摘要
金融能否实现有效配置直接关系到金融服务实体经济能力的发挥,是实现经济高质量发展的重要基础。基于2008—2023年中国A股披露前五大供应商和客户信息的上市公司数据,从供应链扩散视角系统探究企业承受的金融错配负担对其上下游企业债务违约风险的影响及其作用机制,考察金融错配的风险溢出效应。研究结果表明,企业承受的金融错配负担显著增加了其主要供应商和客户的债务违约风险,产生明显的风险溢出效应。机制检验发现,溢出效应主要通过挤占上下游企业的商业信用而产生作用。进一步分析发现,对于供应商和客户集中度较大的企业,以及在经济相对落后和市场化程度较低地区的企业中,金融错配的风险溢出效应更加明显。此外,金融错配的风险溢出效应会进一步导致上下游企业的金融资产配置行为,加剧经济的“脱实向虚”。本文研究结论为有效推动金融体制改革以及化解系统性金融风险提供了政策支持。
The effective allocation of financial resources is not only directly related to the ability of financial services to serve the real economy,but is also an important foundation for achieving high quality business development.Based on the data of listed companies in China′s A-share market from 2008-2023.This paper systematically explores the impact and mechanism of financial mismatch on the risk of debt defaults of their upstream and downstream enterprises from the perspective of supply chain diffusion,in order to examine the risk spillover effect of financial mismatch.The results show that financial mismatch faced by enterprises significantly increase the debt default risk of their main suppliers and customers,resulting in significant risk spillover effects.Mechanism testing found that spillover effects mainly occur by squeezing the commercial credit of upstream and downstream enterprises.Further analysis reveals that the risk spillover effect of financial mismatch is more significant in enterprises with higher concentrations of suppliers and customers,as well as in regions with relatively backward economic development and low marketization level.In addition,the risk spillover effect of financial mismatch will further lead to the financial asset allocation behavior of upstream and downstream enterprises,thereby exacerbating the economic"de real to virtual".The research conclusion helps to provide policy support for effectively promoting financial system reform and resolving the systemic financial risk.
作者
李洋
佟孟华
褚翠翠
LI Yang;TONG Menghua;CHU Cuicui(School of Economics and Management,Xinjiang University,Urumqi 830046,China;School of Economics,Dongbei University of Finance&Economics,Dalian 116025,China;School of Business,Anhui University of Technology,Ma’anshan 243002,China)
出处
《中南财经政法大学学报》
北大核心
2025年第4期68-80,共13页
Journal of Zhongnan University of Economics and Law
基金
国家自然科学基金项目“系统性风险对技术创新的影响:基于风险分层和交叉传染的视角”(71971046)
新疆维吾尔自治区“天池英才”引进计划项目(2025-2027)。
关键词
金融错配
债务违约
溢出效应
商业信用
企业金融化
Financial Mismatch
Debt Default
Spillover Effect
Commercial Credit
Financialization of Enterprises
作者简介
通讯作者:李洋(1988-),男,河南信阳人,新疆大学经济与管理学院讲师;佟孟华(1965-),女,吉林白城人,东北财经大学经济学院教授,博士生导师;褚翠翠(1995-),女,安徽蚌埠人,安徽工业大学商学院讲师。
