摘要
利用2010～2016年沪深交易所全部A股上市公司数据,实证检验了制度缺陷和管理者非理性对投融资期限错配的影响。研究表明,制度缺陷和管理者非理性(包括过度自信和羊群行为)均加剧了期限错配,但两者对不同类型企业的影响不同,制度缺陷主要影响高融资约束企业的期限错配,管理者非理性主要影响低融资约束企业的期限错配。进一步研究表明,直接融资市场的完善能有效缓解由制度缺陷所导致的期限错配,市场化程度的提高能显著抑制由管理者过度自信引发的期限错配,而管理层权利的约束能有效遏制期限错配羊群行为。经过内生性处理及稳健性检验,结果依然保持不变。据此,建议秉承分类治理的思路,改善金融制度环境,适当降低直接融资门槛,抑制管理者非理性行为,解决期限错配问题。
Using the data of all A-share listed companies in the Shanghai and Shenzhen Stock Exchanges from 2010 to 2016,this study empirically tests the effect of institutional deficiencies and managerial irrationality on the maturity mismatch between investing and financing.The study finds that institutional deficiencies and managerial irrationality(including overconfidence and herd behavior)exacerbate maturity mismatch,but their effect on different types of enterprises is different.Institutional deficiencies affect mainly the maturity mismatch of companies with higher financing constraints.In contrast,managerial irrationality influences mainly enterprises with lower financing constraints.Further analysis suggests that improvements in direct financing markets can effectively alleviate the maturity mismatch caused by institutional deficiencies,the increase of marketization can significantly suppress maturity mismatch caused by managerial overconfidence,and the restraint of management rights can effectively contain the herd behavior of maturity mis?match.The results remain unchanged after endogeneity treatment and robustness testing.Based on these results,the paper recommends that classification governance should be upheld,the financial system environment should be improved,the threshold of direct financing should be appropriately lowered,irrational managerial behavior should be suppressed,and the problem of the maturity mismatch should be solved.
作者
孙凤娥
Sun Feng’e(School of Economics & Management, Beijing Forestry University, Beijing 100083 ,China)
出处
《金融经济学研究》
CSSCI
北大核心
2019年第1期94-110,共17页
Financial Economics Research
基金
全国统计科学研究重点项目(2018LZ31)
关键词
期限错配
短贷长投
制度缺陷
过度自信
羊群行为
maturity mismatch
short-term financing for long-term investment
institutional deficiency
overconfide nee
herd behavior
