地方国有企业的投融资期限错配:成因与治理
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摘要
地方国有企业是中国经济发展的中坚力量,在供给侧结构性改革中应发挥带头作用,成为改革的主力军和先行者。目前地方国有企业存在的突出困境是债务水平过高,且面临较为严重的投融资期限错配问题。本文以2005—2013年中国工业企业数据库(CIED)中规模以上的非上市国有企业为样本,构建"投资-负债"模型分析短期债务变化量和长期投资额之间的动态关系,从预算软约束和金融市场结构两个维度剖析造成国有企业投融资期限错配的内在机理。研究发现:(1)我国央企和地方国企的投资更依赖新增债务而非留存收益,预算软约束问题严重;(2)金融市场提供长期资金的能力不足,国有企业进行长期债务融资的渠道受限;(3)国有企业的投资活动更依赖新增短期债务,存在投融资期限错配问题,且地方国有企业的投融资期限错配问题更加严重。本文的研究结果表明,为了实现地方国有企业去杠杆并优化债务结构,应从国企本身、银行信贷、政府行为和资本市场等方面进行综合治理,以提升地方国有企业的内源融资能力,并完善金融市场结构。
Local state-owned enterprises(SOEs) are a core force driving China's economic development and should play a leading and pioneering role in the supply-side structural reform. But they are faced with a prominent predicament caused by a too high debt ratio and the maturity mismatch in investment and financing activities. This papers uses non-listed SOEs above the designated scale in China's industrialized enterprises database(CIED) from 2005 to 2013 as samples, constructs an investment-liability model to analyze the dynamic relationship between short-term debt changes and long-term investment, and probes into the causes of this mismatch in light of soft budget constraints and the structural problems of Chinese financial market. The results show that:(1) The investment of both central and local SOEs relies heavily on new borrowing, not retained earnings, indicating a severe problem with soft budget constraints.(2) The ability of financial market to provide long-term loans is weak, which cuts off SOEs' access to long-term debt financing.(3) SOEs, especially local SOEs, suffer from maturity mismatch problems for they rely heavily on incremental short-term debt for investing. To reduce local SOEs' debt ratio and improve their debt structure, integrated countermeasures should be taken targeting SOEs, banking credit, government behaviors and the capital market, so as to increase local SOEs' internal financing capacity and better the structure of the financial market.
Local state-owned enterprises(SOEs) are a core force driving China's economic development and should play a leading and pioneering role in the supply-side structural reform. But they are faced with a prominent predicament caused by a too high debt ratio and the maturity mismatch in investment and financing activities. This papers uses non-listed SOEs above the designated scale in China's industrialized enterprises database(CIED) from 2005 to 2013 as samples, constructs an investment-liability model to analyze the dynamic relationship between short-term debt changes and long-term investment, and probes into the causes of this mismatch in light of soft budget constraints and the structural problems of Chinese financial market. The results show that:(1) The investment of both central and local SOEs relies heavily on new borrowing, not retained earnings, indicating a severe problem with soft budget constraints.(2) The ability of financial market to provide long-term loans is weak, which cuts off SOEs' access to long-term debt financing.(3) SOEs, especially local SOEs, suffer from maturity mismatch problems for they rely heavily on incremental short-term debt for investing. To reduce local SOEs' debt ratio and improve their debt structure, integrated countermeasures should be taken targeting SOEs, banking credit, government behaviors and the capital market, so as to increase local SOEs' internal financing capacity and better the structure of the financial market.
引文
1.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》,《中国工业经济》2016年第7期。
2.曹春方、马连福、沈小秀:《财政压力、晋升压力、官员任期与地方国企过度投资》,《经济学(季刊)》2014年第4期。
3.陈志勇、毛晖、张佳希:《地方政府性债务的期限错配:风险特征与形成机理》,《经济管理》2015年第5期。
4.纪洋、王旭、谭语嫣、黄益平:《经济政策不确定性、政府隐性担保与企业杠杆率分化》,《经济学(季刊)》2018年第1期。
5.林毅夫、李志赟:《政策性负担、道德风险与预算软约束》,《经济研究》2004年第2期。
6.刘红忠、史霜霜:《地方政府干预及其融资平台的期限错配》,《世界经济文汇》2017年第4期。
7.刘伟、王汝芳:《中国资本市场效率实证分析——直接融资与间接融资效率比较》,《金融研究》2006年第1期。
8.陆正飞、高强:《中国上市公司融资行为研究——基于问卷调查的分析》,《会计研究》2003年第10期。
9.罗党论、应千伟、常亮:《银行授信、产权与企业过度投资:中国上市公司的经验证据》,《世界经济》2012年第3期。
10.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》,《南开管理评论》2018年第3期。
11.盛明泉、张敏、马黎珺、李昊:《国有产权、预算软约束与资本结构动态调整》,《管理世界》2012年第3期。
12.武鹏:《改革以来中国经济增长的动力转换》,《中国工业经济》2013年第2期。
13.夏勇毅:《地方政府融资平台资产与负债匹配性分析》,《新金融》2015年第12期。
14.张宇峰、王长江:《“内部人控制”与预算软约束:一个理论假说》,《南京大学学报(哲学·人文科学·社会科学版)》2006年第6期。
15.钟宁桦、刘志阔、何嘉鑫、苏楚林:《我国企业债务的结构性问题》,《经济研究》2016年第7期。
16.Bai, J., & Krishnamurthy, A., & Weymuller, C.H., Measuring Liquidity Mismatch in the Banking Sector, Journal of Finance, Vol.73, No.1, 2018, pp.51-93.
