Long-term Use of Short-term Debt and Resource Allocation
JIANG Shaojing1, PENG Yichen2, PENG Jisheng1
1. Business School, Nanjing University, Nanjing 210093, China; 2. School of Business Administration, Nanjing University of Finance and Economics, Nanjing 210023, China
Abstract Based on the empirical data of A-share listed companies in the Shanghai and Shenzhen stock exchanges from 2008 to 2018, this paper studies the impact of long-term use of short-term debt on enterprise resource allocation by using mixed regression model. There are following findings: (1) The higher the utilization degree of the enterprise’s short-term debt and the less the R&D cost are, but the more sale investment is. (2) When the concentration of the industry to which the enterprise belongs is high, the negative impact of long-term use of short-term debt on R & D investment will be weakened. (3) When the degree of marketization in the area where the enterprise is located is high, the positive impact of long-term use of short-term debt on sales investment will be weakened. The conclusions of this paper are helpful for us to deeply understand the influence mechanism of short-term debt for long-term use on corporate corporate performance and provide decision-making basis for relevant policy makers
2021, Vol. 38 
