中小企业过桥贷款投融资的财务效应——来自我国中小企业板上市公司的证据.docVIP

中小企业过桥贷款投融资的财务效应——来自我国中小企业板上市公司的证据 李建军 马思超 中央财经大学金融学院 X 关注成功！ 加关注后您将方便地在 我的关注中得到本文献的被引频次变化的通知！ 新浪微博 腾讯微博 人人网 开心网 豆瓣网 网易微博 摘????要： 近年来, 不少短期资金周转不灵的中小企业使用过桥贷款融资来解决资金缺口问题, 而拥有闲置资金的企业则作为“放款人”参与到过桥贷款的投资中, 试图获取高额投资回报。那么, 过桥贷款投融资活动相对规模有多大, 对企业财务绩效又将产生怎样的影响?本文以2008-2014年我国中小板非金融类上市公司为样本进行研究, 结果发现:企业参与过桥贷款投资的资金规模起伏变化较大, 过桥贷款融资的资金规模出现逐年增长趋势, 样本企业过桥贷款融资规模大于过桥贷款投资规模;企业参与过桥贷款投融资活动, 或者只参与过桥贷款投资、过桥贷款融资, 均不能改善企业的财务绩效, 甚至对于企业财务绩效具有负向效应。研究结论表明, 企业不切实际的金融化选择, 反而会恶化财务绩效, 企业的持续发展应依托主营业务的创新驱动。 关键词： 中小企业; 过桥贷款投资; 过桥贷款融资; 财务绩效; 作者简介：李建军, 经济学博士, 教授, 中央财经大学金融学院;Email:ljjlsh@126.com. 作者简介：马思超 金融学博士研究生, 中央财经大学金融学院, Email:masichao_cufe@163.com. 收稿日期：2016-01-25 基金：国家社科基金重大项目《金融排斥、金融密度差异与信息化普惠金融体系建设研究》 (编号:14ZDA044) 部分研究成果 The Financial Effects of Small and Medium Sized Enterprises Participating in the Bridge Loan Business:Evidence from Companies Listed on SME Board LI Jianjun MA Sichao School of Finance, Central University of Finance and Economics; Abstract： In recent years, a number of enterprises in need of short-term cash flow resort to the bridge loan to solve their problems. Meanwhile, firms with idle funds participate in the investment of the bridge loan by acting as the “lender”in the shadow credit market, obtaining returns higher than industrial investment. Using Chinas non-financial companies listed on the small and medium-sized board in 2008-2014 as samples, this paper conducts an empirical study of the relationship between participation in “bridge loan攁ctivities and corporate financial perforrmance. The study finds that the scale of companies investment in the “bridge loan”increases and decreases quickly and the bridge financing appears normalized trend year by year. Enterprises participate in the bridge loan investment and financing activities, or only in the bridge loan investments or bridge loan financing, did not improve, even has a negative effect to the financial performance of the enterprise. The conclusion is that the unrealistic financial choice of enterprise