证检验。结果表明:银行业竞争越激烈,企业“短贷长投”现象越严重。银行业竞争深化了企业长期投资意愿,降低了其债务融资成本,导致其债务期限结构短期化,为银行业竞争与企业“短贷长投”之间的关系提供了补充性证据。本研究不仅丰富了银行业竞争与企业财务行为的研究,而且为拓宽长期融资渠道、适当采用保守的财务战略以及建立公平的信贷市场提供了经验证据。
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洪金明
桑倩兰
龙海红
关键词： 银行业竞争   企业“短贷长投”   银企关系   产权性质     
Abstract： In recent years, China’s banking reform has intensified the competition in the banking industry, effectively alleviated the problem of difficult and expensive financing for enterprises, and affected the financial behavior of enterprises’ “maturity mismatch”. Taking A-share listed companies as the research samples, the paper conducts empirical tests and finds that the more competition in the banking industry, the more serious the enterprises’ “maturity mismatch” is, and the conclusion is unchanged after the robustness test. It is found that banking industry competition deepens the long-term investment intention, reduces the debt financing cost and shortens the debt maturity structure, which provides complementary evidence for the relationship between banking industry competition and “maturity mismatch”. Based on the extensive research banks-enterprises relationship and the nature of property rights, it is found that for non-state-owned enterprises and non-bank-firm relationship, competition in the banking industry is more likely to intensify the enterprises’ “maturity mismatch”. This study not only enriches the research fields of banking competition and financial behavior of enterprises, but also provides important empirical evidence for broadening long-term financing channels, properly adopting conservative financial strategies and establishing fair credit market.
Keywords： Banking Industry Competition   Enterprises “Maturity Mismatch”   Bank-Firm Relationship   Nature of Property Right     
收稿日期 2020-03-14; 接受日期 ;
基金资助:国家社会科学基金后期资助项目(18FJY008)
作者简介: 洪金明(1981— ),男,江苏泰州人,博士,高级经济师,主要从事资本市场实证研究;桑倩兰(1995— ),女,河南安阳人,硕士研究生,主要从事资本市场实证研究;龙海红(1969— ),女,山东枣庄人,博士,副研究员,主要从事资本市场实证研究。
引用本文:   
洪金明, 桑倩兰, 龙海红.银行业竞争会影响企业“短贷长投”吗？——来自A股上市公司的证据[J].  经济经纬, 2020,5: 141-150
HONG Jinming, SANG Qianlan, LONG Haihong.Does Banking Industry Competition Affect Enterprises “Maturity Mismatch”?——Evidence From A-Share Listed Companies[J]  Economic Survey, 2020,V37(5): 141-150
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