机构投资者调研与企业投融资期限配置

Institutional Investors' Research and Enterprises' Financing Term Allocation

中文关键词:  机构投资者调研  长期投资  短期借款  投融资期限配置  信息不对称

英文关键词:institutional investors' research  long-term investment  short-term loaning  financing term allocation  information asymmetry

中文摘要:

      以短期资金支持长期投资的期限错配现象普遍存在于企业中,成为影响企业持续发展的重要因素。基于2013—2020年中国深交所上市公司机构投资者调研等数据,对企业投融资及期限配置行为进行了实证检验。研究发现,在投资端,机构投资者调研改善了企业投资,激励管理层进行更多长期投资；在融资端,机构投资者调研部分缓解了融资约束问题,使企业获得了更多的短期借款,但仍然无法有效支持企业从银行获得更多长期借款。中介机制检验发现,机构投资者调研能够降低企业信息不对称,提高信息披露质量,从而使企业获得更多的短期借款来部分满足正常投资需求。进一步研究表明,在金融发展水平高的地区、国有企业以及有基金参与调研的企业中,机构投资者调研使企业的投融资期限配置更为合理。因此,政府部门需要进一步深化金融改革,加强对机构调研质量的监督,引导银行等金融机构增加和改善金融供给,从而提高金融对实体经济的服务能力。

英文摘要:

      The term misallocation phenomenon of short-term fund supporting long-term investment is common among enterprises, and affects enterprises' sustainable development greatly. Based on the reach conducted by institutional investors of listed firms in Shenzhen Stock Exchange from 2013 to 2020, this paper empirically tests enterprises' financing term allocation. It is found that for the investment side, institutional investors' research improves enterprises' investment, and stimulates the management to make more long-term investments. For the financing side, institutional investors' research, to some extent, cushions financing constraint, making it possible for enterprises to obtain more short-term loans. Nevertheless, it cannot enable enterprises to obtain more long-term loans from banking institutions. According to mediator tests, institutional investors' research can moderate enterprises' information asymmetry and improve information disclosure quality, so that enterprises can obtain more short-term loans to partially meet regular demand for investment. Further study shows that in financially advanced regions, state-owned enterprises and the enterprises with funds involved in research, institutional investors' research renders financing term allocation more sound. In this context, it is necessary for governments to further deepen financial reform, monitor institutional survey quality more strictly, and steer banking institutions to increase and improve financial supply, so as to make finance better serve the real economy. 