摘要
本文将“宽带中国”战略视为数字基础设施建设的一次“拟外生冲击”,采用双重差分方法深入考察了数字基础设施建设对企业投融资期限错配的影响。结果显示,数字基础设施建设能够显著抑制企业“短债长用”行为,并且该效应会因信息不对称程度的不同而呈现出差异化模式,具体表现为数字基础设施建设对“短债长用”的抑制作用在抵押品匮乏、外部监督较少的企业以及金融环境较差的地区更为明显。作用机制检验证实,长期信贷可得性提升是数字基础设施建设抑制企业“短债长用”行为的核心机制。进一步研究发现,除抑制“短债长用”行为之外,数字基础设施建设还显著提升了企业经营绩效并降低了企业财务风险。本文结论表明,数字基础设施建设有助于提高信贷资金配置效率,改善企业投融资期限错配。
This paper views the“Broadband China”strategy as a“pseudo exogenous impact”on digital infrastructure construction,and examines the impact of digital infrastructure construction on the firms'asset-debt maturity mismatch using the difference-in-difference method.The results show that the digital infrastructure construction can alleviate firms'behavior of investment with short-term financing,and the effect demonstrates a differentiated pattern due to the degree of information asymmetry.Specifically,in the firms with less collateral,less external supervision and poor financial environment,the effect of digital infrastructure construction alleviating firms'behavior of investment with short-term financing is more prominent.The mechanism tests find that improving the availability of long-term credit is the core mechanism for digital infrastructure construction to alleviate firms'behavior of investment with short-term financing.Further study demonstrates that in addition to alleviating firms'behavior of investment with short-term financing,digital infrastructure construction also improves corporate performance and reduces corporate financial risks.This paper indicates that digital infrastructure construction can help to improve the efficiency of credit fund allocation and change firms'asset-debt maturity mismatch.
作者
叶永卫
陶云清
李鑫
Ye Yongwei;Tao Yunqing;Li Xin(School of Public Economics and Administration,Shanghai University of Finance and Economics;National School of Development,Institute of Digital Finance,Peking University;College of Business,Shanghai University of Finance and Economics)
出处
《经济评论》
CSSCI
北大核心
2023年第4期123-137,共15页
Economic Review
基金
上海财经大学研究生创新基金资助项目“制度环境、金融集聚与近代民族工业发展”(批准号:CXJJ-2022-320)的资助。
关键词
数字基础设施建设
债务期限
信息不对称
短债长用
Digital Infrastructure Construction
Debt Maturity
Information Asymmetry
Investment with Short-term Financing
