The Impact and Its Mechanism of Digital Finance on the Mismatch of Investment and Financing Term: Based on the Perspective of "Investment with Short-term Financing"

ZHAI Shu-ping; HAN Xian; CHEN Xi

Volume 36 Issue 4

Aug. 2021

Turn off MathJax

Article Contents

Article Navigation > Journal of Guangdong University of Finance & Economics > 2021 > 36(4): 96-110

ZHAI Shu-ping, HAN Xian, CHEN Xi. The Impact and Its Mechanism of Digital Finance on the Mismatch of Investment and Financing Term: Based on the Perspective of 'Investment with Short-term Financing'[J]. Journal of Guangdong University of Finance & Economics, 2021, 36(4): 96-110.

Citation:

ZHAI Shu-ping, HAN Xian, CHEN Xi. The Impact and Its Mechanism of Digital Finance on the Mismatch of Investment and Financing Term: Based on the Perspective of "Investment with Short-term Financing"[J]. Journal of Guangdong University of Finance & Economics, 2021, 36(4): 96-110.

Citation:

PDF( 1240 KB)

The Impact and Its Mechanism of Digital Finance on the Mismatch of Investment and Financing Term: Based on the Perspective of "Investment with Short-term Financing"

Accounting School, Tianjin University of Finance and Economics, Tianjin 300222, China

Received Date: 2020-10-27
Available Online: 2021-08-04
Publish Date: 2021-07-18

Abstract

Abstract

Taking A-share listed companies in Shanghai and Shenzhen from 2011 to 2018 as samples, this paper investigates the impact of digital finance on the mismatch of investment and financing term. It is found that digital finance can effectively restrain the mismatch of investment and financing term; digital finance can alleviate the financing constraints faced by companies to obtain long-term capital and restrain overinvestment, so as to alleviate the investment with short-term financing; both the coverage and depth of digital finance have positive effects on the investment with short-term financing, while the effect of digital degree is not significant. From the perspective of financial supervision intensity, banking competition, enterprise scale and enterprise technical characteristics, this paper examines the applicable conditions for digital finance to exert its effect on the investment with short-term financing. The results show that strict financial supervision is an important basis for digital finance to inhibit the investment with short-term financing; when the competition in banking industry is fierce, digital finance suppressed the investment with short-term financing; digital finance can make up for the deficiency of traditional finance, representing the inclusive feature. From the new perspective of digital finance, this paper explores the influencing factors of the mismatch of investment and financing term, enriches the research on the economic consequences from the micro perspective of digital finance, and provides policy basis for standardizing the development of digital finance, encouraging moderate competition of banks, and guiding enterprises to make reasonable investment and financing decisions.
- digital finance,
- investment and financing term,
- mismatch,
- investment with short-term financing,
- financial constraints,
- over-investment,
- inclusive finance

FullText(HTML)

References(41)

