摘要
短贷长投指企业利用短期信贷支持长期投资活动,是普遍存在于我国企业中的一种投融资安排。既有文献发现企业投资、融资或会计政策等单一层面的企业决策会导致企业短贷长投。本文将研究视角拓展到企业整体层面的战略决策,发现企业战略亦是企业短贷长投程度的重要影响因素。进一步分析发现,如果企业采取加强资源获取、降低代理问题、提高内控质量、减少违规等一系列举措,能缓解进攻型企业的短贷长投程度。本文研究有助于更全面理解我国微观实体企业层面风险积聚的原因,并为缓解企业短贷长投提供了新的思路和证据。
Short-term loans used as long-term investment refers to the practice of companies using short-term loan funds to support long-term investment activities.This practice is prevalent in Chinese enterprises.Existing literature has found that single aspects of corporate decision-making,such as investment,financing or accounting policies,can lead to short-term loans used as long-term investment.Yet,few studies have explored the determinants from a corporate strategy perspective.This paper adopts a more comprehensive perspective by considering the role of strategy and finds that corporate strategy is also an important influencing factor on the degree of short-term loans used as long-term investment.Further tests find that if prospectors adopt a series of measures such as(1)strengthening the acquisition of enterprise resources,(2)reducing agency problems,and(3)improving internal control quality and reducing enterprise violations,they can alleviate the degree of short-term loans used as long-term investment.This study suggests that enterprises that adopt aggressive business strategies are unable to efficiently manage both operational and financial risk stemming from short-term loans used as long-term investment.Such enterprises end up having high levels of both operational and financial risk.Thus,it provides a theoretical reference for a more comprehensive and scientific approach towards risk prevention and control.
作者
叶志伟
张新民
胡聪慧
Ye Zhiwei;Zhang Xinmin;Hu Conghui(School of Business,Renmin University of China;Business School,University of International Business and Economics;Business School,Beijing Normal University)
出处
《南开管理评论》
北大核心
2023年第1期29-42,I0006,I0007,共16页
Nankai Business Review
基金
国家自然科学基金重大项目(71790604)
国家自然科学基金面上项目(71972037)
国家社会科学基金项目(20BGL079)资助。
关键词
短贷长投
企业战略
企业风险
投融资期限错配
Short-term Loans Used as Long-term Investment
Business Strategy
Enterprise Risk
Maturity Mismatch of Investment and Financing
