金融学院知识库

  以短期债务支持长期项目的投资这种期限错配现象在我国企业普遍存在，学者将其称之为“短债长投”。短债长投虽然暂时性缓解了企业对于长期资金的渴求，但是对企业的长期发展却引发了一系列不良影响，例如导致企业容易陷入流动性危机、造成非效率投资，甚至破产清算。尤其我国部分企业的杠杆水平大都偏高，短债长投行为的存在使得不良影响加剧。因此，研究如何抑制企业的短债长投行为，削弱其对企业绩效的不良影响是非常有必要的。

  本文以2007年的续贷限制改革为切入点，展开关于续贷限制的实施对于短债长投与企业绩效间关系的影响研究。首先，本文计算了短期资产比例与短期负债比例，经过分析发现短期负债的比例远远的高于短期资产的比例，说明短期负债不仅被用来支持企业的短期投资，而且还被用来支持长期项目的投资，这就佐证了企业短债长投现象的存在。接着对相关文献和理论进行归纳梳理，分析了短债长投对于企业绩效的影响机理以及续贷限制对企业绩效-短债长投之间敏感度的影响。然后，选取中国A股非金融类上市公司2002-2017年的数据作为研究样本，依据企业在续贷限制改革前后对于短期贷款的依赖度进行分组，采用多元回归模型和双重差分模型展开实证研究，并得出以下结论。第一，短债长投确实损害了企业绩效；第二，续贷限制的实施降低了企业绩效-短债长投之间的敏感度，弱化了短债长投对于企业绩效的负面效应；第三，续贷限制的实施使企业的短债长投比例显著降低，这说明续贷标准的收紧从根本上抑制了企业的短债长投行为。

  总之，在实施了续贷限制政策之后，强化了银行和企业面对风险的敏感度,使得银行与企业在面临风险时会越发地谨慎，加强了银行对企业的约束行为。与此同时也从源头上将贷款分派给高效企业，减轻了短债长投对于企业绩效的负面影响且抑制了短债长投行为。最后本文从强化短期债务续借标准、完善金融市场结构两方面提出建议，有助于降低企业的短债长投比例、优化企业的债务期限结构，进而促进企业的良好发展。

    In Chinese enterprises, the imbalance of using short-term debt to support long-term project investment is very common. Scientists call it " investment with short-term financing". Although investment with short-term financing temporarily reduce the need for long-term financing of enterprises, They have had some adverse effects on the long-term development of enterprises, such as forcing them to easily fall into liquidity. It leads to the crisis of inefficient investment and even bankruptcy and liquidation. In particular, the debt burden of Chinese companies is mainly heavy, while the existence of investment with short-term financing is worse. Therefore, it is necessary to study, How to limit investment with short-term financing behavior of enterprises and reduce their negative impact on the company performance.

    In this article, the 2007 reform of the extension of loans restrictions is considered to be the starting point for reviewing the impact of the restrictions on extended loans on the relationship between investment with short-term financing and company performance. Firstly this paper calculates the share of short-term assets and the share of short-term debt. The analysis shows that the proportion of short-term debt is much higher than that of short-term assets, noting that short term debt is not just used to support short-term investment in enterprises, but it is also used to support long-term investment.This proves the existence of investment with short-term financing in enterprises . Then, the relevant literature and theory are analyzed, the impact of investment with short-term financing on the company's performance was also analyzed, and the impact of limiting the loan extension on the sensitivity between company's performance and investment with short-term financing was also analyzed. Then, the data of non-financial listed companies of China stock a from 2002 to 2017 were selected as the research samples, and they were grouped according to their dependence on short-term capital before and after the reform of the extension of time limit, a variety of regression models are used. The empirical study with a double difference model is carried out and the following conclusions are drawn. First, investment with short-term financing are detrimental to the company's performance; Secondly, the implementation of loan renewal restrictions reduces the sensitivity between corporate performance and investment with short-term financing and weakens the negative effects of investment with short-term financing on corporate performance. Third, the implementation of loan renewal restrictions has significantly reduced the investment with short-term financing ratio of enterprises, which shows that the tightening of loan renewal standards has fundamentally restrained the behavior of investment with short-term financing.

     In short, after the policy of limiting loan extension, banks and enterprises have strengthened their awareness of risks, which makes banks and enterprises more cautious in conflict with risk, and strengthens the restrictions of banks on enterprises.At the same time, loans are allocated to high-efficiency companies from the source, which reduces the negative impact of investment with short-term financing on corporate performance and inhibits investment with short-term financing behavior .Finally, the article puts forward two suggestions: Strengthen the standard of short term debt renewal and improving financial market structure. This will help to reduce the ratio of investment with short-term financing, optimize the debt repayment structure of enterprises and promote the development of enterprises.