摘要
投融资期限错配是诱发金融风险的重要因素。本文基于“沪深港通”交易制度实施这一准自然实验场景,深入探讨资本市场开放对企业投融资期限错配的影响及其作用机制。研究发现,资本市场开放显著改善了标的企业的投融资期限错配,这主要是依靠缓解融资约束与抑制管理层非理性行为来实现的。进一步研究发现,资本市场开放对投融资期限错配的改善作用在信息环境较差、内部治理水平较低的公司样本中更加显著;并且资本市场开放能够显著降低投融资期限错配导致的债务违约风险。本文为继续推进资本市场开放、降低流动性风险提供了理论支持和经验证据。
The maturity mismatcli of investment and financing is an important factor that induces financial risk.Based on the quasi-natural experimental scenario of Shanghai&Shenzhen-Hong Kong Stock Connect,this paper examines its impact on maturity mismatch of investment and financing of firms and its mechanisms.This study finds that the capital market liberalization significantly improves the maturity mismatch in investment and financing of the target company through relieving financing constraints of the company and restraining the irrational behavior of the management.Further research finds that the improvement effect is more pronounced in firms with poor information environment and low internal governance level.Moreover,the capital market liberalization can significantly alleviate the debt default risk causing by maturity mismatch of investment and financing.This paper provides theoretical support and empirical evidence for continuing to promote the capital market liberalization and reducing the liquidity risk of enterprises.
作者
贾秀彦
罗宏
吴君凤
XIUYAN JIA;HONG LUO;JUNFENG WU
出处
《中国会计评论》
2023年第1期83-104,共22页
China Accounting Review
基金
教育部人文社会科学研究西部和边疆地区项目(22XJA790006)
宁波工程学院科研启动项目(2022KQ61)的资助
关键词
资本市场开放
投融资期限错配
沪深港通
融资约束
管理层非理性行为
Capital Market Liberalization
Maturity Mismatch of Investment and Financing
Shanghai&Shenzhen-Hong Kong Stock Connect
Financing Constraints
Management Irrational Behavior
作者简介
通信作者:罗宏,地址:四川省成都市温江区柳台大道555号,邮编:611130,E-mail:luohong@swufe.edu.cn。
