首都经济贸易大学学报2024，Vol.26Issue(4)：83-98,16.DOI:10.13504/j.cnki.issn1008-2700.2024.04.006
"一带一路"倡议与企业投融资期限错配:促进还是抑制?
The Belt and Road Initiative,Enterprise Investment,and Financing Maturity Mismatch:Promote or Inhibit?
摘要
Abstract
The Belt and Road Initiative is of great significance to the capital allocation of enterprises"going global".China's listed companies actively respond to the Belt and Road Initiative,with significantly increased out-ward foreign direct investment and import and export trade,and increasingly urgent financing needs,making finan-cing issues a key factor affecting the implementation of the Belt and Road Initiative.Current research mainly focu-ses on financing constraints,financing scale,and capital cost,and the financing problem of Chinese enterprises participating in the Belt and Road construction is still unresolved.Investment and financing term structure arrange-ment is an important part of enterprise investment and financing decision-making.Exploring whether the Belt and Road Initiative can match the investment and financing period of enterprises has strong reference significance for promoting the high-quality development of the Belt and Road Initiative and optimizing the capital allocation efficien-cy of enterprises. This paper takes China's A-share listed companies as the research object and empirically tests the impact of the Belt and Road Initiative on the maturity mismatch of investment and financing by constructing a difference-in-differ-ences model.The results show that after listed companies participate in the Belt and Road Initiative,the maturity mismatch of investment and financing decreases significantly;Moreover,the Belt and Road Initiative has a more significant inhibitory effect on the maturity mismatch of investment and financing of listed companies in state-owned property rights and main node cities.Further,expanding the scale of long-term financing and obtaining more gov-ernment subsidies and tax incentives are effective ways for the Belt and Road Initiative to restrain the maturity mis-match of investment and financing.Finally,the economic consequence test shows that the restraining effect of the Belt and Road Initiative on the maturity mismatch of investment and financing reduces the operating risk and im-proves the investment efficiency of enterprises. The marginal contributions of this paper may be as follows.First,this paper extends research on the policy im-plementation effect of the Belt and Road Initiative to the perspective of investment and financing relations,providing an empirical reference for the government to improve the design and adjustment of the policy framework and ensure the financing of enterprises participate in of the Belt and Road construction.Second,aiming at the transmission path of the Belt and Road Initiative to alleviate the maturity mismatch of investment and financing,this paper con-ducts an empirical test to uncover the"black box"of the Belt and Road Initiative to optimize corporate investment and financing decision-making,which is helpful to correctly understand the microeconomic effects of macroeconom-ic policies.Third,from the perspective of the Belt and Road Initiative,this paper makes a useful supplement for examining the investment and financing term structure arrangement of companies,which provides certain reference for enterprises to allocate capital elements reasonably and strengthen risk management.关键词
"一带一路"倡议/投融资期限错配/债务期限结构/短贷长投/经营风险/投资效率Key words
the Belt and Road Initiative/maturity mismatch of investment and financing/debt maturity struc-ture/short term loans and long-term investments/operational risk/investment efficiency分类
管理科学引用本文复制引用
赵东.."一带一路"倡议与企业投融资期限错配:促进还是抑制?[J].首都经济贸易大学学报,2024,26(4):83-98,16.基金项目
国家自然科学基金地区科学基金项目"内部资本市场、实物期权与公司价值——来自我国'系族企业'的经验证据"(72062028) （72062028）
2022年度天池英才计划-青年博士项目配套经费(ZX20230103) （ZX20230103）
新疆财经大学校级科研基金项目高层次人才专项"现金储备决策具有战略效应吗?"(2022XGC061) （2022XGC061）
