短债长用与全要素生产率

Funding Long-Term Projects with Short-Term Debts and Total Factor Productivity

摘要: 企业短债长用是指资产期限与负债期限不匹配。在我国，企业运用短期贷款来进行长期的投资，是一种常见的投融资行为。本文利用2008~2022年中国Ａ股上市公司的数据，探究了企业短债长用行为与全要素生产率之间的关系。通过研究，得出结论：企业若持续采取以短期资金来支持长期投资这一财务策略，会对企业的全要素生产率产生显著的抑制效果。本文把短债长用作为核心解释变量，证实其通过增加企业融资约束和非效率投资影响全要素生产率。深入探究发现，短债长用与全要素生产率的消极影响存在一定的企业异质性，即在非国有企业、非高新技术企业和高融资成本企业中更为明显。

Abstract: The funding long-term projects with short-term debts refers to a mismatch between the maturity of assets and liabilities. In China, it is a common financing and investment behavior for enterprises to use short-term loans for long-term investments. This paper utilizes data from Chinese A-share listed companies from 2008 to 2022 to explore the relationship between the behavior of funding long-term projects with short-term debts and total factor productivity. After conducting thorough research, we have arrived at the conclusion that the continued adoption of a financial strategy by enterprises to fund long-term projects with short-term debts significantly impedes their total factor productivity. In this paper, we use the practice of funding long-term projects with short-term debts as the primary explanatory variable and demonstrate its influence on TFP through heightened corporate financing constraints and inefficient investments. A deeper dive into the analysis uncovers that the adverse impact of funding long-term projects with short-term debts on TFP exhibits specific enterprise heterogeneity, manifesting more prominently in non-state-owned enterprises, non-high-tech enterprises, and those with elevated financing costs.