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

发布时间：2018-03-06 05:11

本文选题：中小企业　切入点：过桥贷款投资　出处：《金融研究》2017年03期 　论文类型：期刊论文

【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。
[Abstract]:In recent years, many small and medium-sized enterprises with short term capital turnover have used bridge loan financing to solve the problem of fund gap, while enterprises with idle funds have participated in the investment of bridge loan as "lenders". Try to obtain a high return on investment. Then, how large is the relative scale of investment and financing activities, and how will the impact on corporate financial performance? This paper takes the non-financial listed companies of small and medium-sized board in China as the sample from 2008 to 2014. The results show that the scale of funds involved in the investment of bridge crossing loan is fluctuating greatly, and the scale of financing of bridge loan is increasing year by year. The scale of bridge loan financing of sample enterprises is larger than that of bridge loan investment; the financial performance of enterprises can not be improved by participating in bridge loan investment activities or only participating in bridge loan investment and bridge loan financing. The conclusion shows that the unrealistic financial choice will worsen the financial performance, and the sustainable development of the enterprise should depend on the innovation drive of the main business.
【作者单位】：中央财经大学金融学院;
【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)部分研究成果中国-东盟研究院“教育部长江学者和创新团队发展计划”支持(合同编号:CWZD201401)
【分类号】：F276.3;F832.4;F275

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