17.Fan, J. P. H., & Titman, S., An International Comparison of Capital Structure and Debt Maturity Choices”, Journal of Financial and Quantitative Analysis, Vol.47, No.1, 2012, pp.23-56.
18.Hart, O. & Moore, J., A Theory of Debt Based on the Inalienability of Human Capital. The Quarterly Journal of Economics, Vol.109, No.4, 1994, pp.841-879.
19.Kornai, J., Economics of Shortage. Amsterdam: North-Holland, 1980.
20.McLean, R., & Zhao, M., The Business Cycle, Investor Sentiment, and Costly External Finance. Journal of Finance, Vol.69, No.3, 2014, pp.1377-1409.
21.Morris, J., On Corporate Debt Maturity Strategies. Journal of Finance, Vol.31, No.1, 1976, pp.29-37.
22.Myers, S. C., Determinants of Corporate Borrowing. Journal of Financial Economics, Vol.5, No.2, 1977, pp.147-175.
23.Myers, S.C., & Majluf, N., Corporate Financing and Investment Decisions when Firms Have Information Investors Do not Have. Journal of Financial Economics, Vol.13, No.2, 1984, pp.187-221.
24.Orman, C., & K?ksal, B., Debt Maturity across Firm Types: Evidence from a Major Developing Economy. Emerging Markets Review, Vol.30, No.3, 2017, pp.169-199.
2.曹春方、马连福、沈小秀:《财政压力、晋升压力、官员任期与地方国企过度投资》,《经济学(季刊)》2014年第4期。
3.陈志勇、毛晖、张佳希:《地方政府性债务的期限错配:风险特征与形成机理》,《经济管理》2015年第5期。
4.纪洋、王旭、谭语嫣、黄益平:《经济政策不确定性、政府隐性担保与企业杠杆率分化》,《经济学(季刊)》2018年第1期。
5.林毅夫、李志赟:《政策性负担、道德风险与预算软约束》,《经济研究》2004年第2期。
6.刘红忠、史霜霜:《地方政府干预及其融资平台的期限错配》,《世界经济文汇》2017年第4期。
7.刘伟、王汝芳:《中国资本市场效率实证分析——直接融资与间接融资效率比较》,《金融研究》2006年第1期。
8.陆正飞、高强:《中国上市公司融资行为研究——基于问卷调查的分析》,《会计研究》2003年第10期。
9.罗党论、应千伟、常亮:《银行授信、产权与企业过度投资:中国上市公司的经验证据》,《世界经济》2012年第3期。
10.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》,《南开管理评论》2018年第3期。
11.盛明泉、张敏、马黎珺、李昊:《国有产权、预算软约束与资本结构动态调整》,《管理世界》2012年第3期。
12.武鹏:《改革以来中国经济增长的动力转换》,《中国工业经济》2013年第2期。
13.夏勇毅:《地方政府融资平台资产与负债匹配性分析》,《新金融》2015年第12期。
14.张宇峰、王长江:《“内部人控制”与预算软约束:一个理论假说》,《南京大学学报(哲学·人文科学·社会科学版)》2006年第6期。
15.钟宁桦、刘志阔、何嘉鑫、苏楚林:《我国企业债务的结构性问题》,《经济研究》2016年第7期。
16.Bai, J., & Krishnamurthy, A., & Weymuller, C.H., Measuring Liquidity Mismatch in the Banking Sector, Journal of Finance, Vol.73, No.1, 2018, pp.51-93.
17.Fan, J. P. H., & Titman, S., An International Comparison of Capital Structure and Debt Maturity Choices”, Journal of Financial and Quantitative Analysis, Vol.47, No.1, 2012, pp.23-56.
18.Hart, O. & Moore, J., A Theory of Debt Based on the Inalienability of Human Capital. The Quarterly Journal of Economics, Vol.109, No.4, 1994, pp.841-879.
19.Kornai, J., Economics of Shortage. Amsterdam: North-Holland, 1980.
20.McLean, R., & Zhao, M., The Business Cycle, Investor Sentiment, and Costly External Finance. Journal of Finance, Vol.69, No.3, 2014, pp.1377-1409.
21.Morris, J., On Corporate Debt Maturity Strategies. Journal of Finance, Vol.31, No.1, 1976, pp.29-37.
22.Myers, S. C., Determinants of Corporate Borrowing. Journal of Financial Economics, Vol.5, No.2, 1977, pp.147-175.
23.Myers, S.C., & Majluf, N., Corporate Financing and Investment Decisions when Firms Have Information Investors Do not Have. Journal of Financial Economics, Vol.13, No.2, 1984, pp.187-221.
24.Orman, C., & K?ksal, B., Debt Maturity across Firm Types: Evidence from a Major Developing Economy. Emerging Markets Review, Vol.30, No.3, 2017, pp.169-199.