References

[1]	钟凯, 程小可, 张伟华. 货币政策适度水平与企业"短贷长投"之谜[J]. 管理世界, 2016(3): 87-98. https://www.cnki.com.cn/Article/CJFDTOTAL-GLSJ201603009.htm
[2]	白云霞, 邱穆青, 李伟. 投融资期限错配及其制度解释——来自中美两国金融市场的比较[J]. 中国工业经济, 2016(7): 23-39. https://www.cnki.com.cn/Article/CJFDTOTAL-GGYY201607003.htm
[3]	黄益平, 黄卓. 中国的数字金融发展: 现在与未来[J]. 经济学(季刊), 2018(4): 1489-1502. https://www.cnki.com.cn/Article/CJFDTOTAL-JJXU201804009.htm
[4]	DUNCOMBE R, BOATENG R. Mobile phones and financial services in developing countries: a review of concepts, methods, issues, evidence and future research directions[J]. Third World Quarterly, 2009, 30(7): 1237-1258. doi: 10.1080/01436590903134882
[5]	马红, 侯贵生, 王元月. 产融结合与我国企业投融资期限错配——基于上市公司经验数据的实证研究[J]. 南开管理评论, 2018(3): 46-53. doi: 10.3969/j.issn.1008-3448.2018.03.006
[6]	沈红波, 华凌昊, 郎宁. 地方国有企业的投融资期限错配: 成因与治理[J]. 财贸经济, 2019(1): 70-82. https://www.cnki.com.cn/Article/CJFDTOTAL-CMJJ201901006.htm
[7]	唐松, 伍旭川, 祝佳. 数字金融与企业技术创新——结构特征、机制识别与金融监管下的效应差异[J]. 管理世界, 2020(5): 52-66. doi: 10.3969/j.issn.1002-5502.2020.05.005
[8]	李春涛, 闫续文, 宋敏, 等. 金融科技与企业创新——新三板上市公司的证据[J]. 中国工业经济, 2020(1): 81-98. https://www.cnki.com.cn/Article/CJFDTOTAL-GGYY202001006.htm
[9]	黄锐, 赖晓冰, 唐松. 金融科技如何影响企业融资约束?——动态效应、异质性特征与宏微观机制检验[J]. 国际金融研究, 2020(6): 25-33. https://www.cnki.com.cn/Article/CJFDTOTAL-GJJR202006003.htm
[10]	黄浩. 数字金融生态系统的形成与挑战——来自中国的经验[J]. 经济学家, 2018(4): 80-85. https://www.cnki.com.cn/Article/CJFDTOTAL-JJXJ201804011.htm
[11]	郭峰, 孔涛, 王靖一. 互联网金融空间集聚效应分析——来自互联网金融发展指数的证据[J]. 国际金融研究, 2017(8): 75-85. https://www.cnki.com.cn/Article/CJFDTOTAL-GJJR201708008.htm
[12]	陈智, 吉亚辉. 中国高技术产业创新绩效的影响因素研究——基于中国省级面版数据的空间计量分析[J]. 江南大学学报: 人文社会科学版, 2019(2): 108-115. doi: 10.3969/j.issn.1671-6973.2019.02.015
[13]	尹志超, 公雪, 郭沛瑶. 移动支付对创业的影响——来自中国家庭金融调查的微观证据[J]. 中国工业经济, 2019(3): 119-137. https://www.cnki.com.cn/Article/CJFDTOTAL-GGYY201903010.htm
[14]	刘满凤, 赵珑. 互联网金融视角下小微企业融资约束问题的破解[J]. 管理评论, 2019(3): 39-49. https://www.cnki.com.cn/Article/CJFDTOTAL-ZWGD201903019.htm
[15]	MORRIS J R. On corporate debt maturity strategies[J]. The Journal of Finance (New York), 1976, 31(1): 29-37. doi: 10.1111/j.1540-6261.1976.tb03193.x
[16]	MYERS S C. Determinants of corporate borrowing[J]. Journal of Financial Economics, 1977, 5(2): 147-175. doi: 10.1016/0304-405X(77)90015-0
[17]	JUN S G, JEN F C. The determinants and implications of matching maturities[J]. Review of Pacific Basin Financial Markets & Policies, 2005, 8(2): 309-337. doi: 10.1142/S0219091505000397
[18]	CAMPELLO M, GIAMBONA E, GRAHAM J R, et al. Liquidity management and corporate investment during a financial crisis[J]. NBER Working Papers, 2010, 24(6): 1944-1979.
[19]	张新民, 叶志伟. 得"信"者多助?——社会信任能缓解企业短贷长投吗?[J]. 外国经济与管理, 2020(1): 44-57, 72.
[20]	赖黎, 唐芸茜, 夏晓兰, 等. 董事高管责任保险降低了企业风险吗?——基于短贷长投和信贷获取的视角[J]. 管理世界, 2019(10): 160-171. doi: 10.3969/j.issn.1002-5502.2019.10.014
[21]	FUSTER A, PLOSSER M, SCHNABL P, et al. The role of technology in mortgage lending[J]. The Review of Financial Studies, 2019, 32(5): 1854-1899. doi: 10.1093/rfs/hhz018
[22]	LIN M, PRABHALA N R, VISWANATHAN S. Judging borrowers by the company they keep: friendship networks and information asymmetry in online peer-to-peer lending[J]. Management Science, 2013, 59(1): 17-35. doi: 10.1287/mnsc.1120.1560
[23]	JAGTIANI J, LEMIEUX C. Do fintech lenders penetrate areas that are underserved by traditional banks?[J]. Journal of Economics & Business, 2018, 100(11-12): 43-54. http://d.wanfangdata.com.cn/periodical/30c8869f3a1b0f9a7d6e1b6209702715
[24]	ITAY G, WEI J, ANDREW K G. To FinTech and beyond[J]. Review of Financial Studies, 2019, 32(5): 1647-1661. doi: 10.1093/rfs/hhz025
[25]	谢平, 邹传伟. 互联网金融模式研究[J]. 金融研究, 2012(12): 11-22. https://www.cnki.com.cn/Article/CJFDTOTAL-JRYJ201212004.htm
[26]	DELL' ARICCIA G. Asymmetric information and the structure of the banking industry[J]. European Economic Review, 2001, 45(10): 1957-1980. doi: 10.1016/S0014-2921(00)00085-4
[27]	OMARINI A E. Banks and fintechs: how to develop a digital open banking approach for the bank's future[J]. International Business Research, 2018, 11(9): 23-26. doi: 10.5539/ibr.v11n9p23
[28]	姜付秀, 蔡文婧, 蔡欣妮, 等. 银行竞争的微观效应: 来自融资约束的经验证据[J]. 经济研究, 2019(6): 72-88. https://www.cnki.com.cn/Article/CJFDTOTAL-JJYJ201906006.htm
[29]	卢太平, 张东旭. 融资需求、融资约束与盈余管理[J]. 会计研究, 2014(1): 35-41. https://www.cnki.com.cn/Article/CJFDTOTAL-KJYJ201401006.htm
[30]	BUSHMAN R M, SMITH A J. Financial accounting information and corporate governance[J]. Journal of Accounting and Economics, 2001, 32(1-3): 237-333. http://papers.ssrn.com/sol3/papers.cfm?abstract_id=241939
[31]	FRANK M Z, GOYAL V K. Testing the pecking order theory of capital structure[J]. Journal of Financial Economics, 2003, 67(2): 217-248. http://www.sciencedirect.com/science/article/pii/S0304405X02002520
[32]	谢绚丽, 沈艳, 张皓星, 等. 数字金融能促进创业吗?——来自中国的证据[J]. 经济学(季刊), 2018(4): 1557-1580. https://www.cnki.com.cn/Article/CJFDTOTAL-JJXU201804012.htm
[33]	邱穆青, 白云霞. 官员访问与企业投融资期限错配[J]. 财经研究, 2019(10): 138-152. https://www.cnki.com.cn/Article/CJFDTOTAL-CJYJ201910012.htm
[34]	BAI J. Panel data models with interactive fixed effects[J]. Econometrica, 2009, 77(4): 1229-1279. http://pan.oxfordjournals.org/external-ref?access_num=10.3982/ECTA6135&link_type=DOI
[35]	郭峰, 王靖一, 王芳, 等. 测度中国数字普惠金融发展: 指数编制与空间特征[R]. 北京: 北京大学数字金融研究中心工作论文, 2019.
[36]	温忠麟, 张雷, 侯杰泰, 等. 中介效应检验程序及其应用[J]. 心理学报, 2004(5): 614-620. https://www.cnki.com.cn/Article/CJFDTOTAL-XLXB200405016.htm
[37]	唐雪松, 周晓苏, 马如静. 政府干预、GDP增长与地方国企过度投资[J]. 金融研究, 2010(8): 33-48. https://www.cnki.com.cn/Article/CJFDTOTAL-JRYJ201008005.htm
[38]	BENFRATELLO L, SCHIANTARELLI F, SEMBENELLI A. Banks and innovation: microeconometric evidence on Italian firms[J]. Journal of Financial Economics, 2008, 90(2): 197-217.
[39]	徐飞. 银行信贷与企业创新困境[J]. 中国工业经济, 2019(1): 119-136. https://www.cnki.com.cn/Article/CJFDTOTAL-GGYY201901010.htm
[40]	BUCHAK G, MATVOS G, PISKORSKI T, et al. Fintech, regulatory arbitrage, and the rise of shadow banks[J]. Journal of Financial Economics, 2018, 130(3): 453-483. http://www.sciencedirect.com/science/article/pii/S0304405X1830237X
[41]	王玉泽, 罗能生, 刘文彬. 什么样的杠杆率有利于企业创新[J]. 中国工业经济, 2019(3): 138-155. https://www.cnki.com.cn/Article/CJFDTOTAL-GGYY201903011.htm